Announcement: Lido on Solana Wave 2 Onboarding

As a part of our continued efforts to decentralize our protocol, we would like to announce that we are opening a new Node Operator onboarding round for Solana.

You can find the Lido Node Operator landing page here. The purpose of the landing page is to gather all relevant documentation relating to previous and current onboardings in one place, as well as provide a general summary of the application process.

Applying

If you are a Node Operator interested in joining the Lido on Solana Node Operator set, you may submit an application by following the link on the landing page or directly here, once the form opens on May 1st.

If you’ve applied in a previous round but weren’t selected for the short-list, you may indicate that you have already applied and you will not need to fill out the entire form. Alternatively, you may choose to re-fill out the form in case you wish to add additional details to your application.

If you are an existing Solana operator, we will be filtering applications through a very basic set of “minimum requirements”, which are:

  • Minimum 10 epochs of operation
  • Minimum 500 leader slots in total in the last 10 epochs
  • Minimum 1 Solana node software update
  • Your node is currently outside the super-minority set (this stipulation may change in future onboarding rounds, but for this round we are only seeking to increase our set via operators who are outside the super-minority)

If you are an operator who does not currently run a Solana node, you may still apply but we will need to obtain extra information in order to better assess your ability to run a node effectively. If you are running a testnet validator, please ensure to provide adequate information about it in your application.

Please note that running a validator for Lido on Solana requires setting up a separate node to your existing one, so this should be taken into account. This Lido-specific validator should be launched with 100% commission rate and setting the withdrawal authority of that validator entity to the Lido program. Operators will earn a 5% commission on the rewards earned from SOL staked with their Lido validator in Lido’s automatically compounding stSOL token. SOL staked with Lido is re-distributed uniformly among operators every time the set is increased. In the future, our goal to create a permissionless system that adjusts delegations for desirable characteristics such as performance, security, geographic and infra setup distribution etc.

Deadline

The application form will be open from May 1 - May 22 May 31 23:59 UTC.
(EDIT: application window extended, see below)

Evaluation and Onboarding

Applications will be evaluated by the Lido Node Operator Sub-governance Group (LNOSG) in late May and a proposed shortlist will be sent to the DAO for approval. Please note that being shortlisted is not a guarantee that you will be onboarded. The DAO ultimately chooses who will be onboarded, and we will be cognizant of DAO and/or community requests to review and propose further options if they are deemed necessary.

Once approved, onboarding new operators usually takes 1-2 weeks, so we aim for the new set of operators to be live on Solana mainnet in late May / early June.

3 Likes

I would like to announce that we will be extending the application window for Solana Wave 2 applications until May 31 23:59 UTC. Given the events in the market/industry over the last week or so, we want to ensure that we are giving potential node operators the proper amount of time to craft their applications and not feel like they are being pressured to meet deadlines in the midst of everything else.

As a result, mainnet onboarding of the new operators will most likely happen mid-late June.

All current applicants have been notified of this.

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I’d like to update you with the results of the onboarding application evaluations that took place Monday, June 27 through Friday, July 1 2022.

Evaluation Results

The Lido Node Operator Subgovernance Group (LNOSG) decided to nominate 5 applicants for the proposed shortlist for onboarding onto Lido on Solana.

Shortlisted applicants have been asked to confirm their desire to join the Lido on Solana operator set. In case they do not reply affirmatively in a timely manner, or for some other reason cannot join this round, they will not be onboarded and will need to re-apply in a future round.

We had very strong turnout this round with 45 applicants, though unfortunately due to adverse market conditions, the depressed price of SOL, and the continued slow pace of deposit inflows the LNOSG determined a small onboarding round is appropriate at this time.

During the evaluation the LNOSG also discussed and determined that a separate evaluation should be performed regarding those operators interested in joining the Lido on Solana set that lack mainnet experience, but that would be interested in joining the Solana ecosystem (therefore expanding validator diversity) with the help of Lido. As a result, another (smaller) onboarding round will be taking place over the coming weeks with clearer evaluation criteria in order to propose a shortlist to the DAO of operators with no mainnet nodes (which the DAO can choose to ratify or not).

During the final meeting on July 1, 2022, the LNOSG decided to propose the following applicants for inclusion into our node operator set for the Solana protocol (in alphabetical order):

Shortlist (in alphabetical order)
01node
Allnodes Inc
Kiln
Stakewithus Pte Ltd
Stakin

You can find the full PDF with summary statistics and the recordings of the introduction and conclusion to the LNOSG evaluation meeting in the public drive below. Due to the privileged/confidential nature of some of the information provided in some of the applications, the portion of the call where applications were discussed in detail was not recorded.

https://drive.google.com/drive/folders/1M2j6In7t5v-M38PB0ljLZMsQXxEdb1wG?usp=sharing

Both shortlisted and non-shortlisted applicants have been emailed notifying them of the results. Where relevant, applicants who were not shortlisted also received comments regarding potential ways to improve their application in future rounds should they wish to reapply.

If for some reason you applied but did not receive an email, please reach out to [email protected].

Governance voting

A snapshot will be proposed in the coming days and the link will be added here.
EDIT: The snapshot vote has concluded.

The snapshot will be for the inclusion of the 5 (or fewer, in case applicants cannot continue) Solana Operators. Should the DAO disagree with any of the proposed applicants, request additional information, or otherwise request additional input for the onboarding, the LNOSG will reconvene to propose a next course of action.

Next Steps

Following DAO approval (or during the vote optimistically so that we can execute faster), we will coordinate with the respective teams to onboard the new node operators onto Lido’s communication channels and prepare operators for inclusion onto mainnet. The estimated timeline for the new node operators to be fully on mainnet is sometime mid-to-late July.

3 Likes

The snapshot is now live and waiting for your votes!

https://snapshot.org/#/lido-snapshot.eth/proposal/0x75e91a2a1331bb1232951eb832df173281529f370d9d2f54ffa1c8197b326449

1 Like

The Snapshot passed and got the quorum!
Results:
For - 54M LDO - 99.99%
Against - 7.7K LDO - 0.01%