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LDO Lido DAO proposes governance proposal: Emergency market-making mechanism for authorizing LDO tokens on centralized exchanges
Lido DAO contributors have issued a governance proposal to authorize conditional market-making tasks for LDO tokens on centralized exchanges (CEX). This preventive measure aims to reduce the risk of trading pairs being degraded or removed from shelves due to reduced trading activity.
The proposal entitled "Authorizing conditional LDO centralized exchange liquidity market-making tasks" was released at the Lido Governance Forum on September 16, 2026, and has not yet entered the voting stage.
Reason for DAO action
The proposal states that LDO trading volumes have dropped significantly. According to the Lido Growth Council, this reduces the profitability of organic market market-making, making trading pairs on centralized exchanges more vulnerable to censorship risks. Representative analysis released on the same thread showed that average daily trading volume a year ago was approximately US$96 million, while average daily trading volume in the past three months dropped to approximately US$33 million. As of early September, the order book depth for LDO/USDT trading pairs in the ±2% range was only around US$50,000 to US$90,000 per side.
Currently, the Lido Ecosystem Foundation has not cooperated with any market makers to carry out market-making business for LDO trading pairs. The proposal positions the mission framework as a preventive measure rather than a commitment to immediately activate market-making.
Task execution mechanism
如果获得批准，授权额度将上限为 48 万 USDC，加上最多等值 150 万美元的 LDO，且 LDO 数量限制为 750 万枚。若从未激活，该授权将在批准后两年过期。
提案倾向于采用固定保留费结构，而非基于期权的选择性薪酬。资金将通过 Easy Track 流程以动议形式发放至流动性观察实验室的多签钱包。激活条件取决于增长委员会判断 LDO 流动性不足或可能变得不足，同时需权衡订单簿深度、交易量趋势以及来自交易所的任何信号等因素。
一旦激活该任务，委员会将与一家或多家专业做市商进行谈判，重点评估其覆盖范围、可靠性、信用状况、成本及报告质量。
范围与后续步骤
该任务不会批准任何特定的做市商、交易所、看涨期权或价格支持活动。代表们要求在提供支持之前，加强对激活透明度、以代币计价的限额、召回条款以及库存管理的控制。预先批准的限额响应机制避免了在潜在的交易所审查或下架过程中仓促启动治理程序。
Lido 仍然是以太坊上最大的流动性质押协议，这一地位因其 V3 主网启动而得到加强。此外，正如每周 DAO 回顾所涵盖的那样，Lido DAO 在国库动议方面有着活跃的历史。
