Cryptocurrencies
DeFi Projects Look to Replenish Treasuries After Crypto Collapse
- Aave is seeking $16.28 million from DAO to pay developers
- Lido sold tokens to venture capital firm Dragonfly Capital
Source: Aave Companies
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Some of the largest projects left standing in decentralized finance, created as a parallel universe to traditional lending but minus intermediaries such as brokerages and banks, appear to be still feeling the pinch of the springtime collapse of the sector.
Aave Companies, the main developer behind the biggest DeFi lending project, is seeking $16.28 million from the so-called decentralized autonomous organization that governs the protocol. It is the first time the development team ever asked for money from the Aave DAO, according to a proposal. A vote on the plan, which will close on Sept. 8, has already received the quorum needed for approval.