Thanks for sharing GOOSE-3! It’s challenging to provide detailed feedback on something that is both so complex and requires an incredible amount of context.
But, general feedback:
- Congrats on all the success so far in dominating the decentralized liquid staking vertical. It’s very clear that it’s in a much more mature state and the juice to squeeze out of it is decreasing.
Question: How confident are we feeling in Lido retaining it’s current share of the market vs. losses to CEX’s with strong top of funnel distribution? Has there been an effort to become the cbETH, etc. for all of the CEX’s who have no interest in deploying their own staked versions? Are margins too tight? Is there a way to improve the margins?
General worry: staying focused on the staking vertical and winning it (or not losing it) while adding the horizontal expansion.
- Contracting while expanding: most of the above is about “expansion” but often “contracting” is the key to creating time, space, and focus to expand. What initiatives exist to remove initiatives that are not adding enough value.
- Decreasing headcount → has begun, makes sense, reduces costs, FORCES focus
- Centralizing offchain processes that don’t require votes → has begun and increases speed
- Previously deprecating staking on chains that lost revenue → Done. Polygon, etc.
Is there anything else that might require a hard look? Managing core, vaults, earn, dvt, csm, etc. and the debt of managing all of those requires an insane amount of resources. What else can be removed?
- Small Bets: Fast, Focused, and Scalable
This is great, but unlikely to work within the current Lido operational setup. You can’t have your cake and eat it to. Every approval, every review that would be required from a Lido Foundation Labs executive would slow down and constrict the process. You need to externalise this. It adds risk but increases the reward. You simply have to ensure that Lido and LDO have upside in these small bets.
**Overall: **
Aggressive and ambitious, clearly we are trying to put a foot out of staking to expand our prospective growth. I encourage that via externalising small bets while ensuring we don’t take our eye off the prize regarding the staking vertical itself. Balancing both will be challenging and risky.
You have my vote and support.