[IDEA] Native Ethereum Delegation (NED) — Split-Neutral

Discussion topic for Native Ethereum Delegation (NED) . This is an idea-stage proposal, not yet an EIP. I’m approaching it mainly from staking incentives/economic design rather than as a consensus-layer researcher, so I’m especially interested in corrections where my protocol assumptions are wrong. Update Log 2026-08-07: Initial idea draft. 2026-08-07: Added split-invariance analysis and bond-backed delegation capacity. 2026-08-08: Reworked the mechanism after further market/adversarial analysis. The original concentration-sensitive reward curve and maturity penalty are no longer part of the p