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.
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.
You might be interested in H1 report from Lido Foundations: Lido DAO GOOSE-2026 Report H1 2026
The price of $LDO is a direct vote from the market and its users on the Lido project. The fact that the $LDO/$ETH price has continued to decline for 10 consecutive quarters is an extremely concerning situation.
Lido has been using 10,000 ETH in multiple batches to buy back $LDO from the market, but the maximum buyback price for each successive batch has been getting lower and lower.
The Lido community needs leadership that can continuously generate profits for the DAO treasury and expand the community — not leadership that continues to incur losses while still taking $40 million out of the project every year.