Lido DAO rebounds 5.2% as NEST vote opens

• Lido DAO (CRYPTO:LDO) rose 5.2% over 24 hours after briefly falling to US$0.2757.
• LDO remained down 16.7% weekly, while 24-hour trading volume reached about US$62.2 million.
• Lido DAO’s NEST vote closes on August 8 and could direct surplus revenue towards LDO purchases.

Lido DAO (CRYPTO:LDO) rose 5.2% over 24 hours, trading near US$0.293 after briefly falling to US$0.2757.

LDO remained down 16.7% weekly, compared with a 1.3% gain across the broader crypto market.

Lido DAO opened its final NEST vote on August 5, with voting scheduled to close on August 8.

NEST could use 50% of eligible surplus revenue, capped at US$50,000 daily and US$10 million yearly.

Crypto.news said Ethereum’s draft EIP-8361 proposal could reduce staking rewards and pressure Lido’s future revenue.

The proposal could eventually cut issuance rewards towards zero if about 50% of Ethereum (CRYPTO:ETH) becomes staked.

A previous NEST vote received 52.37 million LDO votes in support, representing 94.5% of participating tokens.

At the time of reporting, Lido DAO price was $0.2994.