最新报道：Lido DAO is finally going dual governance. A vote for LDO holders, which closes at 10:00 a.m. ET on Monday, June 30, will determine whether to change how power is distributed in Ethereum’s largest liquidity staking protocol. If approved, the proposal would activate a new framework that gives stETH holders (users who stake ether through Lido) a formal mechanism to delay or veto governance actions, adding a new layer of accountability to the voting system. According to Hasu, a well-known but pseudonymous researcher and consultant, the new technical mechanism has implications for the entire crypto space, not just Lido. “Lido really reduces the risk that users face from any type of governance attack, as well as the trust they have in the maintenance company and LDO holders,” Hasu told Blockworks. The team expects this will further promote institutional adoption of stETH. At the heart of dual governance is a custom dynamic timelock module. Unlike static timelocks, which only delay execution for a fixed period of time, this design expands based on the objections registered by stETH holders. For example, if 1% of the total stETH supply expresses opposition to a proposal, execution is delayed an additional five days. If opposition increases to 10%, the delay increases linearly to 45 days. This mechanism ensures that if LDO token holders make a controversial or potentially harmful decision, stETH users have a predictable exit window before the change goes into effect. This has never been done before in a governance system, but is absolutely essential for Lido because it takes into account the inherent variability of Ethereum staking withdrawal queues. The idea stems from the core tension between providing liquidity and minimizing trust assumptions. Liquid staking protocols inherently rely on pooled delegation and active protocol maintenance to maintain compatibility with Ethereum upgrades. We saw this in the debate over delaying the Pectra upgrade, where Lido’s Ivan Metrikin played a major role in the decision-making process for All-Core Devs. While traditional timelocks give users a chance to exit before governance decisions go into effect, it can sometimes take weeks or months to exit Lido and return to native ether, making shorter fixed periods insufficient. Dynamic timelocks aim to bridge this gap by adjusting execution delays to match the size of user objections, rather than applying a one-size-fits-all delay. Simple or uncontroversial changes can be passed quickly, while the governance system will automatically apply the brakes if large stETH holders start to object. Lido contributors, including Hasu and Victor “kadmil” from the DAO operations team, acknowledge that the design took years to develop and incorporated dedicated stress tests to ensure it was resistant to governance attacks and flash loan manipulation. “We’ve paid people to try to break the design with flash loans,” Victor told Blockworks, and have since adjusted it “to make it resistant to flash loans.” Wrapped versions of stETH, like those used in EigenLayer restaking or the Pendle yield strategy, are not eligible to vote directly, but the withdrawal process gives holders time to reclaim their underlying stETH and participate if they want. Hasu explained that this is about giving users access to liquidity while retaining the right to exit in a way that other protocols can’t manage. “There used to be this dilemma between trust and liquidity, and dual governance actually breaks that dilemma,” he said. “You no longer have to choose — you can have it both ways.” The initiative has been compared to MakerDAO’s “emergency shutdown” lever, but differs in that it offers a non-disruptive, incremental response rather than a single, catastrophic reset. It also reflects a broader trend in DeFi governance toward more nuanced, multi-stakeholder systems that separate capital voting from user safeguards. Hasu expects Lido’s implementation to serve as a blueprint for other protocols facing similar governance risks. A previous Snapshot vote on the proposal passed nearly unanimously. If the on-chain Aragon vote passes as expected, it will formally separate the power to propose and pass measures from the power to immediately enforce them, effectively placing stETH holders in the role of constitutional overseers of the DAO. As of 9:00 a.m. ET on Friday, only 4% of token holders participated in the vote. To pass, the on-chain Aragon vote requires a quorum of at least 5%. Get news in your inbox. Explore the Blockworks newsletter: The Breakdown: Decoding crypto and markets. Daily. Empire: Crypto news and analysis to start your day. Forward Guidance: The intersection of crypto, macro, and policy. 0xResearch: Get Alpha directly to your inbox. Lightspeed: All things Solana. The Drop: Apps, games, memes, and more. Supply Shock: Bitcoin, bitcoin, bitcoin.