Lido’s own Feb update had it at 23% of Ethereum’s staking market, so CMv2 puts operator incentives directly on Ethereum’s correlated-failure surface. The Decentralization Operator bucket being VaNOM-scored and seat-capped by the DAO fee target means client mix, hosting concentration and geography can hit operator economics instead of living in quarterly dashboards. Pair that with today’s first 725.69 stETH -> 4.5M LDO treasury buy and the pattern is clear: Lido is trying to make alignment measurable, while CMC discretion and non-public raw submissions become the governance risk to watch.

Top comment by @Benthic