I built a simple Dune dashboard to track Lido DAO’s core financial and governance metrics in one place. One important limitation: I do not include detailed expense-related data here because it cannot currently be tracked publicly in a sufficiently accurate and consistent way.
https://dune.com/bcvfinance/lido-dao-ltm-financial-and-governance-dashboard
The goal is to make Lido DAO’s financial resilience and governance decentralization easier to follow for tokenholders, delegates, and anyone interested in the protocol.
After the May close, two issues stand out to me:
First, despite having substantial annual revenue, the treasury trend raises a warning sign. ETH exposure can create volatility, and I do not see that exposure as a problem by itself. But long-term financial resilience still depends on fiscal discipline.
Second, governance remains highly concentrated. The voting power distribution chart shows that a single delegate/address represented nearly half of the voting power in the reference on-chain vote. That is a serious decentralization concern for a DAO governing one of Ethereum’s most important staking protocols.
Overall, the dashboard highlights areas that I think deserve more attention: fiscal discipline, better recurring financial transparency, and a stronger, broader delegate market.
I hope this dashboard can be useful for delegates and tokenholders who want to follow these trends over time.