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Lido DAO proposes to temporarily lower the initial loss protection threshold of the EarnETH treasury to cover losses related to the Kelp incident
BlockBeats News, April 29 — The Lido Research Forum has launched a new proposal recommending that the DAO authorize a temporary reduction of the trigger threshold for loss protection in the EarnETH vault during the Kelp incident. According to current rules, the protection mechanism for Lido Earn only activates when the vault incurs losses exceeding 1% of the holdings. However, the proposal notes that if the rsETH shortage is resolved through DeFi United, the actual loss could be less than 1%.
To ensure that EarnETH users receive full compensation, the proposal suggests a one-time exception during this incident, allowing the use of the loss protection fund to cover losses below the 1% threshold. The current residual borrowing rate loss is estimated to be approximately 400 to 600 ETH.
The proposal emphasizes that this is a one-time arrangement for user protection, brand reputation, and business considerations, and does not alter the general 1% rule. Since the rsETH incident is expected to be resolved within 5 to 10 days, and the standard voting window is 7 days, the proposal is also time-sensitive.