Lido DAO Launches NEST Automatic Buyback On-Chain Voting, Plans to Go Live in Treasury-Only Mode

Lido has announced that NEST: Automatic Buyback On-Chain Voting is now open, with the main voting phase running from August 5 to August 8 at 22:00. NEST is an automated mechanism designed to establish an on-chain connection between the performance of the Lido protocol and LDO, with its design approved via Snapshot voting in May. NEST plans to launch in a treasury-only mode, replacing the previously approved LP mode. NEST will sell the stETH held by the DAO through Stonks v2/CoW Swap to purchase LDO, with 50% of the surplus LDO directly transferred to the DAO treasury. The team stated that the LP mode has limited applicable scenarios, and there is currently no audit report covering the specific version code of Curve deployed on-chain. Therefore, it was decided to launch first in treasury-only mode, with the option to switch to LP mode through on-chain operations later. The annual expenditure cap for NEST is set at $10 million, and the relevant contracts were audited and deployed to the mainnet in July. Additionally, the proposal from Lido Alliance BORG to appoint Bryce Howarth as the new director has gone live on Snapshot, with voting continuing until August 10 at 24:00.

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