Lido, the largest liquid staking protocol on Ethereum, is making significant reforms in its governance structure. Lido DAO members have largely unanimously adopted a dual governance model that grants stETH holders (stakers) the right to postpone or veto governance proposals.
This new system aims to bring balance to the current governance structure where only Lido token (LDO) holders can submit proposals and vote. The goal is to ensure that LDO holders can prevent decisions that could negatively affect Lido's stakers or the Ethereum ecosystem.
According to the new regulation, stETH holders will deposit their assets into a special 'escrow contract' to show their objections. If stETH equal to 1% of the total staked ETH is deposited into this contract, the relevant governance proposal will be postponed for 5 days. As this ratio increases, the postponement period will also extend.
On the other hand, if the objection rate exceeds 10%, the proposal will be completely 'frozen' and the protocol will enter 'Rage-Quit' mode. In this case, either the objectioning stakers will withdraw all their funds, or the Lido DAO proposal will be canceled. No new proposals can be implemented during this process.
The main part of the voting concluded with 53.6 million LDO votes cast in favor of 'Yes'. This number is slightly above the quorum of 50 million LDO. Only one person voted 'No' with 1.18 LDO. The participation rate was at similar levels to previous Lido DAO votes.
At the current objection stage, only LDO holders can vote 'No' or change their previously given 'Yes' votes to 'No'. Unless there is a large organized counter-campaign, it is expected that the proposal will be finalized on June 30 at 17:00 TR time.
Ethereum co-founder Vitalik Buterin stated that he supports the new dual governance model. Buterin expressed that this structure creates 'an independent security layer against harmful actions' and ensures that Ethereum stakers have a real voice in the Lido ecosystem.
The Lido team described this change as 'one of the most important protocol updates made in the ecosystem.'
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