Fair point on the capital allocation framing: that’s the right lens, and it’s exactly how the Utilizing Market Opportunities: stETH / LDO trade - #35 by lidoecosystem-ops proposal is structured.
Where I think the framing conflates different things: NEST is not about whether LDO is undervalued right now, and it’s not a substitute for governance quality or financial transparency. It creates a rule-based on-chain link between protocol surplus and LDO, when the protocol earns above its operating baseline, a bounded share converts automatically, under hard caps. That’s a different instrument, not a competitor/substitute to a strong delegate body or recurring reporting.