The biggest problem with LDO right now is not the product, not TVL, but value accrual.
stETH is successful, and protocol revenue is stable, but none of that translates into LDO value. In the long run, this will cause Lido to be overtaken by protocols that are more willing to share value with token holders.
I believe Lido DAO must think not only about protocol growth, but also about the future of LDO itself.
If there were some form of value accrual — even if only a portion of protocol revenue were used for buybacks or incentives — many community members would be willing to stay long-term and contribute their time and skills. Talent, not capital, is the scarcest resource.
Moreover, LDO does not have to be just a governance token. It can complement stETH in many ways. For example, on-chain credit cards, collateralized lending, payment scenarios — LDO could become a functional asset within the ecosystem, not just voting power.
If these directions develop, LDO’s value would naturally increase and in turn benefit the protocol.
I’m not posting this to draw conclusions. I want to hear from experienced members of this community:
What do you think is the most realistic path for LDO value accrual?
Which mechanisms are most feasible under the current governance framework?
I hope those with research or experience can share their thoughts. Let’s discuss.