Process
Jump Crypto will be voluntarily exiting the validator set through a gradual wind down to minimize impact. This will be performed by setting “targetValidatorsCount” for Jump Crypto to 0 and setting “isTargetLimitActive” set to “True”. The Lido protocol will then channel all exits of the protocol to the Jump Crypto operator, so that the net 1000 validator exits happen there, before other NO’s validators would be exited. This is done by calling “updateTargetValidatorsLimits()” in the Staking Router contract.
Once Jump Crypto has 0 validators assigned, it is “deactivated”.
We estimate this exiting to take about 6 weeks. Should this take too long, there is an option to “out of order exit” the Jump Crypto validators in order to forcefully cycle the stake through the system. This is somewhat non-ideal as it saturates the exit queue for a period of time, but it could be done slowly and as a last resort, provided there are no objections by the DAO. Intent is to see where the process stands in 6 weeks and have this option for “out of order exit” available.
Summary
As stated, this proposal is presented to wind down the Jump Crypto validator set operating in support of the Lido DAO on the Ethereum protocol.
Voting #164 has ended, but unfortunately, it did not reach the quorum (1.54% pro, 0.00% contra). A restart of the voting is planned, and we will inform you about the dates later. Stay tuned
The new one on-chain voting has started! https://vote.lido.fi/vote/165
It includes several topics for voting. Items 8-9 are dedicated to Jump Crypto voluntarily exit from the Node Operator Set.
The targetValidatorsCount for Jump Crypto has been set to 0. @hoos97, thank you for your service! Now Jump Crypto validators will be prioritized in the next exits.
