Lido Alliance BORG Foundation Update: Appointment of Leeward Supervisors Limited as Supervisor
A corporate housekeeping vote, nothing on-chain and no treasury spend. The resignation letter from MetaLeX is published with a cryptographic signature, and Leeward already serves the same role at Lido Labs.
Cheap onboarding, but it also means one firm now supervises two Lido entities, and the Supervisor is the only external check on a BORG board.
Vote: FOR
Platform: Snapshot
Authorize a Contingent LDO CEX Liquidity Market-Making Mandate
A dormant mandate for LDO market making on CEXs. Nothing is spent unless the Growth Committee determines liquidity has become insufficient.
We raised five questions in the thread before this went to Snapshot and the team addressed all of them in the text itself. The 7.5M LDO cap and the 30-day termination notice were added at our request, the 95% uptime and per-venue depth KPIs came out of the discussion with 0xRenexa. We said our remaining concerns were closed and we are voting accordingly.
A fixed retainer instead of call options is the right call. The DAO pays more in cash and keeps the upside, which is the opposite of how most MM deals in this space are structured.
The part we don’t like: the covenant against lending and rehypothecation of the inventory has a carve-out letting the Growth Committee waive it if the pricing impact is too large. The recall right is the main protection here and it is waivable by the same body that activates the mandate. Also the party measuring the KPIs is still not named in the text, only discussed in the thread.
Vote: FOR
Platform: Snapshot