Batux Delegate Thread

Delegate Platform
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Delegate information:

Introduction
Name: batuX

Background: seed round investor in LidoDAO (December 2020). Still holding onto my position. Been supporting the DAO on the sidelines over the last 5 years, my intention is to get more involved with the DAO and represent LDO holder interests.

I have been at Binance from 2018 to 2021 where I was part of the ventures and Launchpad team, BNB chain, and later on led buizdev at CMC.

I led the seed round into Celestia in 2019 / 2020 and today, am sitting on the Board of Directors of the Celestia Foundation.

I have an Echo group where I sometimes syndicate deals called the Tea Club.

Expertise: industry context and network. context around LidoDAO and its evolution since its inception. multi-year active participant in DeFi on Ethereum.

Address: 0x45bc852B0Ddb1FCc9d6C1daB4038F0b2dFDafD99
Contact Information (Twitter): @crypto_han

Motivation: representing LDO token holder rights. holding the DAO accountable to the use of funds and its growth initiatives.
Values and Decision-Making Approach: I believe in a central organizational structure, with non-apologetic execution, prioritization of business (ie token holder interests), whilst maintaining a fine balance in the relationship to critical stakeholders—during a company’s growth phase, with careful, controlled, progressive decentralization later on. I don’t believe in unquestioned platform / stakeholder risks, but am of the perspective that the DAO should see itself as a business with corporate interests rather than being a public goods foundation. I believe in central founder-led execution to run the organization as effective as possible when failure risks are still astronomically high, and see myself as someone who contributes perspective, sparks conversations, but entrusts final decision-making to a strong leadership. I represent LDO token holder interests.
Public Acceptance: I accept Lido DAO delegate Сode of Сonduct (link) and Aligned with Lido’s Vibe (Purpose, Mission, Vision)
Disclosures: I do not plan to apply as a delegate to other DAOs as of now, if things change, the DAO will be notified. I am a LDO holder and will be self-delegating my initial tokens.

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  1. Authorize LDO Accumulation Program for up to 10,000 stETH
    • Voted: Reasoning in the respective forum thread here.
  2. Lido DAO Ops Multisigs Policy 3.0
    • Voted: For. Relying on the assessment of the DAO ops teams to better streamline operational processes.
  3. Introduce an Identified DVT Cluster type in the Community Staking Module
    • Voted: For. To enhance Lido’s decentralization mission by adding a novel application of the Community Staking Module.
  4. Redirect DVT & APM Incentives to Current Meta Treasury and LoL
    • Voted: For. In support of the Lido Earn initiative to diversify the product suite and tap into new categories—something that has been neglected since Lido hit growth stagnation from its core product, that is liquid staking, years ago.
  5. From LNOSG to CMC: Evolving Curated Staking Modules Governance
    • Voted: Assuming it helps with streamlining operational processes. Assuming it does not unwarranted, execution hindering, corporate bloat.
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Vote: Transfer 2500 stETH from Aragon Agent to Lido Labs Foundation operational multisig.

Spending 2.5k stETH to return c.100k ETH to users is a reasonable proposal. Furthermore, if the DeFi United effort is successful, it will mean that users can be made fully whole, hence expecting that the $3M USD EarnETH buffer that the DAO allocated to losses on principal will not be drawn against, which equates to saving the DAO about 1.3k ETH, hence the effective contribution here is c. 1.2k ETH to the DeFi United effort.

Similarly to Anthony Leuts, I’d like to inquire too about how Mellow will be involved in the recovery—given that they are the curators of the EarnETH vault and are drawing upside from managing it, hence bare responsibility for the loss of funds too. cc @Jenya_K

Voting yes, but not content. The DAO needing to contribute to the clean up of the mess caused by another party is subideal. Looking forward to reviewing the post mortem; curious to see what consequences will be drawn in terms of the continuation of the Lido Earn program and the specific involvement of Mellow in the recovery process.

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@Jenya_K @vsh , I’d also be curious to learn whether worthwhile to thinking about the stablecoin split in the EarnUSD vaults. Given that historically, whilst Circle has been unable and unwilling to cooperate in the context of security breaches, Thether has shown responsiveness and willingness to support affected parties in such situations.

Given an uptick in security breaches in DeFi lately, which I do not expect to subside, but rather accelerate—and assuming a continuation of the EarnUSD vault—will it make sense to assign USDC a different risk profile vis-a-vis USDT?

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Good point, we’ll make sure this is addressed in the post-mortem and broader risk framework review, including for EarnUSD.

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