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Q🎩
@qsteak.eth
Regarding the Lido stake holdings, which of this do you think is actually the biggest lift? - Convince Lido to self limit. - Vampire by offering real incentives to exchange stETH. - Implement an enshrined solution. - Accept the market decision, and compel Lido to truly decentralize via governance or social slashing.
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dy
@dy
Don't understand what the issue is with Lido having 33% stake The code is public All it does is keep a set of validators and delegate beacon chain ETH to it There are thousands of validators on Lido You're simply securitizing staked ETH, which is important for defi
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Thomas
@aviationdoctor.eth
Code is not the issue. One third of all staked ETH (worth $13B) is controlled by just 30 node operators who are doxxed. It’s a centralized and permissioned cartel, which defeats the decentralized and permissionless ethos of Ethereum. You cannot join that group even if you wanted to and were technically capable. 1/2
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Thomas
@aviationdoctor.eth
Because they are doxxed, the node operators are also subject to external threats & pressure, legal or otherwise (e.g., censorship). As for the governance DAO, two-thirds of LDO tokens were distributed to the VCs, founders, devs, and employees, with a vesting period. They together have the majority of the voting power.
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dy
@dy
I see. But the node operators would exist with or without lido. For Lido specifically to be compromised all of the node operators would have to be compromised which i think can happen with or without lido
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