Redirect DVT & APM Incentives to Current Meta Treasury and LoL

Proposal Summary

This proposal aims to formalize the change in destination and utilization of post-Node Operator share of DVT incentives and APM incentives flows, and seeks DAO approval to:

• Redirect post-Node Operator share of DVT incentives flow arising from Obol and SSV Network providers (allocated under the recently approved terms) from the Decentralized Validator Vault to the Lido Earn Current Meta Treasury multisig to support Lido Earn ETH vault strategies.
• Route APM incentives flow to the Liquidity Observation Lab multisig to make them available to the Growth Committee for agile deployment and continuous support of liquidity-focused strategies that contribute to the overall health of the stETH ecosystem.

DVT Incentives

The Decentralized Validator Vault (DVV), implemented by Mellow, was launched in August 2024 as a coordination layer for user stake and Distributed Validator Technology (DVT) provider incentives. Among its primary goals was providing DVV stakers with access to Obol and SSV Network incentive programs they could not access directly.

Under the current setup, user deposits of ETH or WETH are staked via the Lido protocol and channeled to DVT-supporting modules. In return, users receive DVstETH tokens representing their share in the DVV, along with additional DVT-specific rewards such as Obol contributions and SSV Incentivized Mainnet Program (IMP) incentives.

The launch of Lido Earn ETH vault has materially changed the DVV's role. Lido Earn ETH provides a unified interface for vault stakers to access curated reward strategies and now includes the Mellow DVV as one of the sub-vaults. With this shift, the DVV's function as a standalone DVT incentive coordination mechanism is effectively absorbed into a more scalable Earn architecture.

It is proposed to replace DVV’s coordination role with Lido Earn by redirecting and consolidating the DVV staker-directed (post-Node Operator) share of DVT incentives to the Lido Earn Current Meta Treasury multisig 0xcCf2daba8Bb04a232a2fDA0D01010D4EF6C69B85. This will allow to reduce governance overhead while ensuring DVT-derived rewards continue to benefit Earn participants without interruption.

APM Incentives

Last year, contributors to the Lido protocol introduced the APM framework to establish an operational framework around an emerging class of proposer-layer innovations and sidecars. In May 2025, the Lido DAO approved the establishment of the APM Committee to provide structured governance and oversight over these mechanisms. However, while the APM Committee is responsible for evaluating and approving the use of APMs, it has not been given a mandate or the operational tools to manage APM incentive flow.

APM-derived incentives (including but not limited to, for example, Primev) differ materially from DVT incentives: they are more variable, execution-layer–driven, market-sensitive, and often require more agile and market-aware decision-making. The Growth Committee is well-positioned to oversee these incentives, given its mandate to drive stETH adoption, liquidity depth, and ecosystem expansion.

Building on this, the APM incentives flow is proposed to be routed to Liquidity Observation Lab multisig 0x87D93d9B2C672bf9c9642d853a8682546a5012B5 operating under the Growth Committee. This would enable more agile, data-driven deployment of incentives and enable the Growth Committee to continuously support liquidity-focused strategies within its existing mandate.

Next steps

If the proposal is approved:

• Post-Node Operator share of DVT incentives flow will be redirected to the Lido Earn Current Meta Treasury multisig, and DVV will no longer act as an incentive coordination layer.
• APM incentives flow will be routed to the Growth Committee’s Liquidity Observation Lab multisig.