In this episode of Governance Futures, hosts Jamilya and Eugene speak with Jen, DAO Comms Lead at Lido, about the launch of Lido’s dual governance model.
Jen shares her journey into governance, her perspective on decentralization, and how Lido is addressing value alignment between token holders and stETH users.
The conversation explores how dual governance gives stETH holders veto power, the role of delegate incentives, and the challenges of combining technical complexity with inclusive participation.
Jen also reflects on Vitalik’s call to “burn down” legitimacy, why governance should evolve instead, and how clarity matters more than total transparency.
The episode closes with a rapid-fire quiz, where Jen sums up the future of governance in one word: adaptability.
Some of the materials we mention in the episode: Dual Governance at Lido: https://x.com/TariQuin/status/1941154197870915950 Vitalik recently said: https://youtu.be/pPZZ25qSprY?feature=shared&t=1590
Timestamps: 00:00 – Cold Start
00:54 – Introduction and reflections on Lido governance
04:46 – Jen’s path into governance and joining Lido DAO
07:08 – Defining decentralization and Lido’s approach
10:11 – Times Square billboard and dual governance announcement
12:47 – Lido’s governance process before dual governance
14:34 – Delegate incentive program and oversight committee
18:18 – Governance as work: paying for delegate contributions
19:30 – Dual governance explained: stETH holders’ right to exit
23:27 – Safeguards, vetoes, and community alignment
25:08 – LDO vs. stETH holders: reactions to dual governance
29:12 – Governance expertise, DAO challenges, and delegate roles
31:53 – Why governance should serve the product, not dominate it
35:59 – Technical complexity and the need for education
40:24 – Committees, mandates, and decentralization trade-offs
43:39 – Balancing operations, transparency, and security
48:34 – The role of AI in governance clarity and summaries
52:12 – Legitimacy, Vitalik’s critique, and evolving governance
58:03 – Tokens, utility, and the uniqueness of DAOs
59:57 – Research priorities: defining the scope of DAO governance
01:05:46 – One-word quiz: decentralization, governance, adaptability
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