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Lido Proposes to Staking the Lido Protocol Token to Boost Utility and Sustainability
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Jun 05, 2023
The Ethereum staking provider Lido has proposed a staking mechanism for its native LDO token in an effort to boost the utility and financial sustainability of the token.
According to the proposal, posted on Lido’s governance forum on May 17, the staking program will enable token holders to stake LDO in exchange for a share – worth approximately 20-50% – of Lido’s future earnings.The proposal is written by a Lido community member who goes by the name Lidomaxi.
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Additionally, the proposal introduces a new minimum limit for Lido’s insurance fund set to 6,000 staked ETH (stETH), or around $10.9 million with today’s exchange rate.
“Despite Lido’s success, LDO token holders don’t directly benefit from the revenue generated by the protocol and $LDO has no direct utility. These points are a principal concern for current and prospective token holders,” Lidomaxi wrote.
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