Nansen appreciates the report and the level of financial transparency. We look at this through the lens of an onchain treasury with a focus on capital discipline, risk management, and long-term sustainability, so we value reporting that makes it easier to judge both operating execution and treasury posture.
Financial transparency is strong. Full P&L, treasury position, and actual grant drawdown versus approved budget is above average for DAO reporting.
A few follow-ups that we think could enhance the reporting and assessment.
First, opex detail. The report shows $33.0M in operating expenses, but not enough functional breakdown to assess where spend sits across engineering, BD, operations, legal, and related areas.
Second, Lido Earn. The report cites 77k ETH TVL at year-end, while the February tokenholder update references 61k ETH. It would be useful to understand the main drivers of that decline, and to see a simple breakdown of flows and performance across the three vault strategies.
Third, market share. The report is clear on the pressure from exchange staking, institutional low-risk staking, and APR-maxis, but less clear on the quantified rate of share loss and the milestones that would define a successful recapture through product diversification.
Fourth, the GOOSE scorecard. The report covers what was delivered, but a target versus actual view would make it easier to assess execution against the original mandate.
Fifth, treasury sustainability. The buyback framework looks deliberately conservative, which makes sense. It also means it remains inactive unless market and revenue conditions improve materially. It would be helpful to hear the plan if ETH remains range-bound and revenue stays close to current levels. Some of this of course has been addressed in the new proposal on stETH / LDO trade here.