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Source, summary and reference
XRP Holders Need to See This. 34 Companies Now Control a Quarter of Ethereum. | Dana Love, PhD XRP holders have long held that Ethereum centralization was real. This video shows that it is true. Liquid staking giant Lido DAO's move unwound nearly a quarter million Ethereum validator nodes. 250,000. Lido controls $16.5 billion of other people's ETH. Just 34 firms control 90% of Lido's staking business. Dana Love, PhD explains how this came to be, revealing the truth that XRP holders have long believed but could not prove: Ethereum is much more centralized than previously believed. And the Ethereum Foundation, long thought to be the seat of power, found out the same way everyone else did. They read about it online. And now, the "Curated Model v2" looks a lot like a permissioned, committee-run blockchain. Hey, wait...that sounds familiar! BUY DANA’S BOOK (THE TOKEN TRAP) ON AMAZON https://www.amazon.com/dp/B0GRN1XPFT DANA HAS A CHANNEL ABOUT AI https://youtube.com/@ClosedSourceAI LEARN MORE https://www.thetokentrap.com https://www.danalove.com https://www.x.com/DanaFLove https://www.linkedin.com/in/danalove CHAPTERS 00:00 XRP Holders Were Right 03:34 The Bond They Wrote for Themselves 08:49 The Ethereum Foundation Found Out Like You Did 12:19 A Chain That Publishes This as the Design 15:54 Dana's J. Jonah Jameson Impression 16:25 My Take SOURCES Lido, "A New Lido Core Upgrade for Protocol Sustainability and a Leaner Ethereum" (July 27, 2026) https://blog.lido.fi/a-new-lido-core-upgrade-for-protocol-sustainability-and-a-leaner-ethereum/ Lido Node Operator Portal — Curated Module v2 (bond schedule, CMC, onboarding waves, ValMart, mainnet status) https://operatorportal.lido.fi/modules/curated-module-v2-1 Lido Node Operator Portal — Community Staking Module (permissionless bond curve, 2.4 to 1.3 ETH) https://operatorportal.lido.fi/modules/community-staking-module Lido Docs — Community Staking Module architecture https://docs.lido.fi/staking-modules/csm/intro/ Lido Decentralization Scorecard (Dual Governance, veto signalling, rage quit thresholds) https://lido.fi/scorecard EIP-7251 — Increase the MAX_EFFECTIVE_BALANCE, 32 ETH to 2,048 ETH https://eips.ethereum.org/EIPS/eip-7251 Canton Coin white paper — Digital Asset (Super Validators, minting curve, BFT governance) https://www.digitalasset.com/hubfs/Canton%20Network%20Files/Documents%20(whitepapers,%20etc...)/Canton%20Coin_%20A%20Canton-Network-native%20payment%20application.pdf DTCC — partnership to tokenize DTC-custodied U.S. Treasuries on Canton (Dec 17, 2025) https://www.dtcc.com/news/2025/december/17/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-us-treasury-securities Canton Network — same announcement, Canton's own release https://www.canton.network/canton-network-press-releases/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-u.s.-treasury-securities-on-the-canton-network Digital Asset — $355M round led by a16z crypto (June 11, 2026) https://www.digitalasset.com/ The Block — Lido begins consolidating $16 billion in staked ETH (July 27, 2026) https://www.theblock.co/post/409780/lido-begins-consolidating-16-billion-worth-of-staked-eth-as-curated-module-v2-rolls-out CoinDesk — Lido starts historic $16 billion migration (July 27, 2026) https://www.coindesk.com/tech/2026/07/27/lido-begins-moving-usd16-5-billion-in-staked-ether-to-cut-validator-count-by-a-third Crypto Briefing — Lido consolidates $16B in staked ETH (July 27, 2026) https://cryptobriefing.com/lido-consolidates-16b-eth-curated-module-v2/ Winston & Strawn — DTC no-action letter, Dec 11 2025, and the Canton partnership https://www.winston.com/en/blogs-and-podcasts/capital-markets-and-securities-law-watch/dtcc-partners-with-digital-asset-to-tokenize-dtc-custodied-us-treasury-securities Holland & Knight — SEC v. Ripple, Torres summary judgment (July 13, 2023) https://www.hklaw.com/en/insights/publications/2023/07/sec-v-ripple-when-a-security-is-not-a-security
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