Lido teams' objectives and key results for 2022

At the end of the last year (2021) a number of people working on Lido full-time had an async session to select the goals for 2022. We collected and combined the individual inputs to establish what we see as a set of goals for Lido in 2022, and what could be the key results to accompany these goals.

For transparency, I’m going to post what the results of the session were; the obligatory disclaimer being that objectives and key results we collected are not the KPIs of teams - they are our north star, a way to agree on big hairy goals rather than a performance metric. We fully expect to fail to achieve at least something of the key results.

Objectives

Lido people are pretty aligned on the goals, there are zero contradictions and a lot of stuff in common between different teams. After some contemplation, I think I can lump this into two broad categories: one is “Lido should be best liquid staking at everything, including X” and “Lido’s got an obvious shortcoming that we should improve”. I’m lumping the “best at everything” part (which is a nice, hairy goal - love it) into five broad directions that will have more concrete stuff as key result. Listed below are proposals I lumped together for this goal (that doesn’t mean they have to be reflected in key results or tasks; we’ve got a lot of stuff that we want to do and will have to drop something).

Bring the best validator sets to the protocols Lido operates

  • decentralized
  • performant
  • low-risk

Make stETH unit of account in DeFI

  • including: accessible across L2
  • accessible to newcomers and people on the sidelines
  • accessible to tradfi and institutions
  • growth of total staked and total stakers
  • growth of usage in DeFi and CeFi

Bring clear improvements for stakers and ecosystems

  • helps base layers (eips, base layer works, governance)
  • brings people into the ecosystem (meetups etc)
  • secure
  • good governance

Become better known and appreciated by the larger community

  • better comms
  • better docs
  • A chapter about Lido in “How to DeFi” books :sweat_smile:
  • Lido has a very active community in different social networks
  • Build active community around Lido at least like Rocketpool

Become the dominant liquid staking solution everywhere we run

  • on Ethereum, Terra, Solana, Cosmos, …
  • #1 TVL on Defi Llama :innocent::llama:

Key results

Key results are filled in per team (or per person for 1 person teams). One primary objective for the team is chosen from the list of objectives and 0-2 secondary ones. Then 1-4 key results are filled (something measurable that we can reasonably be sure will mean that the objective is reached). KRs should be ambitious but possible - we shouldn’t expect to hit 100% of them in full.

Vasiliy Shapovalov

(Primary)

Lido brings clear improvements for stakers and ecosystems

Key results

  • 0 incidents
  • 3 protocol improvement proposals accepted in protocols we operate in
  • Lido governance structure and processes are 100% documented

Jacob Blish - Business Development

(Primary)

Become the dominant liquid staking solution everywhere we run

Key Results

  • #1 in TVL on each network
  • >$3BN TVL on each network
  • >$3BN staked via tradfi & institutions

(Secondary)

Make stETH unit of account in DeFI

Key Results

  • 120,000 unique stETH addresses
  • 4.5M $ETH staked (assume 15.5M total)
  • stETH flips ETH in TVL / usage on one L2

Analytics team

(Primary)

Become the dominant liquid staking solution everywhere we run

Key Results

  • Understanding competitive advantages at all networks we are present and we are going to expand to:
    • for 100% networks there are
      • market assessment
      • playbook how to compete
  • Fast valuable cross-chain analytics on finger-tips that drives actionable insights for achieving Lido’s objectives:
    • we deliver analytical support
      • “first glance”/light analytics/express analysis in 1 day
      • dashboard/case study in 1 week
      • Ad hoc research/exploratory data analysis & publication in 3 weeks
      • fix data bugs in 1 day

(Secondary)

Bring the best validator sets to the protocols Lido operates

Key Results

  • Standards and tools for validator set assessment for networks Lido operates in:
    • for 100% networks there are dashboards that present validators’
      • performance
      • decentralization
      • risks

Isidoros Passadis - Node Operator Management

(Primary)

Bring the best validator sets to the protocols Lido operates

Key results

  • Publish research on algorithmic selection of Node Operators (and/or rebalancing of stake across node operator set)
  • 0 incidents
  • Maintain decentralization targets per chain
  • Onboard the best validator sets possible (monitor performance & rate it)
  • Protocol procedures and policies around NO operations are clearly and formally documented

(Secondary)

Bring clear improvements for stakers and ecosystems

Key results

  • Establish clear (and public) and performance for Lido validator operations on all networks we run on as a public good
  • Users and operators can get access all info related to node operators, performance, and effectiveness in one place
  • Support the development and implementation of technologies to reduce risk and increase permissionlessness of protocol (SSV / DVT, PBS, etc.)

Cosmos Team OKRs:

  • Primary: Become the dominant liquid staking solution in [Cosmos]
    • Share of liquid staking in Cosmos ecosystem > 70%
    • Share of stake in supported blockchains > 5%
    • 10% of cosmos accounts are Lido stakers
  • Become better known and appreciated by the larger community
    • Leading 1 cosmos hub upgrade
    • Participate in the security review process for cosmos-sdk
    • Most popular liquid staking social media for Cosmos
  • Bring the best validator sets to the protocols Lido operates
    • 0 slashing incidents
    • 100% of validator operations (enlisting/delisting/penalties) are caused by the well-defined set of rules

Ethereum protocol team

(Primary)

Become the dominant liquid staking solution for Ethereum ecosystem / Make stETH unit of account in DeFI

Key results:

  • 0 incidents on mainnet (0 user funds were at risk)
  • Follow the Ethereum upgrade stages (the merge, withdrawals): be operational on the moment of hardfork
  • Ability to stake ether and operate stETH/wstETH tokens on L2s with 50% of economic activity in total
  • Publicly available docs and monitoring allow to get up top speed and follow Lido in a week

(Secondary)

Become better known and appreciated by the larger community

Key results:

  • 2 Lido engineers are niche twitter micro-celebrities
  • 80% of decision making communications are public
  • there is an untamperable way to use or govern Lido

Bring the best validator sets to the protocols Lido operates

  • The tech allows for 1000 independent validators in practice

DevSecOps Team

Build an application platform and standardize deployment processes

  • 100% of devs have experience of deployment in production using our processes
    • Choose and adopt an app platform with scalability feature
    • Develop a “standard” release workflow with required sanity checks
    • Prepare related documentation for on-boarding of developers

Secure application platform and related processes

  • 0 incidents with P0 severity (security-related, money loss)
    • Improve network security for the infrastructure
    • Secure developing process and protect from tampering or sabotage
    • Implement external and internal regular scanning (+audit process)

Build processes and provide instruments for application’s owners

  • 100% of critical apps have best devops practices implemented
  • 70% of all apps have best devops practices implemented
    • Provide scalable and friendly-to-use instruments for metrics/logs/tracing
    • Develop an alerting policies and response processes
    • Help developers with building per-team OnCall processes

Integrations team

Primary: Make stETH unit of account in DeFI

  1. Get integrated & have 50% of ETH as (w)stETH on Maker, AAVE & Compound (solves for TVL & DeFi Usage)

  2. >1,300,000 wstETH on Maker

  3. >600,000 (w)stETH on AAVE

  4. >300,000 wstETH on Compound

  5. stETH flips ETH in TVL / usage on 1 major L2 (solves for DeFi Usage & TVL)

  6. (w)stETH staking is available on most major (>100,000 ETH TVL) L2s (solves for Unique holders & TVL)

Secondary: Become better known and appreciated by the larger community

  • better docs
  • Integration guide exists, is correct & visible — 30+ integrations are done without Lido dev team active involvement & 0 integrations with implementation errors from the integrating side

UI Team

Become better known and appreciated by the larger community (primary)

(full visibility of lido ecosystem for our stakers)

  1. 100% of content is linked with clear paths
  2. 90% of integrations by volume are tracked
  3. top 80% of opportunities to use stAssets are tracked with APR
  4. top place on search results about lido-related, liquid staking, staking key words
  5. all frontend team members have multi chain assets in 5 blockchains and earn 10x on $500 per year

Become the dominant liquid staking solution everywhere we run

  1. 100% of lido protocols (deployed and coming) are covered by landing and widgets where applicable
  2. a pro team that has no experience with Lido can make a fresh UI for stAsset in a week

Solana Integrations / Referral Team

Primary Objective: Become the dominant liquid staking solution on Solana

  • Lido is the #1 liquid staking solution on Solana by TVL
    • stSOL is the most usable liquid staking token in DeFi on Solana (overtake competitors by integrations)
21 Likes

2022 work goals seem to be missing

What do you mean? They’re all up there.

quick question. how many new chains are supposed to be supported? It seems we will add polygon, polkadot and cosmos at least.

No work is happening on other protocols for the time being, but the year is a long time.

Glad to see this as a top-line objective! It’s also good to see so many teams tackling this in different ways. That said, I think the target key results highlight how the individual team operating plans can risk crossing wires (brand positioning) or committing resources without clear KPIs.

For example, has leading a hub upgrade or reviewing the sdk been scoped? Will it assist with BD integrations? Is there an expectation or desire to do this sort of dev work indefinitely or for other networks?

How will the resulting work be marketed? Does the Cosmos team have separate marketing ownership? If so, who ensures the brand and voice remain consistent?

It is probably worth expanding on this key result as there are numerous ways to measure it. A couple suggestions; x% growth in unique visitors or integrating something like Treejack (cc UI Team).

I’m cherry picking from a long thorough post of well reasoned and measurable goals. :rocket: Lido 2022!

5 Likes

I think it’s imperative that Lido is an active, contributing citizen of ecosystems it works in; that’s the only way to be a good liquid staking solution. That will have good effects on BD and brand, but it’s part of our mission and values rather than a calculated play.

I think we’ll have a systemic, well-though marketing and community strategy fleshed out early this year; but not today yet.

1 Like

As the POS market continues to expand, so will the demand for node services such as Lido. Can Lido consider issuing stable currency based on ST assets as reserves? That makes perfect sense.

It’s not a bad idea, had surfaced now and then. The incredible amount of work needed to make a stablecoin accepted and useful (to generate organic demand) is something beyond the current Lido roster.

3 Likes

Is the 2022 team aiming for zero LDO? Items with 10B/TVL. That’s an eye-popping price performance. Every time it comes up, the team is like “there are more important things to do.”

We did not take LDO price as a focus for 2022, making goals in product and communication directions instead.

1 Like

A man like you shouldn’t be in this position, especially one of this stature.