Ignas Delegate Thread

Delegate Platform
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Contact Information

Name: Ignas
Address: ignasdefi.eth / 0x3DDC7d25c7a1dc381443e491Bbf1Caa8928A05B0
Twitter: @DefiIgnas

Introduction

First and foremost, I’m an active DeFi user and independent researcher. I share my findings and thoughts on X and my personal blog.

I’m also the co-founder of Pink Brains DeFi Creator Studio, which focuses on elevating quality projects through authentic representation.

Motivation

Currently, DeFi DAOs face several internal issues, such as voter apathy leading to governance attacks, insider voting, and voting concentration among a few active voting addresses. Additionally, they face external challenges like regulatory uncertainty.

I believe in a decentralized future, even if it seems naive. However, the current state of crypto is plagued by misaligned incentives that prioritize short-term speculative gains over the core DeFi values of self-sovereignty and custody.

Equally concerning is the trend of McKinsification in DAOs, where decisions are increasingly made by one or two professional consultant delegates. This discourages individual participation, as their opinions and votes have less impact.

To make DeFi DAOs viable, we must align incentives to encourage active participation in governance from the broader crypto community.

I see potential in Lido DAO’s incentivized delegation approach. It creates career opportunities for individual delegates while strengthening and decentralizing DAOs, making them less prone to corruption.

Values and Decision-Making Approach

Community must be at the core of every DAO.

Without giving the community a say in protocol governance, we’re no better than the Web2 companies we aim to replace—companies that view their “community” merely as users to extract value from.

I will support initiatives that align token holders with the protocol, such as revenue sharing or other methods to bring value to the token.

Token holders are frustrated with exploitative tokenomics that only benefit early insiders who acquired tokens at much lower prices, leaving no upside for new investors. Without incentives to buy and hold tokens, the attractiveness and health of DAOs decline.

Finally, I will highlight key votes and decisions of the DAO on X and my blog, as I believe the general public is often unaware of important actions being taken.

Public Acceptance

I accept Lido’s Public Delegate Code of Conduct and our Public Delegate Platform signals my alignment with the mission, vision, and purpose of Lido DAO.

Disclosures

I am the co-founder of Pink Brains at https:// pinkbrains. io, a DeFi creator studio dedicated to promoting DeFi projects through educational content. You can find the full list of projects we have worked on at our landing page.

I plan to apply as a delegate to other DAOs too, with the same mission of strengthening them and aligning token holders with the protocol.

I always make appropriate disclosures and recuse myself from voting when necessary.

Note: I could not add links as my account is new and will update this post when sharing links is allowed.

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Hi everyone! We’ll be sharing our votes and the reasoning behind them in this thread!

  1. Proposal: Increase the Proposal Threshold for Snapshot
  • Vote: Do nothing
  • Rationale: As a new delegate on Lido, what I truly want to contribute is a decentralized future in the DAO, where every voice can raise their concerns—not just the voices of large holders.
    That’s why I’ll be voting “do nothing” on this proposal. I agree with Jenya_K that spam isn’t a real issue on Snapshot. Plus, raising the threshold will unintentionally widen the gap between small and large token holders, which could make us lose valuable potential members.:slightly_smiling_face:
    Let’s let Lido continue doing what they’ve been doing so far, and I’m so impressed with the operations team’s management to date!
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  1. Proposal: Change Easy Track limits for PML & ATC
  • Vote: Support the change
  • Rationale: I support to change as it ensures that the funding limits for PML and ATC are better aligned with our current operational needs.
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  1. Proposal: Lido Community Staking Module Mainnet Release Setup
  • Vote: Approve CSM mainnet release
  • Rationale: I think we can move forward with this proposal to launch CSM on mainnet! The permissionless staking feature is really amazing—it lets anyone join staking without needing approval, as long as they have ETH or stETH. This makes staking open to more people, helps decentralize the network, and makes everything more fair and secure.
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  1. Proposal: Vote #179 (Onchain)

Upgrade wstETH on Optimism bridge endpoints to enable rebasable stETH on Optimism alongside wstETH

  • Vote: Yes
  • Rationale: I support this proposal because it will make stETH available on Optimism, helping Lido reach more users on cheaper and faster networks. This upgrade makes staking easier and more accessible for users, bringing more people to Lido. Adding both stETH and wstETH gives users more options and a better experience. So thinking of testing this on Optimism first is a smart way to make sure everything works well, then we can consider to expand to other networks.

Add Easy Track setup for funding the Lido Alliance Operational Multisig following the Lido DAO Snapshot decision

  • Vote: Yes
  • Rationale: I support the proposal and I think using Easy Track will give Lido DAO the power to approve spending, ensuring our budget is used clearly and with community oversight.
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Date Voted: October 22, 2024

5. Proposal: Should the Lido DAO recognize the wstETH bridge endpoints on Zircuit as canonical? (Snapshot)
- Vote: Recognize
- Rationale: I vote to recognize the wstETH bridging endpoints for Zircuit. If it’s passed, it will allow users to securely transfer wstETH between Ethereum and Zircuit, boosting liquidity and making wstETH more useful on a secure Layer 2 network like Zircuit.

6. Proposal: Integrate CSM into the Decentralized Validator Vault (Snapshot)
- Vote: Yes, vote for the integration
- Rationale: I support the integration. It’s great to see solutions that enhance the staking experience while promoting decentralization in the Lido protocol like this :). Moreover, it will make it easier for newcomers to DeFi, especially those moving from Web2 to Web3, to stake ETH in the DVV and participate in CSM without needing technical expertise.

7. Proposal: Lido Alliance application: Bolt (Snapshot)
- Vote: Onboard Bolt to the Lido Alliance
- Rationale: I vote to onboard Bolt to the Lido Alliance. Chainbound has proposed a detailed solution to improve user experience and enhance Lido’s security through preconfirmations. There’s no reason to block this integration.

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8. Proposal: Vote #180 (Onchain)

Date Voted: October 24, 2024

Add Community Staking Module to the Staking Router
- Vote: Yes
- Rationale: As I mentioned in the Snapshot with “ Integrate CSM into the Decentralized Validator Vault”, CSM will help Lido bring in new stakers, even those who aren’t too familiar with the technical side.

Staking Router and related contracts upgrade
- Vote: Yes
- Rationale: I think upgrading the staking router also makes sense, ensuring compatibility with CSM and improving overall efficiency.

Rotating the Instadapp Oracle address
- Vote: Yes
- Rationale: This is also a smart move to boost efficiency and security for the Lido system. It will help protect users from potential risks and enhances overall safety for everyone involved.

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Date Voted: November 22, 2024

9. Proposal: Establish the Network Expansion Committee (NEC) (Snapshot)

  • Vote: Approve NEC
  • Rationale: I support this proposal. I believe creating NEC will help Lido scale faster, streamline processes, and reduce human error.

10. Proposal: Should Pier Two continue in the Curated Module Set following the acquisition of Numic? (Snapshot)

  • Vote: For
  • Rationale: After going through all the details provided by LNOSG, I believe Pier Two should continue their work.

11. Proposal: Should Alchemy continue in SDVT and LoP following the acquisition of Bware Labs? (Snapshot)

  • Vote: For
  • Rationale: I think LNOSG did a great job evaluating the transition and ensuring there won’t be any disruption in node operations after Alchemy took over Bware Labs. Given that, I believe Alchemy should definitely continue their work as planned.

12. Proposal: Should Nansen continue in SDVT following the acquisition of Stakewithus? (Snapshot)

  • Vote: For
  • Rationale: I voted “For” because I believe LNOSG did a thorough evaluation, and keeping Nansen involved makes sense since there are no major changes.

13. Proposal: Reevaluation of Lido on Polygon state (Snapshot)

  • Vote: Sunset Lido on Polygon
  • Rationale: This is a tough decision, but I agree Lido should focus on its core operations like Ethereum, where they has strong growth and community support. Spreading resources too thin on areas that aren’t showing much value or adoption isn’t sustainable.
    Although polygon has potential with recent ecosystem growth or zkEVM developments, the costs in liquidity incentives or audit expenses and other costs are higher than the returns. So, I vote to “sunset Lido on Polygon” and focus on core activities to minimize financial losses.

14. Proposal: GOOSE 2024 cycle: Lido DAO goals for 2025 (Snapshot)

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15. Proposal: Vote #181W (On-chain)

  • Date Voted: November 27, 2024

Change Easy Track limits for PML and ATC

  • Vote: Yes
  • Rationale: Same reason with snapshot vote, I support to change as it ensures that the funding limits for PML and ATC are better aligned with our current operational needs.

Increase the Lido Stonks stETH limit to 12,000 stETH and reset spent amount

  • Vote: Yes
  • Rationale: I voted in favor because I believe it strikes the right balance. Raising the stETH limit to 12,000 will give Lido enough stable capital to cover ongoing needs while still making the most of our staked assets.

Update the reward address

  • Vote: Yes
  • Rationale: I agree that its important to keep Node Operator info up-to-date with the correct format.
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Date Voted: December 17, 2024

16. Proposal: CSM: Enable Permissionless Phase and Increase the Share Limit (Snapshot)

  • Vote: For

  • Rationale: More Node Operators through CSM is a great way to decentralize Lido, as control won’t be concentrated in the hands of just a few :slight_smile:

    I think by increasing the CSM share to 2%, especially with the transition to permissionless mode, we’ll see more solo-stakers and independent Node Operators joining, which can make Lido become a stronger and more diverse staking platform.

    That said, how will Lido assess and monitor the performance of new Node Operators once we switch to permissionless? Is there a system in place to detect and remove low-performing ones?

    Overall, this is a positive move, and I voted For on Snapshot. :slight_smile:

17. Proposal: Lido Alliance Grant Proposal (Snapshot)

  • Vote: For

  • Rationale: Lido Alliance is one of the coolest things to come out of Lido recently :slight_smile:

    I’m excited to see that one of BORG’s main goals is to support the wider adoption of stETH in DeFi projects and apps. This will open up more partnership opportunities and help grow the Lido and stETH ecosystem in the long run.

    I see the budget has increased, but it makes sense given the longer timeline. The allocation seems reasonable, especially for third-party services and development.

    Overall, I’m in support of this proposal because it focuses on sustainable growth for Lido’s ecosystem and creates more opportunities for collaboration and growth within the community. So voted For on Snapshot.

18. Proposal: [EGG] Multi-EGG Continuity Grant Funding (Snapshot)

  • Vote: For
  • Rationale: Seeing the key technical goals we’ve discussed are moving forward and will help strengthen the ecosystem long-term. With that reason in mind, I voted For on Snapshot.

19. Proposal: Extend On-Chain Voting Duration (Snapshot)

  • Vote: Extend duration to 3+2 days

  • Rationale: As for my previous comment, I don’t think the low participation and quorum unmet are solely due to the short onchain voting period. Instead, we should take action to notify people when proposals go live, like setting alerts or keeping active. I understand it’s tough for those busy with conferences, but the operation team has done a great job managing the community and keeping everyone updated on upcoming proposals.

    That said, extending the voting period isn’t a bad move. We can combine this change with the notifications for delegates about upcoming votes or proposals needing early feedback in the forum. I believe that would be the best approach!

    Of course, voted. Extend duration to 3+2 days on Snapshot.

20. Proposal: Update Lido on Ethereum Standard Node Operator Protocol - Validator Exits (Snapshot)

  • Vote: For
  • Rationale: I believe these changes will make the system more stable and efficient, while also helping Node Operators follow the process and avoid violations. Voted For.
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21. Proposal: Vote #182 (On-chain)

  • Date Voted: December 18, 2024

Change Easy Track limits for PML and ATC

  • Vote: Yes
  • Rationale: Same reason with previous votes (Snapshot and on-chain), I support to change as it ensures that the funding limits for PML and ATC are better aligned with our current operational needs.

Increase the Lido Stonks stETH limit to 12,000 stETH and reset spent amount

  • Vote: Yes
  • Rationale: Increasing the stETH Stonks limit to 12,000 stETH gives Lido DAO more stablecoins to fund their operations. Moreover, the proposal also helps Lido keeps liquidity steady and makes managing funds easier.

Update the reward address for Node Operator

  • Vote: Yes
  • Rationale: Same reason with previous vote, I agree that its important to keep Node Operator info up-to-date with the correct format.
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