
Evan Van Ness 🧉|Jul 08, 2025 19:36
ON GOVERNANCE TOKENS:
If you want number to go up, you need to make sure the governance is actually good 🤣
Three years ago, Lido had a vote to do the right thing for itself and ensure that it didn't become a threat to Ethereum by capping at 1/3 of Eth staked so as never to put finalization in jeopardy
Instead Lido voted 99.8% to try to take over Ethereum staking and become the de facto governance token for all of ETH.
It was an interesting theory - if they took over staking, then LDO would be worth multiples more (though obviously at the direct expense of ETH)
Facing the threat of Lido as a centralization vector, the Ethereum community fought back. Lido is now down at about 25% of ETH staked
What happened to LDO?
It's gotten rekt
LDO is down 70-80% vs ETH.
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