Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
LDO Lido Governance Forum proposes to allocate funds for centralized exchange market-making
Lido's Governance Forum has made a proposal to allocate up to US$1.5 million worth of LDO tokens and US$480,000 worth of USDC for centralized exchange (CEX) market market-making activities. The proposal aims to improve liquidity conditions within exchanges and reduce the risk of LDOs being removed from the CEX platform. Currently, the proposal has not been approved or deployed; any allocation of funds still needs to go through a complete governance process.
Proposed funding allocation details
According to the proposal submitted, there are caps for both LDO and USDC. The proposal contains two separate funding components: one is the LDO native token component worth up to $1.5 million, and the other is the USDC stablecoin component worth up to $480,000. These two numbers represent an upper limit, and the actual deployment amount may be lower than this, depending on the scope of authorization finalized by the governance process. These funds are specifically used for CEX market market-making activities and are not used for agreement operations or treasury diversification investments.
Using a hybrid LDO and USDC structure is a common practice to govern token market market-making projects. Among them, the stablecoin portion provides market makers with the inventory needed for quotations to support buying, while the native token portion helps increase the depth of selling. The $480,000 USDC component will anchor liquidity on the stable side of the program, without the need for an agreement to sell additional LDOs under current market conditions.
Why is Lido concerned about the risk of removal from shelves
该提案提出的理由直接与“下架风险”相关：交易所会定期根据最低流动性和交易量阈值审查代币的上架状态，订单簿薄弱或价差过宽的代币更有可能未能通过此类审查。通过引导专业做市商支持CEX平台上的LDO订单簿，协议旨在使代币保持在交易所通常要求的流动性参数范围内，以确保持续上架。
改善订单簿深度可以收窄价差并减少LDO交易者的滑点，但做市支持并不决定LDO的价格方向，也不能保证任何特定交易所都会保留其上市资格。该提案解决的是结构性流动性问题，而非价格结果。Lido生态系统已引起机构投资者的持续关注，SharpLink决定通过Lido的wstETH质押2亿美元以太坊便是明证，这突显了LDO市场可访问性的更广泛意义。
该提案对LDO市场的潜在影响
如果获得批准，总计约198万美元的混合资产分配将为签约做市商提供充足的库存，使其能够在多个交易所交易对之间运作。更窄的价差和更深的订单簿可以降低现货LDO买卖双方的执行成本，而改善的交易量指标可能满足交易所基于日均交易量或最小买卖价差的上架审查标准。
该提案未指明具体的目标交易所、拟签约的做市商，也未规定让代币持有者审计资金使用情况的报告义务。这些细节需要在治理投票前或投票期间披露。需要明确的是，该提案并不能防止由更广泛的市场条件或协议层面发展导致的价格贬值；市场做市支持的是可交易结构，而非估值。此类治理层面的决策遵循DeFi领域其他地方的模式，例如ENS DAO提出的500万ENS委托提案，旨在重构治理影响力。
治理批准与实施仍在进行中
该提案目前处于讨论阶段。任何LDO或USDC的部署都需要通过正式的链上治理投票才能生效，且结果并非 predetermined（预先确定）。读者和LDO持有者应密切关注Lido治理论坛，观察非正式提案如何过渡为具有约束力的快照投票或链上投票，了解交易对手方和交易所范围的确定情况，以及任何能使资金使用在部署后具备可审计性的报告框架。
近期，Lido的治理层解决了若干运营问题，包括在预言机升级后解决的stETH收益率计算差异，这表明DAO有能力通过治理机制应对协议层面的关切。这项市场做市提案是否也能走向同样的解决方案，将取决于社区关于分配规模、交易对手方选择和责任结构的共识。一个值得关注的早期链上信号是：一位Lido早期投资者在五年期持有了430万枚LDO后将其存入Kraken，这一数据点为集中式平台上现有的LDO抛压提供了背景信息，也是该提案试图稳定的对象。
常见问题解答：Lido的LDO和USDC市场做市提案
Lido提议为市场做市提供多少资金？
该提案设定的上限为最多150万美元的LDO和最多48万美元的USDC，合计上限约为198万美元。这些是最大数值；实际部署将由DAO投票批准的最终授权决定。
LDO和USDC分配的目的是什么？
声明的目的是进行CEX市场做市， specifically 旨在改善LDO在中心化交易所的订单簿深度和流动性状况。该提案将此举措框架化为一种通过维持最低流动性阈值来降低LDO被CEX平台下架风险的措施。
该提案是否能保证LDO不会被下架？
No. The proposal aims to reduce the risk of removal by improving liquidity indicators, but it cannot and does not guarantee that any exchange will retain LDOs on its platform. Listing decisions remain at the discretion of each exchange and depend on multiple factors in addition to the depth of the order book.
