@LidoFinance is running five governance votes, all closing May 18 at 16:00 UTC. Four are routine. NEST - Network Economic Support Tokenomics - is the highlight; automated
$LDO buyback and liquidity provisioning.
First proposed by
@SteakhouseFi: under NEST, when staking revenue clears a $40M annual baseline, 50% of the surplus routes through
@CoWSwap to buy
$LDO and pair it with stETH on
@CurveFinance. Hard caps $50K daily, $10M yearly. Cumulative model - weak periods recover before buybacks resume.
NEST is passing 94.2% across 41 voters. but the forum is more nuanced.
@Pol_Lanski (FOR with 6.25M
$LDO) supports NEST as a starting point but acknowledges the trigger conditions sit far from current market reality.
@bcvfinance pushes back: "If buybacks are mainly used to compensate for weak governance, weak transparency, and weak tokenholder alignment, then they do not solve the actual problem."
@TariQuin replies: "NEST is not about whether LDO is undervalued right now, and it's not a substitute for governance quality (...) It creates a rule-based on-chain link between protocol surplus and LDO."
@DefiIgnas pushed for LDO-valuation triggers (LDO/ETH or onchain P/E) so buybacks fire when LDO is actually undervalued, not just when ETH pumps.
@SteakhouseFi considers appealing but too complex for v1.
The other four, passing near-unanimously so far:
- Node Operator Framework: 6 defined operator types, reassessed twice yearly by the Curated Module Committee.
- GateSeals to CircuitBreaker: 5 expiring single-use pause contracts replaced by 1 permanent manual pause (21-day window, annual liveness checks). Audited by
@cyfrin,
@Certora,
@MixBytes - no critical findings.
-
@PierTwo_com Continuation: validator continues in Lido's node sets after the
@BitMNR acquisition (now part of MAVAN).
- Easy Track Limits: stETH transfers 6K to 8K per 6 months, $8M stablecoin route added for an already-approved
$LDO accumulation.
Proposal links:
1. Adopt the Node Operator Type Assessment Framework for CMv2:
snapshot.box/#/s:lido-snapsh…
2. NEST: Automated LDO Buyback and Liquidity Provisioning:
snapshot.box/#/s:lido-snapsh…
3. Transition from GateSeals to CircuitBreaker:
snapshot.box/#/s:lido-snapsh…
4. Should Pier Two continue in the Curated and SDVT sets following the acquisition by Bitmine Immersion Technologies?:
snapshot.box/#/s:lido-snapsh…
5. Increase Easy Track transfer limits for Liquidity Observation Lab to align with EGG:
snapshot.box/#/s:lido-snapsh…