Increasing number of active Easy Track motions run simultaneously

Proposals The LIP - Lido Improvement Proposal - Process
1

Summary

This proposal includes a suggestion to increase the maximum number of active Easy Track motions, lightweight votings, run simultaneously in order not to have a traffic jam with processing active motions, when this is highly needed (use cases below).

Motivation

In the last 2 weeks of February Lido protocol experienced an active inflow of several whales. This was the biggest inflow during the whole winter season with +240,600 ETH staked by whales on Week 8 and +84,559 ETH on Week 9. This motivated Node Operators to request staking limit increases.

You may question, why not do this in advance? Because, in this specific case there is no sense to hold inactive keys and it is optimal to increase them right before it is likely that those specific keys will be “activated” (this time the trigger was a significant stake increase).

Below you can see data of whales’ stake inflows since January 1, 2021, based on Lido DAO bot alerts in Telegram:

New Lido whales' stake since January 1, 2023. Data source: https://t.me/lidofinance and https://t.me/lido_dao_bot,
New Lido whales' stake since January 1, 2023. Data source: https://t.me/lidofinance and https://t.me/lido_dao_bot,1914Ă—1070 102 KB

This resulted in Easy Track congestion as most new motions were related to increasing node operator staking limits – since February 27, a day after a huge influx of stake from one whale (200,100 ETH), there were 16 falling under “Increase node operator staking limit” category, apart from other open categories “Top up referral partner”, “Top up LDO referral partner”, “Top up LDO TRP”.

Due to the current limit on the number of concurrent Easy Track motions (12), NOs and other actors needed to wait once some motion was completed and enacted to submit theirs. Please see the screenshot from February 28 below and you can find all motions on Archive tab.

A screenshot of active Easy Track motions on February 28, 2022. Data source: https://easytrack.lido.fi/

Proposal

We propose to increase the limit of active/ongoing Easy Track motions. Under the current settings:

This absolute top (24) is hardcoded in Easy Track contract, and can be changed only via a contract change and redeployment of the whole Easy Track setup.

Based on this and to avoid an unnecessary overburden in the future, when it is unneeded and may impose a loss of potential profit, let’s consider the following:

Proposed options:

  • Increase by 4 to 16 active concurrent motions
  • Increase by 12 to 24 active concurrent motions
  • No change

Next steps

  1. Discuss this proposal and suggested options.
  2. Implement suggestions and finalize the draft.
  3. Make it to Snapshot.

We would be happy to receive and answer your questions, comments and suggestions to the proposal. As well, feel free to contact me on Twitter directly.

Let’s improve the process together!

10 Likes
2

Thank you for the proposal! Easy Track has seen wide adoption since the initial limit has been set, so makes total sense to increase the ceiling. I’d say going with 16 is playing it safe enough.

7 Likes
3

I support the proposal in general, and I suggest raising the limit to 24. Over more than a year of using Easy Track we have never seen any evidence of malicious actions around it, and on the other hand raising limits in small steps will create extra operational burden (which we wanted to remove via easy track in the first place).

3 Likes
4

Thank you for this proposal @irina_everstake , it makes a lot of sense and I think either suggestion would help a lot in terms of lubricating the on-chain ops engine!

I think in a possible upgrade to Easy Track it would also make sense to consider having limits on a “per motion type” in addition to possible global limits (which could be much higher, and then have low limits for new or higher risk motion types).

7 Likes
5

Upgrade is a non-starter, tbh. While I can imagine looking / checking over 10-ish motions, if there would be dozens — social “security” part won’t work at all. There’s automation checking correctness of some types of motions, as well as onchain limits for payment processors (we’ve got quite a few already), but going north of 24 would get us reliant on those only.

6

Given the possibility of additional SR modules, I think it’s very likely that there will be more of these types of motions flying around concurrently. If there’s an issue in terms of how those might be reviewed, then we need to think of a different review process for certain types of motions.

4 Likes
7

Snapshot vote started

Please get your wallets ready to cast a vote :white_check_mark:, the Increasing number of active Easy Track motions run simultaneously Snapshot has started! The Snapshots ends on Tue, 21 Mar 2023 19:00:00 GMT.

3 Likes
8

Snapshot vote ended

Unfortunately, the Increasing number of active Easy Track motions run simultaneously Snapshot hadn’t reached a quorum. :no_entry:
The results are:
Increase the limit by 4 to 16: 30.8M LDO
Increase the limit by 12 to 24: 17.8M LDO
No change: 807 LDO

9

Feels like going to midpoint (20 concurrent motions) would make the most sense, given the distribution of the votes on the previous snapshot. After some thinking I must agree that +4 won’t get us far enough.

3 Likes
10

Definitely, I would suggest to give this proposal another chance ( :crossed_fingers:t3: the last and successful one), and restart it.

I absolutely agree that 20 motions may be an optimal option, as we saw some concerns both in the comments above, and in the DAO voting results regarding the raising to the maximum (24) now.

Thus I would prepare another Snapshot and would be very grateful for LDO holders and Lido community with the support of this one.
Let’s make the Easy Track process even smoother and faster for everyone!

4 Likes
11

Snapshot vote started

The Increasing number of active Easy Track motions run simultaneously (restart) Snapshot has started! Please cast your votes before Fri, 14 Apr 2023 18:00:00 GMT :pray:

3 Likes
12

Snapshot vote ended

The Increasing number of active Easy Track motions run simultaneously (restart) Snapshot vote concluded!
The results are:
Increase by 8 to 20: 53.2M LDO
No change: 60 LDO

2 Likes
13

Thanks a lot to everyone voted and supported this proposal :pray:t3:

So happy we finally figured out an optimal option and have it upvoted by Lido community. Looking forward to have it enacted!

4 Likes
14

Aragon vote started!
The main phase, in which you can vote either in favor or against, will run for a duration of 48 hours and will conclude on April 27, 2023, at 16:05.

Please, cast your votes! Lido DAO Voting UI

15

Unfortunately, the vote did not gather the necessary number of votes to reach the quorum. We will repeat it, most likely in the second half of May.
However, if anyone has any concerns or ideas, feel free to share them here.
Stay tuned.

16

The vote#159 was successfully executed!

3 Likes