Summary
- Cardano (ADA) DAO said it has started a vote on a proposal to deploy 41 million dollars to expand DeFi liquidity.
- The proposal would create a dedicated fund of 50 million ADA and stablecoins, and allocate 90% to decentralized exchanges and lending protocols.
- There are some concerns about the plan to cash in 27 million dollars worth of ADA to issue fiat-backed stablecoins, and they said they plan OTC trading to minimize price shock.
On the 23rd (local time), according to crypto asset (cryptocurrency) media DL News, Cardano (ADA) DAO has launched a vote on a proposal to deploy 41 million dollars to expand decentralized finance (DeFi) liquidity.
The proposal calls for creating a dedicated fund composed of 50 million ADA and stablecoins, and allocating 90% of it to decentralized exchanges and lending protocols.
However, the plan to cash in 27 million dollars worth of ADA to issue fiat-backed stablecoins has raised some concerns. The proposers said they plan to minimize price shock through over-the-counter (OTC) trades rather than the open market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
