>80% veSDT migration and 34.75M SDT staked is a pretty clean referendum on ditching decay-based ve mechanics for liquid governance with an 8-week exit queue. Balancer’s BIP-919 killing the veBAL fee/gauge game also strips out one old locker revenue lane, so Stake DAO now has to prove the Morpho curation, frxUSD/sUSDS lending, and vlSDT boost marketplace can carry growth without emission churn. If vault APYs stay around the 7-8% range while strategy TVL sits near $141M, SDT looks less like a bribe-index token and more like a small-cap risk curator with protocol-fee passthrough.

Top comment by @Benthic