Delegate Oversight Committee Quarterly Report ( Q2, 2025)
TL;DR:
Seven delegates qualified for Q2 incentives based on participation and delegation. Each will receive 12,929 LDO (from a $75K quarterly pool at a 90-day TWAP of $0.8287).
Overview
The Delegate Oversight Committee assessed delegate activity during Q2: April 1 – June 30, 2025.
Since the vote to extend the Delegation Incentivization Program concluded on April 28, the eligibility snapshot was taken at the start of the next vote, May 21. This snapshot reflects the point at which the updated program became active in practice, ensuring that all delegates had a fair opportunity to adjust to the new eligibility threshold, including taking one more step to secure additional delegation if needed.
Eligibility Summary
- Delegation threshold: ≥1M LDO (on Snapshot or Aragon) as of May 21.
- Voting participation: ≥70% participation on both Aragon and Snapshot.
- Community engagement: Constructive, consistent input in governance, including feedback, reasoning, and presence.
All seven delegates met the criteria and qualify for equal rewards.
Performance Evaluation
| Delegate | Aragon | Snapshot | Community & Governance Contributions | Eligible |
|---|---|---|---|---|
| Anthony Leuts | 5/5 (100%) | 10/10 (100%) | High-value contributor: sharp on-chain vote analysis, active in forum discussions, consistent public support of Lido initiatives across channels. Provide thoughtful feedback to contributors. |  |
| Nansen | 5/5 (100%) | 10/10 (100%) | Responsive, insightful, provides ongoing strategic input. Maintains regular contact with the team. | |
| polar | 5/5 (100%) | 10/10 (100%) | Detailed reasoning, participation in product/strategic interviews, strong community presence. | |
| Lanski | 5/5 (100%) | 10/10 (100%) | Regular forum participant, transparent voter, drives attention to key proposals across channels. | |
| Wintermute | 5/5 (100%) | 10/10 (100%) | Long-time Lido participant, fast and consistent voter, willing to engage deeper in expert domains. | |
| cp0x | 5/5 (100%) | 10/10 (100%) | Trusted, impartial voice. Joined the set this round. Shares cross-domain expertise and offers open, thoughtful feedback. | |
| PGov | 4/5 (80%) | 10/10 (100%) | Snapshot-only delegate. Maintains voting transparency via forum threads. | |
Sources: https://dune.com/lido/lido-delegations, https://snapshot.box/#/s:lido-snapshot.eth, https://vote.lido.fi/
Notes:
- All delegates responded rapidly to the unexpected Aragon vote, addressing the Chorus One oracle rotation.
- Nansen and cp0x show 110% participation on the Dune dashboard because it includes a Snapshot vote (Re-endorsement of wstETH on Starknet) that started in Q1 but concluded in Q2, and their votes were cast in Q2. We’re not including that vote in the scope of this report.
Reward Allocation
- Quarterly pool: $75,000
- 90-Day TWAP (June 30): 1 LDO = $0.8287 (source)
- Total LDO distributed: ≈ 90,503 LDO
- Per delegate: 90,503 ÷ 7 ≈ 12,929 LDO
Next Steps
- Rewards for Q2 will be distributed till the end of August.
- Dune dashboard update: adds quarterly participation tracking
- Q3 evaluation period runs from July 1 to September 30. Snapshot date for Q3 eligibility is July 1st.
- Delegates must maintain ≥70% participation to remain eligible.
Program Improvements in Progress
Following feedback received during the vote to extend the program, the Oversight Committee is preparing operational improvements. Concrete updates will be published by the end of Q3.
The program goal remains unchanged:
The core objective of the Delegation Incentivization Program is to grow active voting power within the Lido protocol. This remains a strategic priority. To date, the program has been effective in attracting and retaining high-quality delegates with meaningful voting power (over 20M delegated to insentivized delegates) and consistent participation.
Next focus: operational clarity and contributor enablement.
Planned improvements include:
- Formalizing expectations – We’ll define and publish the types of input that are valuable (e.g., forum engagement, proposal reviews, risk analysis) and how delegates can contribute meaningfully across domains.
- Richer delegate profiles – The Committee will enhance reporting to include more context on each delegate’s focus areas, past contributions, and expertise.
We recognize that thresholds like 70% voting are minimums, not indicators of strong performance. Delegates are expected to contribute beyond this baseline, as they do now, and the qualitative aspect of their contributions is also subjectively evaluated in the “Community & Governance Contributions” column of the Performance Evaluation table above.
The Oversight Committee continues to collect feedback and welcomes input on standard-setting, eligibility logic, and contributor enablement.