Lido’s current market cap is only ~$400M. That means that for $200M, someone could take over 51% of the governance vote and use it to carry out an attack on Ethereum by pressuring / swapping operators.
What % market share can Lido get to before the social layer of Ethereum finds this untenable and executes a fork to slash Lido validators?
I understand there are governance proposals (such as letting stETH holders veto), but not clear when those are coming out, nor what % of stETH holders would be active voters.
It’s also worth noting that a similar fork threat is there to prevent CEXs from taking too large of a share. A CEX like Coinbase has much more to lose from that type of slashing than even Lido does, because they have other business lines which would be impacted / bankrupted by what is to them a side business. Why would they take that kind of risk instead of just self-limiting their share?