Bankless 182 - In Defense of Lido, w/ Hasu
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Aug 7, 2023 Hasu, an independent researcher in crypto and strategic advisor to Lido, joins the conversation to explore Lido's significant stake in Ethereum. He tackles concerns about centralization, questioning if the perception of Lido is unfair. The discussion includes the implications of Lido controlling over 30% ETH, governance challenges, and strategies to maintain decentralization. Hasu also delves into the potential risk of Lido becoming too dominant and what it means for the future of Ethereum's staking landscape.
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Lido's Influence and Systemic Concerns
- Lido's size allows it to influence Ethereum validators.
- Staked ETH's increasing popularity raises systemic concerns.
The DAO and Systemic Risk
- The DAO held a significant portion of ETH and suffered a security incident.
- Vitalik Buterin advised capping future DAOs/ICOs to limit systemic risk.
Staking Thresholds and Network Influence
- Lido's control of staked ETH raises concerns about its influence over the network.
- Exceeding certain staking thresholds (33%, 66%) grants an entity substantial power.