Cp0x Delegate Thread

Delegate Platform
101

Lido Alliance BORG Foundation Update: Appointment of Leeward Supervisors Limited as Supervisor

A corporate housekeeping vote, nothing on-chain and no treasury spend. The resignation letter from MetaLeX is published with a cryptographic signature, and Leeward already serves the same role at Lido Labs.

Cheap onboarding, but it also means one firm now supervises two Lido entities, and the Supervisor is the only external check on a BORG board.

Vote: FOR
Platform: Snapshot

102

Authorize a Contingent LDO CEX Liquidity Market-Making Mandate

A dormant mandate for LDO market making on CEXs. Nothing is spent unless the Growth Committee determines liquidity has become insufficient.

  • up to $1.5M in LDO as recallable inventory, hard cap 7.5M LDO
  • up to 480k USDC in fixed retainers, quarterly tranches
  • up to 12 months from activation, authorization lapses after two years if unused

We raised five questions in the thread before this went to Snapshot and the team addressed all of them in the text itself. The 7.5M LDO cap and the 30-day termination notice were added at our request, the 95% uptime and per-venue depth KPIs came out of the discussion with 0xRenexa. We said our remaining concerns were closed and we are voting accordingly.

A fixed retainer instead of call options is the right call. The DAO pays more in cash and keeps the upside, which is the opposite of how most MM deals in this space are structured.

The part we don’t like: the covenant against lending and rehypothecation of the inventory has a carve-out letting the Growth Committee waive it if the pricing impact is too large. The recall right is the main protection here and it is waivable by the same body that activates the mandate. Also the party measuring the KPIs is still not named in the text, only discussed in the thread.

Vote: FOR
Platform: Snapshot

103

#205

Adopts LIP-37 (EDF), switches the protocol to DepositSecurityModule v5, and registers the Easy Track factory for the deposit reserve target. One Aragon vote, two items, and the first one to run under the single-stage flow.

  • item 1: a single Dual Governance proposal, one Agent.forward call carrying 78 actions
  • 72 of them swap nine oracle EOAs for DelegationContracts across four HashConsensus committees, quorum stays 5 everywhere
  • LidoLocator points to DSM v5, which carries the already-approved guardian rotation, Stakely taking the seat Kiln asked to leave
  • the unvetting role moves from v4 to v5, TopUpGateway’s role moves from the depositor bot EOA to its DelegationContract
  • item 2: the SetDepositsReserveTarget factory, trusted caller the CMC multisig, immutable cap 9,600 ETH

We decoded the script from the Voting contract rather than reading the summary. It matches the published tables address by address: nine removed EOAs, nine added contracts, no extra actions, no transfers, no non-zero value anywhere, and the three role hashes check out. The Easy Track permission is registered against a single selector on Lido and nothing wider.

We also checked all sixteen DelegationContracts on-chain against the custody policy. Every one has a 48-hour cooldown, an owner that is a Safe rather than an EOA, no termination, an owner distinct from the delegate, and owner and delegate addresses matching what operators published in the thread.

LIP-37 is the part that matters. Rotating a compromised oracle or guardian key currently needs a full vote, which is why the Chorus One rotation in May 2025 ran with a live compromised key for days. After this, revocation is one transaction by the operator.

We have left questions in the LIP-37 thread about what the DAO can reach inside the 48-hour cooldown once an owner multisig itself is captured and the operator has no lever left, since MANAGE_MEMBERS_AND_QUORUM_ROLE sits only with the Agent and DISABLE_CONSENSUS_ROLE has no holders at all. They concern the incident response path rather than this migration and do not affect our vote.

On the deposit reserve factory our position is unchanged from the forum thread. The plan and the audit were published before the vote, which is what we asked for. We still think a per-motion delta limit would be a stronger check than the objection window alone, since a single motion can move the target anywhere between zero and the cap.

Vote: FOR
Platform: Aragon

104

#206

We decoded the full EVM script and checked it against the published vote script. Every call matches the description, and all temporary Agent roles are revoked within the same package, so we have no concerns about execution.

One note on the LOL LDO factory for the market-making mandate. Motions are denominated in LDO and the 7.5M LDO limit resets each calendar year, while the $1.5M cap from the mandate can only be checked manually. We ask the Growth Committee to include the USD equivalent, at the CoinGecko price the mandate uses, in the report accompanying each motion.

Vote: FOR
Platform: Aragon