Lido’s decentralized autonomous organization (DAO) is debating whether to sell or stake $30 million in Ether (ETH) from its treasury. Steakhouse Financial submitted four proposals, one of which involves staking a portion or all of its ETH on Lido as Lido Staked ETH (stETH). Another option would be for LidoDAO to sell 20,304 ETH in exchange for a stablecoin. The proposal comes as Ethereum’s Shanghai and Capella upgrades are set to enable ETH staking withdrawals. The DAO is concerned that excessive staking may result in a lack of Ether in the event of a crisis. ETH currently accounts for 9% of the DAO’s total treasury holdings of over $350 million. Steakhouse Financial suggested that LidoDAO may need to swap Ether for a stablecoin in order to “preemptively secure additional runway”. Between February 6 and 13, the total value locked (TVL) of stETH fell 6.66%, following a -7.22% drop in the price of ETH. Lido led in new Ethereum stakes, accounting for 27% of weekly deposits. Lido’s TVL is currently $8.13 billion. News Sorce

In the future, the crypto industry will likely shift to non-dollar stablecoins, reducing its reliance on US dollar-based stablecoins. Binance CEO Changpeng Zhao has argued that the US government’s recent actions against US dollar stablecoins will force the global crypto industry to rely on other currencies to back stablecoins, such as the Euro, Yen, and Singapore Dollar. Although algorithmic stablecoins may play a larger role in the crypto ecosystem, they must be disclosed to users in a transparent manner, and reserves for fiat-backed stablecoins must also be disclosed. News Sorce