LDO · a buyback that really does take supply off the market.

No new LDO is created. The count of LDO in existence read 1,000,000,000 at both ends of the window, identical to the eighteenth decimal. Lido pays validators and node operators out of staking rewards taken in staked ether, never in LDO, so there is no emission to measure. The flat reading is a real one and not a quirk of the code: we decoded the contract's own supply history and found five past writes, including a genuine destruction in Mar 2022 and a genuine creation in May 2022. The door those used is still open — a token-holder vote can still mint or destroy through the contract's controller — so this row is watched rather than closed.

The original 2020 allocation finished releasing on Dec 16 2022 and nothing from it is still locked. We read all nine identified early-allocation wallets at both ends of the window and every one held an identical balance, 246,948,984 LDO between them. One contributor programme is still live and did move 822,837 LDO out of its multisig this quarter, but that multisig is already inside the counted float, so those coins were tradable before they moved and are tradable after. Nothing crossed into the market that was not already in it. The DAO can still write new vesting, which is why this row stays watched rather than closed.

The DAO treasury did not send out a single LDO. We swept every transfer touching it across all 645,601 blocks of the window: five arrivals, zero departures. Watched as overhang: the treasury itself, now holding 116,914,000 LDO and growing, which sits outside the counted float and needs a vote to spend; 3,999,000 LDO in the contributor-programme multisig, already inside the float; 246,948,984 LDO across nine early-allocation wallets, flat all quarter; and a further 48,935,000 outside the float that the classifier does not itemise. A proposal published Aug 31 2026 would make up to 4,000,000 LDO available to exchange market makers if liquidity thins; it has not been voted and nothing is deployed. No public evidence of release in window — monitored.

There is no bankruptcy estate, no trustee and no court-ordered distribution attached to LDO. Nothing sits in this row and nothing is expected to.

The automatic buyback is live and has bought nothing. Token-holders enacted it on Aug 10 2026 and it switched on for real on Aug 14 2026, in a mode where every LDO it buys goes straight to the DAO treasury. It only fires on the surplus above a revenue floor, capped at $50,000 a day. Lido earned roughly $75,000 a day through August against the $109,000 a day the trigger needs, so it has not fired once. None of its contracts appear anywhere in the treasury's arrival log for this window.

There is no burn. Lido takes its fee in staked ether, not in LDO, so protocol revenue never touches this supply. We checked both ways it could show up anyway. The address where destroyed coins would pile up held 5.2496 LDO on both dates, unchanged. The count of LDO in existence was identical on both dates. Those two are independent — the contract has a real destroy function that would cut the count without touching any dead address, and it was used once in Mar 2022 — so a flat reading on both is a verified zero rather than a gap in the check.

This is the entire page. Token-holders approved spending up to 10,000 staked ether from the treasury buying LDO on the open market, released one thousand at a time, each release carrying a published price ceiling and a separate objection window. Three of those settled inside these 90 days and returned 10,336,446 LDO to the DAO treasury: 1,715,992 on Jun 11 2026, 6,472,316 on Jul 8 2026 and 2,148,138 on Aug 25 2026. The coins are held, not destroyed — but the treasury is outside the counted float, so they genuinely left the market. Spending so far is 2,320 of the 10,000 approved, and the last release used only 320 of its thousand because the price ceiling bound.

There is nothing to lock LDO into. LDO earns no staking reward, has no vote-escrow, and gives no claim on protocol revenue — it votes, and that is all. Proposals to add staking and a revenue share have been raised repeatedly through 2026 and none has been enacted.

Two smaller arrivals in the same treasury log, kept separate because they are not the buyback. On Jul 31 2026 the contributor programme returned 56,513 LDO to the treasury from an allocation contract that emptied from 88,964 to 156. On Aug 13 2026 a further 6,354 arrived through an on-chain trade settled against staked ether — a day before the automatic programme switched on, so it is not counted as that. Both crossed the same boundary as the buyback and both removed float. Neither has a schedule, so nothing is projected forward.