Lido Treasury Diversification — Part 3

shared what I could share in ^

To add some transparency here:

First, those tokens aren’t mine, but delegated by Jordan Fish (can’t seem to tag him…). I don’t have close to 5m LDO, unfortunately.

Second, I voted “terms tbd”, mostly because I think we should find some way to compensate the angels, but that clearly the options proposed seem contentious.

Third, re:

I’m fine with this in theory, but in practice it might be hard to achieve Quorum w/o it. The main reason for my vote was to signal something so the discussion wouldn’t stall.

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The one angel name shared seems like he is really struggling, I can see why he might have been too busy and missed the deadline to buy our LDO at 0.73 when given the chance , let’s give him another chance at free money:
https://twitter.com/ameensol?lang=en

Thank you for the transparency Tim, it really is appreciated. I apologize if I offended you, I saw the snapshot vote as “allow the purchase at original terms” which I agree is contentious without more information.
I see that you have a stellar reputation in the community and thank you for your contributions.
What I hope comes out of this discussion is a genuine appreciation that we now have the opportunity to truly change the old insider boys club of Wall Street into a new system that truly has the little guys interest in mind. Let’s not build a replica of old Wall Street where favoritism and insiders get all the breaks and rewards and the little guys get shafted.

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its not a huge amount of LDO but i think it sets a bad precedent to give anyone a free call option, probably makes sense to offer a similar deal but with current market valuations

Which option passed? The UI is unclear to me.

The snapshot hadn’t reached the quorum, so it couldn’t count as a decision

I want to out myself as “Ethereum Researcher #1”, one of the three that missed participating in the sale.

Very unfortunately, I was not following the sale distribution process when the contract was deployed and simply missed it. I apologize for that and for giving cause for this thread to even exist. And no, I was not looking for a free option or anything. I’m actually just swamped, working on shipping Altair and the Merge while also working on Sharding R&D.

Although I have not spent the past many months working on building Lido DAO and products, I have spent more than three years working day and night on shipping Proof-of-Stake to Ethereum and plan on continuing to build necessary upgrades to the protocol for the foreseeable future.

At the core of it, what I intend to build and advocate for over the next many years has natural alignment with Lido’s longterm vision – better options for trustless pools and a fundamentally robust and secure protocool. A critical element of what I intend to work on (beyond the major upgrades – withdrawals, sharding, etc) are features that allow for enhanced trustless staking options – e.g. expanding withdrawal credentials to allow for contract control over some of the core staking operations, robust specs and implentations of SSV, etc. I hold these trustless pool enhancement features as critical to the security and core ethos of Ethereum in the long run. And to my understanding, this is very aligned with Lido’s long term vision of progressively decentralizing the core of the operation – a vision not only important to the success and security of Ethereum but to the success and value of the Lido DAO, in my opinion.

I hope you will consider making an exception for my prior mistake

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Danny’s one of the best people around to keep Lido aligned to the vision, and helped a lot even without having governance power (e.g. was there to help with 20.08.2021 Orphaned Blocks in Ethereum Incident Postmortem)

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Thank you Danny for letting the community know the reason for missing the deadline. For my part, I have no problem voting to let you take part at the original price. Having someone of your technical caliber on the LIDO team is a big plus. Knowing you will be there to help the project when needed and working to constantly improve ethereum will be very beneficial and should bring peace of mind to all LIDO holders.

This is the kind of transparency I believe LIDO holders need before considering approving the other 2 angels.

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Hi friends,

I also missed the deadline. I don’t have a good excuse. I simply didn’t follow the instructions correctly the first time and by the time I got around to doing it right, the window had closed.

Even though our allocation was rather small, it would be unfortunate if we weren’t able to claim it. Had we known that the Lido DAO would attempt to renege on what the Lido team had agreed to, we would have tried harder to correct this mistake earlier on, when it was less of an issue…

For what it’s worth, I think Lido is a fantastic project. My introduction to the project was in the context of potentially including stETH as collateral for RAI, by reflexer.finance, which we’re still exploring.

I see though in the comments above @Storino calling me out specifically because they don’t believe I’m worthy of the allocation, citing that I don’t seem to be struggling enough. I admit I’m somewhat offended by this attempt at discrediting my worthiness to be a participant in Lido and would hope that this doesn’t reflect how Lido DAO intends to do business moving forward.

Since my worthiness is on trial though, this is me: I spent the last 5 years of my life doing whatever I can to make Ethereum win.

I joined ConsenSys in 2016 where I helped invent TCRs and did state channels research.

I started SpankChain in 2017 where we put the first Ethereum payment channels into production (and helped incubate Connext). Our SpankBank staking code also inspired the SNX staking system, which ended up being the template for modern defi agriculture.

In 2019 at the bottom of the bear I summoned MolochDAO and spent around 40 of my personal ETH (along with several other ETH heroes) over the next year to provide grants to open source Ethereum projects. Most notably, I led the first grant for Tornado.Cash and helped pay for and coordinate their audits.

In 2020 I also launched Moloch v2, which is what The LAO and MetaCartel Ventures both run on. I’m extremely proud of our DAO accomplishments and their impact in reclaiming the DAO narrative from the PTSDAO that “The DAO” left us with.

Also in 2020 I helped start Reflexer Finance, building the RAI stablecoin, which Vitalik is a fan of

I hope you all find my contributions to the space worthy and allow me to participate, I believe Lido and stETH have a bright future and would love to contribute to their ongoing success.

Cheers,
Ameen

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Thank you for the transparency Ameen and congratulations on your success and contributions to the Ethereum community. This is the kind of transparency that will allow small holders of LIDO who are not immersed in the crypto space to feel comfortable that their best interests will be looked after.

My apologies if I offended you but I think it would be a normal reaction from most. Without any transparency and not being immersed in crypto, do you think regular people would be comfortable voting to give your twitter profile free money?

No one should feel that they are entitled to any LIDO without any transparency, specially when the amounts discussed would be life changing for many in the non-crypto world.

From the details that were disclosed, I do not think that LIDO would be reneging on any agreement by deciding to stick to the original terms of purchase. The decision LIDO will take is whether to make an exception for the 3 Angels who missed their deadline, something that will be up to the goodwill and generosity of the community taking into account the contributions these angels have made or will make in the future.

I think it’s a fair question to ask who and why and not just automatically give away money. I am fine with whatever decision is made as long as everyone has all the facts, in reality the small holder will never be able to win any vote against whales but may feel more comfortable the more disclosure that is made available. If we’re able to create a project where the little guy really believes he is valued, the sky’s the limit and everyone will benefit.

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Hey all. I’m going to join the club alongside Danny and Ameen and dox myself as the 3rd address that didn’t make the deadline.

Like Danny, I was not following the distribution process closely when the contract was deployed and I simply didn’t realize there was an expiry date until it was too late. Like Ameen, I don’t consider this is a particularly good excuse, and I’m frankly embarrassed about it.

My original plan when this proposal was put forward was to not say anything—I didn’t want to influence the outcome of this dialogue. The fact that Lido is having this discussion (and the way you are having it in the open) speaks volumes about Lido and its values/principles. The whole process makes me even more bullish on the project.

Background on me: I’ve been working on UMA since 2018, and before that I spent a decade in TradFi. I’ve spent a lot of time thinking about oracles and voting coin systems, which UMA has implemented, as well as financial contract designs. I’m most proud of our Optimistic Oracle design, which is the sort of challenge/response oracle system that I think is needed / missing from DeFi.

For obvious reasons I would like to participate in the diversification. But I also completely respect the decision making process going on here. You guys are doing this the right way.

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Well Im ready for another vote.

Obviously these people are of high character and values that Lido should have as advisors.

I think I would consider giving the original terms too.

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Thank you to the 3 angels for coming forward on their own and giving the community the transparency needed to make an informed decision.

As Hart wrote, this makes me more bullish on the project as it showcases an openness in LIDO that does not exist outside of crypto.

I hope there will be a vote that allows participation by the 3 angels where both parties are satisfied with the results.

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Yeah, they are all hardcore builders in the Ethereum ecosystem. I really appreciate they came forth with honesty. I’d love for another vote to happen.

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Started another snapshot with updated details: Snapshot

Please, send your votes there! =)

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IMO the purchase period of 1 month was pretty long, and should have been enough time for interested parties to execute the agreement. I understand all 3 are busy with important projects within the crypto ecosystem so dates can slip away, but if users aren’t able to execute an agreement over 1 month it may call into question their ability to contribute or participate in LidoDAO governance.

I believe that the failure to execute the agreement was an honest mistake so will be voting for original terms. But I’d hope to see the investors actively participate and contribute to Lido to justify the significant discount. Also think it makes sense for vesting to start from the time when this agreement is executed (with ETH submitted for purchase) rather than from original date in April.

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Just a note, the vesting starts from the purchase and not from the original date in April.

The snapshot vote on LDO purchase for the three angels has concluded “pro” allowing the purchase. Most votes are cast for the same terms as in May: total allocation of 100.0000000000001 ETH, 4,629.6296296296 LDO/ETH price, 1-year cliff and 1-year linear unlocking schedule from the moment of purchase, 1-month timeframe to conclude the purchase. The LDO transfer & granting necessary roles to the purchase contract would be included in the next Omnibus voting this Thursday, 12PM UTC.
https://snapshot.org/#/lido-snapshot.eth/proposal/QmbTZ1GypXXtVS1G97tTuws7jFW8GaNMF3aimz4q6n35oj

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