Announcement: Onboarding for (Ethereum Wave 4)

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 Ethereum.

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 Lido’s Ethereum Node Operator set, you may submit an application by following the link on the landing page or directly here.

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.

Deadline
The application form will be open from Apr 11 - Apr 30 23:59 UTC.

Evaluation and Onboarding
Applications will be evaluated by the Lido Node Operator Sub-governance Group (LNOSG) the following week 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 mainnet around mid-May.

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any update on the onboarding results?

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Oops. I had meant to post here but forgot. Thanks for keeping me honest @satBalwyn . Due to the size of the applicant pool (over 40), we are taking longer to do our due diligence and evaluation. All applicants were notified of this via e-mail on Thursday May 5th.

You are receiving this email because you applied for the Lido on Ethereum Wave 4 onboarding round.

We wanted to let you know that we confirm receipt of a full & valid application and to give you a status update. Due to the large number of applicants (over 40), it will probably take us longer than expected to perform our due diligence and evaluation procedures; we aim to have our evaluations completed and a shortlist proposed to the DAO the week of May 23rd (this will be posted both on our forums and you will receive an email).

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I’d like to update you with the results of the onboarding application evaluations that took place on Monday May 23, 2022.

Evaluation Results

The Lido Node Operator Subgovernance Group (LNOSG) decided to nominate 8 applicants for the proposed shortlist.

Shortlisted applicants have been asked to confirm their desire to join the Lido on Ethereum 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 42 applicants (versus the previous round we had 23 for Ethereum). Due to market conditions and the recently slowed pace of deposit inflows, the LNOSG determined that proceeding somewhat conservatively was likely more appropriate at this time, despite the original intention to onboard a very large cohort.

During the meeting on May 23, 2022, the LNOSG decided to propose the following applicants for inclusion into our node operator set for the Ethereum protocol (in alphabetical order):

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/u/0/folders/1_y9g5IzIYBTjaCmub54hfZkCy_EFOexE

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

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.

A snapshot will be proposed in the coming days and the link will be added here: snapshot. The snapshot will be for the inclusion of the 8 (or fewer, in case applicants cannot continue) Ethereum Operators.

Next Steps

Following DAO approval (or, optimistically, during the vote so that we can execute faster) we will coordinate with the respective team to onboard the new node operators onto Lido’s testnet, and prepare operators for inclusion onto mainnet after the DAO vote and testnet procedures have concluded. The estimated timeline for the new node operators to be fully on mainnet is sometime mid-June.

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That’s a really strong set. Would be happy to have these folks operating in Lido.

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Thank you for keeping the applications and process so organized Izzy. :pray:

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Unless there are any objects / discussion to be had, I plan on launching the snapshot for the addition of the shortlisted node operators over the weekend.

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The snapshot has been create. Voting will open in ~1hr from now and will be open for 7 days.

https://snapshot.org/#/lido-snapshot.eth/proposal/0xf4beabac4561b2a927949868099c8843a2eed0df85b8ee0afd5c7b04611ca540

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Do we have any plan or goal about the approximate number of NOs we want to reach in the future (for example, at the end of this year) and what kind of information or stats indicate us to onboard more NOs?

Total number of NOs is not really a great metric to try to think about longer-term because it changes drastically depending on when we enable permissionless entry to the validator set. For example if we have some mechanism by end of 2023 (even if it’s a pilot) that allows solo operators to participate somehow, the total number of NOs shoots up but it doesn’t materially affect decentralization since stake is not well-dispersed across the set anymore.

The general metric we try to control for is that no Lido operator should have > 1% of total ETH stake via their Lido share, which isn’t the case right now. If we did “simple math” we should have onboarded more operators (i.e. so that we have a total of around 30-35 after the onboarding is concluded since Lido has > 30% of stake sahre), but because deposits have drastically slowed down we didn’t want to take the risk of onboarding more operators than would be sustainable. If we see deposits pick back up we can always do an onboarding round sooner rather than later.

Onboarding more NOs in general is always good if we can do so, provided that the NOs that we onboard do not increase any of the risks or deteriorate the targets that we have as a part of our Operator Set Strategy.

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Hello! Today at about 2 PM UTC we plan to start Aragon-voting for onboarding 7/8 NOs:

Register Name Register address Address confirmation
RockLogic GmbH 0x49df3cca2670eb0d591146b16359fe336e476f29 https://twitter.com/RockLogicGmbH/status/1536678023080165378
CryptoManufaktur 0x59eCf48345A221E0731E785ED79eD40d0A94E2A5 https://twitter.com/cryptomanuf/status/1536697730692677633?s=20&t=O8waQTUQY71NqTYF9IO9cA
Kukis Global 0x8845D7F2Bbfe82249c3B95e378A6eD039Dd953F5 https://twitter.com/KukisGlobal/status/1536694125717757953?s=20&t=HVI_N7_gxLYnMVHzFNWp_Q
Nethermind 0x237DeE529A47750bEcdFa8A59a1D766e3e7B5F91 https://twitter.com/nethermindeth/status/1537072884723634178?s=20&t=I0UZn70r_YtzZjKBfXMP2Q
ChainSafe 0xf82B1FdCD493B2dEFAB52c740399fF150bAA7a2A https://twitter.com/ChainSafeth/status/1538199533934485504
Prysmatic Labs 0x3bF3A9260fE18A1239767aC6F0F0bc7c1E5d1cBC https://twitter.com/prylabs/status/1537864493157474316?s=20&t=fpaBF_k4k99rAmHoqUYRng
Sigma Prime 0x07FE5F404778C27f4d3A0AB56dC59f8eFDd32d96 https://twitter.com/sigp_io/status/1537669365520531456
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Aragon voting has started. Please vote! :pray:

:arrow_right: New UI: Lido DAO Voting UI
:arrow_right: Aragon UI: Aragon

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Aragon #133 was enacted!
Thank you for your participation! :pray:t2:
enaction tx: Ethereum Transaction Hash (Txhash) Details | Etherscan

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