I’m a long-term LDO holder. I want to raise an uncomfortable but legitimate governance point.
In 2026, on every metric the DAO itself chose, performance has deteriorated:
• Market share: 23% → 20.8%, all-time-high stake (9.78M ETH) not reclaimed
• Revenue: daily protocol revenue fell from ~$153K to ~$69K
• LDO trades at a market cap below ETHFI, a competitor with 1/5 our TVL
• NEST has triggered zero days since launch; the accumulation program spent ~20% of its budget in five months
I understand price is not the DAO’s mandate. But market cap is not “price noise” — it is the market’s continuous vote on management quality, and it determines our ability to attract talent, partners, and institutional trust. A protocol whose governance token is worth less than its competitor’s will struggle to recruit the best people.
My ask: if by end of 2026 these metrics have not demonstrably reversed (stake ATH reclaimed, revenue trend restored, NEST functioning), the DAO should formally open a leadership review of Lido Labs — including, if necessary, replacing its leadership via governance. The bylaws allow it. Accountability is not an attack; it is the only thing a DAO has that a company doesn’t.
Open to being proven wrong — show me the numbers.
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Yes, I’m interested in this question too.
1. Since the launch of NEST, not a single buyback has taken place. The parameters need to be adjusted to be more aggressive.
2. stETH/LDO buybacks. There hasn’t been a single answer in the discussion explaining why the buyback threshold was lowered—a move that effectively halts accumulation.
I’ll be asking these questions during the live stream today.And I really hope to receive a detailed response from the team.
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