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- The Lido DAO community has an upcoming vote relating to several operational and strategic topics.
- Community members will vote on whether or not to accept ARB’s airdrop.
- A positive outcome for the vote could result in double-digit percentage increases for both ARB and LDO.
The Lido DAO (LDO) community is set to vote on several operational and strategic topics concerning how to claim and utilize valuable Arbitrum (ARB) tokens. This upcoming vote will determine whether to accept Arbitrum’s airdrop.
Furthermore, the vote will determine if the claimed ARB tokens could serve as emission rewards for incentivizing the adoption of wrapped staked ETH (wstETH) across the Arbitrum network. LDO’s head of decentralized finance business development and partnerships, Justin David Reyes, recently submitted the proposal.
In the submission, Reyes suggested that liquidity providers (LPs) for the wstETH pools on Arbitrum be rewarded with ARB tokens. According to LDO’s marketing lead, Kasper Rasmussen, the incentives program would work similar to how liquidity pools currently earn extra LDO rewards in addition to staking rewards.
A Google (NASDAQ:GOOGL) doc within Arbitrum Foundation’s governance documents reveals that Lido is entitled to claim up to 772,621 ARB tokens. At ARB’s current price, it is estimated that the total Dollar value of these ARB tokens is just over $1.2 million.
The outcome of the upcoming vote is expected to have an impact on both LDO’s and ARB’s prices, which have fallen victim to flat trading volume over the last few weeks. A positive outcome for this vote could see LDO finally breach the immediate resistance level at $2.63, which will also clear a path for the altcoin’s price to rise 15% toward $2.92.
Meanwhile, ARB’s price could climb back above the $1.70 resistance level following a favorable outcome for the vote. This will pave the way for the altcoin to reclaim its high at around $1.80, which would constitute an approximate 10% uptick for the altcoin’s price from current levels.
At press time, CoinMarketCap shows that ARB’s price dropped 7.35% over the last 24 hours to trade at $1.65. LDO’s price experienced the same 24-hour fate and printed a 3.09% loss for the past 24-hour cycle. As a result, LDO’s price currently stands at $2.47.
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