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.
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.
Thanks for putting this dashboard together, BCV. The visualizations on governance concentration and treasury trends are clear and effectively highlight critical risks regarding fiscal discipline and decentralization. I have already bookmarked it to track these metrics regularly. gracias
Last Twelve Months revenue remained broadly stable at $40.18m.
Visible DAO wallet treasury declined sharply. On a 100D EMA basis, it fell from $87.4m to $65.7m, the lowest level in recent years.
LDO valuation compressed further. Treasury-adjusted market cap declined to $227.6m, while LTM Gross Revenue Yield, Treasury-Adjusted increased to 17.66%. This mostly reflects lower valuation rather than revenue growth.
Governance distribution improved in the current reference on-chain vote. Proposal 202 had 58.37m LDO voting power cast across 240 voters, with a less concentrated distribution than the previous reference vote.
Important caveat: the treasury metric tracks the visible DAO wallet only, not the full consolidated Lido treasury. I also exclude detailed expense and margin interpretation here, since precise public tracking of Lido expenses is not currently possible and depends more on Lido Labs’ internal accounting.
Overall, the same priorities remain clear to me: stronger recurring financial transparency, closer monitoring of visible DAO treasury deterioration, and a broader delegate market.