Lido Lend Exit Plan Would Seize Borrower Collateral for Withdrawals

The design choice to start with positions nearest liquidation is the telling detail: it prioritizes the most fragile debt, which limits contagion risk but also concentrates the unwind where losses are most likely. The unresolved questions are the substantive ones — how healthy loans are treated, and how the lender converts to ETH — and neither is addressed. Until eligibility rules and a conversion route are specified, the plan remains a framework rather than an executable mechanism. Whether the silence on healthy positions reflects an unfinished design or a deliberate sequencing is the open question.