Appreciate the effort here. This report is clearly an improvement in transparency, especially around actual grant drawdown versus approved amounts.
At the same time, as a tokenholder, I still do not think annual retrospective reporting is enough for a DAO of Lido’s scale. Public monthly tracking has not been reliable enough, and without recurring, consistent reporting it remains difficult to assess fiscal discipline in real time.
What would help most is a regular actual-vs-budget view, with a clearer functional breakdown of operating expenses and a more consistent public dashboard that tokenholders can follow throughout the year, rather than only at year end.
2025 delivery included important progress, but expenses still exceeded revenue, so I think stronger recurring financial transparency should be treated as a governance priority.