After discussions in the governance forum, it was decided that cutting the referral rewards for the Ethereum referral program to 0.25% was too drastic.
Because of this the first proposal failed: https://snapshot.org/#/lido-snapshot.eth/proposal/0x17d9933d06b3965210d4cbb60298a714607e1ec6025830b6425f1bade515e7bc
New proposal:
-Top up referral program back to 15 million LDO tokens -Reduce Ethereum referral rewards to 0.75% of value of staked ETH