Lido proposes automated revenue-funded LDO buybacks and liquidity provision

What happened

Lido opened a Snapshot proposal for NEST, a permissionless system that would use bounded staking-revenue surplus to buy LDO through CoW Swap and pair it with wstETH as DAO-owned Curve liquidity.

What changed

If launched through a later on-chain vote and funded, NEST would add automated daily treasury execution, a $40 million annual revenue baseline, a daily order cap, component-level emergency pauses, and Treasury Management Committee funding and recovery powers.

What did not change

The proposal did not launch or fund NEST, alter stETH rebase accounting, change withdrawals, modify node-operator allocation, or establish that audits and the later on-chain launch vote had completed.

Confirmed

• The initial proposed mode would pair purchased LDO with wstETH in DAO-owned liquidity.
• The proposal specifies a $40 million annual revenue baseline and a daily order cap.
• Execution would be permissionless but dependent on funding and successful order settlement.
• Individual NEST components could be paused independently.
• Launching NEST would require a subsequent on-chain DAO vote.

Still open

• The Snapshot outcome and later on-chain launch vote.
• The final audited contracts, deployed addresses, parameters, and funding amount.
• The identities and authority boundaries of keepers, pausers, oracle components, and the Treasury Management Committee.
• The effect of automated operations on treasury risk and wstETH liquidity.

What it means for an advisor

• Monitor the final on-chain launch and deployed control configuration.
• Add NEST's trading, oracle, pause, funding, and asset-recovery roles to Lido governance diligence if executed.
• Do not infer any change to client stETH economics before the system is deployed and funded.