Nansen Delegate Thread

Delegate Platform
1

Nansen_Logo_Primary_Horizontal_GreenBlack_RGB
Nansen_Logo_Primary_Horizontal_GreenBlack_RGB1355×549 7.87 KB

Introduction to Nansen

Nansen’s mission is to surface the signal and create winners. Nansen is a leading blockchain analytics platform that delivers actionable insights to investors and companies in the crypto space. Founded in 2020, Nansen has become one of the most trusted names in on-chain data analysis, serving a wide range of clients from individual traders to large institutions. Nansen has labeled over 300 million wallets, covering more than 95% of on-chain TVL across 20+ blockchain networks and counting.

Address

  • nansengov.eth / 0xa4181C75495f60106AE539B7C55c0D263f2fb737

Contact Information

Motivation

As a company deeply embedded in the crypto ecosystem, we are motivated to contribute to the governance of Lido DAO for several reasons:

  1. Unique Vantage Point: Our team consists of data scientists, engineers, researchers and crypto degens who have been at the forefront of web3 and DeFi since its inception. Nansen sits in the middle between investors, operators and builders and we believe our governance participation brings a unique data-driven point of view to the table.
  2. Community Engagement: Our network and clients spans across both crypto native funds and investors as well as banks and institutions that are just entering our industry. Our voice and social reach is impactful with more than 270,000 followers on X (Twitter) and close to a million registered users on our platform. We can leverage this to help make Lido DAO and this forum aware of community concerns and create attention around important topics.
  3. Expertise: We believe in work that promotes transparency and fairness and we want to help the Lido DAO governance community with our expertise around this. Together with our on-chain analytics, Nansen’s capabilities also include running validators, portfolio management and in-house research. We carry over 20 years of combined experience in financial markets and risk modelling and bring this to chains and projects. Recently our work with LayerZero Labs for their sybil detection [link] and Offchain Labs for their airdrop [link] shows our strong analytics and modelling capabilities. We were also one of the few that raised our hand to help Sky Mavis after their hack in 2022 and later became a Governing Validator for the Ronin Network [link].

Again, as Nansen’s mission we want to help build the future of finance and with our expertise and reach we can help Lido grow as the leader in institutional-grade liquid staking solutions.

Values and Decision-Making Approach

Our D.A.T.A. approach

  1. Data-Driven: We leverage our large datasets and analytics capabilities to simplify complex issues and making onchain data accessible and actionable for the community.
  2. Active: We commit to participating fully in governance, feedback in forums, proposal reviews and consistently voting. We act with ownership and treat governance decisions with care and considerations.
  3. Transparent: Transparency fosters trust and speed in decision making. We always maintain clear communication about our methodologies and findings to ensure accountability to the community.
  4. Analytical: We approach governance with the same mindset as curious explorers, armed with data as our compass. Our analytical process is a blend of rigorous methodology and creative problem-solving, simplifying complexity to uncover actionable insights. We’re not afraid to challenge assumptions or explore unconventional solutions, embodying the courage to push boundaries in our quest for optimal outcomes.

Public Acceptance

Nansen fully accept and commit to upholding Lido’s Public Delegate Code of Conduct [link]. Our values and objectives align closely with Lido DAO’s mission of making staking accessible, secure, and decentralised Lido’s Vibe (Purpose, Mission, Vision).

Disclosures

  • As a blockchain analytics company, we analyze and provide data on numerous crypto projects, including Lido and potential competitors. We commit to maintaining objectivity and disclosing any potential conflicts of interest that may arise. At the time of application there are no current conflicts of interest.
  • We will always disclose relevant holdings when participating in governance decisions or abstain if there are clear conflict of interest.
5 Likes
3

Nansen is excited to announce the acquisition of Stakewithus

Stakewithus is a leading non-custodial staking service provider with over $80m assets staked by 30,000+ users, supporting over 20 different networks. Please read more in our full announcement here.

Disclosure with regards to SWU SDVT
We will continue to run the SDVT mainnet nodes without any changes to our current team and infrastructure, and we hope to deepen our relationship with Lido when new opportunities arises. Please see this forum post for further details. As of today, 12 Sep 2024, Nansen (via nansengov.eth) is the top public Lido delegate - this shows strong alignment with skin in the game.

Introducing the NSN Points Program
As part of our acquisition, we are teasing the launch of the NSN Points Program in 2025 to reward our community of stakers and subscribers. Governance delegators may also be considered for this. Through this program, users can accumulate points by participating and redeem them for exclusive rewards and features. Points will be retroactively calculated.
More details on our points program will be announced in 2025 - stay tuned.

1 Like
4

Proposal: Lido Community Staking Module Mainnet Release Setup
Nansen Vote: Approve CSM mainnet release
Reasoning: We support this proposal as the Community Staking Module (CSM) represents a significant advancement in Lido’s infrastructure that aligns with core principles of decentralization and accessibility. The permissionless design with a non-linear bond scaling ensures a balanced approach to growth. The Early Adoption period with beneficial bond curves specifically promotes solo and community staker participation, helping to diversify Lido’s validator set and reduce concentration risk.

Vote 179: LIP-22: stETH on L2 — wstETH on Optimism bridge endpoints upgrade
Nansen Vote: Yes
Reasoning: Nansen support this upgrade as implementing rebasable stETH alongside wstETH on Optimism will expand Lido’s utility across the Optimism ecosystem. The “Easy Track” setup for funding the Lido Alliance Operational Multisig will streamline operations - This implementation represents a balanced approach to growing Lido’s cross-chain presence while maintaining efficient governance.

Proposal: Integrate CSM into the Decentralized Validator Vault
Nansen Vote: Yes
Reasoning: We see integrating the Community Staking Module (CSM) into the Decentralized Validator Vault (DVV) as mutually beneficial ecosystem decision. The integration enhances Lido’s validator set decentralization and infrastructure resilience through DVT’s security features, including Distributed Key Generation. With DVV’s proven staking track record this expansion represents a strategic enhancement to Lido’s staking infrastructure while maintaining balanced incentives for all stakeholders.

Proposal: Lido Alliance application: Bolt
Nansen Vote: Onboard Bolt to Lido Alliance
Reasoning: We voted to support the onboarding of Bolt as we are aligned with the Lido Alliances assessment and recommendation. See the following post for our follow up questions and discussion ahead of voting.

Proposal: Should the Lido DAO recognize the wstETH bridge endpoints on Zircuit as canonical?
Nansen Vote: Recognize
Reasoning: We are in support of the Zircuit deployment and the new SLS transaction and hack prevent mechanism. The proposal includes satisfactory audits and we think Zircuits demand can be a positive force for wstETH.

Proposal: Increase the Proposal Threshold for Snapshot
Nansen Vote: Do nothing
Reasoning: We align with the community feedback and sentiment that this proposal is not effective in solving the mentioned issue and also the limited preparation for the actual proposal before going to a vote.

Proposal: Change Easy Track limits for PML & ATC
Nansen Vote: Support the change
Reasoning: We see this as a sensible update to the limits given the previous experience of the DAO Ops team and the cash flow analysis.

Vote 180: Staking Router + Community Staking Module upgrade
Nansen Vote: Yay
Reasoning: We support releasing the Community Staking Module (CSM) for permissionless staking and upgrade the Staking Router to ensure compatibility with CSM and future modules, improving system efficiency.

5

Proposal: Should Nansen continue in SDVT following the acquisition of Stakewithus?
Nansen Vote: For
Reasoning: We have voted “For” on this snapshot as we believe we can continue operate with the required performance and security and to acknowledge the LNOSG recommendation as a DAO delegate.

Proposal: Should Alchemy continue in SDVT and LoP following the acquisition of Bware Labs?
Nansen Vote: For
Reasoning: We support continuing Bware/Alchemy’s participation in SDVT and LoP programs, which aligns with LNOSG’s recommendation. While we note that LoP is slated for sunsetting per proposal mentioned below, we see no concerns with their continued involvement in both programs until then.

Proposal: Should Pier Two continue in the Curated Module Set following the acquisition of Numic?
Nansen Vote: For
Reasoning: The acquisition of Numic by Pier Two presents clear synergistic benefits for Lido with Pier Two’s resources and certifications will strengthen compliance capabilities, while Numic’s operational expertise will enhance Pier Two’s systems and processes.

Proposal: Establishing the Network Expansion Committee
Nansen Vote: For
Reasoning: We support this proposal as it addresses key operational challenges identified through Lido’s successful expansion to 10 networks, including major L2 rollups. The transition from the informal Network Expansion Workgroup to a structured Network Expansion Committee (NEC) should significantly streamline operations by reducing repetitive governance burdens, while maintaining robust security through automated deployments and third-party audits. The proposal demonstrates careful consideration of scaling needs through its methodical approach to different network types (OP stack, Arbitrum stack, ZKsync, etc.), and the committee structure with four domain experts will enable faster market responsiveness. Additionally, the 5-day objection period and 100k LDO threshold for community intervention provides an important balance between operational efficiency and decentralized governance principles.

Proposal: Reevaluation of Lido on Polygon state
Nansen Vote: Sunset Lido on Polygon
Reasoning: As a recent participant in Lido governance, we support the proposal to sunset Lido on Polygon (LoP). While we weren’t involved in the initial launch, we share sentiment around the current state of Polygon raising concerns around the chances of a successful return to previous user and activity levels. Notably the exodus of key contributors including founding members, coupled with declining ecosystem metrics and the broader DeFi migration towards other solutions indicate that continuing LoP operations would not serve the DAO’s best interests. We commend Shard Labs’ implementation efforts and agree the structured sunset plan with its six-month withdrawal window and operational budget of $100,000 represents a responsible approach to winding down operations. We see this situation a valuable lesson for Lido’s future expansion proposals and grant evaluations, highlighting the importance of assessing not just technical feasibility but also long-term ecosystem sustainability.

Proposal: Hasu’s GOOSE-2 Submission A Product Line Approach to Grow Lido’s Staking Ecosystem
Nansen Vote: Adopt Goals
Reasoning: We have voted in support of the submission with emphasise on the importance of defining what success looks like with measurable metrics and clear targets at all levels of the implementation (goal, vision, results and initiatives). This is just the start.
Implementing LDO fee switch mechanism make sense as shareholder (and governance efficiency) incentive, but its not a solution to the underlying business performance, which must come first. We share the sentiment from other contributors on the DAOs execution and go to market (GTM) speed and agility. This should be a top priority across the three goals - not just within governance.

2 Likes
6

Vote 181: ATC, PML limits & Stonks stETH limits + Simply staking reward address
Nansen Vote: Yay
Reasoning: We are supportive of these three updates with the following comments -

  1. Tweaking ATC and PML quarterly Easy Track stables transfer limits PML: 6M ->4M stables / quarter & ATC 1.5M → 7M stables/quarter: Already supportive of the Easy track limits for PML & ATC with the previous snapshot.
  2. Tweaking and resetting Stonks stETH transfer limits 9k stETH → 12k stETH / 6 months: Aligned with the TMC on the Stonks increased limit is operationally beneficial.
  3. Simply Staking Node Operator Reward Address change: Address update request is in the correct format and verification attached.
7

Proposal: CSM: Enable Permissionless Phase and Increase the Share Limit
Voted: For
Reasoning: We support the proposal to transition the CSM from its Early Adoption phase to a fully permissionless mode, including a public release and increasing the share limit from 1% to 2% of the protocol’s TVL. This step promotes decentralization by allowing a broader set of Node Operators to participate and manage more validators, reducing risks associated with centralization and single points of failure. Increasing the share limit fosters a more distributed validator set, strengthening Lido’s resilience against operational risks and network disruptions. Risks such as underperformance or bad actors are acknowledged, but we believe the existing governance and safeguards provide sufficient mitigation.

Proposal: Extend On-Chain Voting Duration
Voted: For
Reasoning: We support extending the on-chain voting duration, increasing the main voting phase from 48 to 72 hours and the objection phase from 24 to 48 hours. We hope this change delivers on higher voter turnout and better quorum achievement. Ideally the extended objection phase enhances security by providing more time to identify and address potential issues, ensuring more robust decision-making. While the proposal may slow down emergency responses and require updates to protocol infrastructure these adjustments are manageable and align with Lido’s long-term commitment to governance integrity.

Proposal: [EGG] Multi-EGG Continuity Grant Funding
Voted: For
Reasoning: We support the Multi-EGG funding proposal, ensuring progress toward Lido’s GOOSE goals as well as advance core engineering work across stETH, staking router modules, governance protocol while mitigating operational continuity risks through trusted contributors like Pool Maintenance Labs, Argo Technology Consulting, and RCC. The proposal also upholds transparency, requiring a public review and reporting on progress and variances. Only with sustained funding can initiatives support Lido’s development, strengthening validator participation, and drive ecosystem growth, all to position the protocol for long-term success.

Proposal: Lido Alliance Grant Proposal
Voted: For
Reasoning: We support the proposed budget and have no concerns with the request. We gave feedback that we wanted to see goal statements more measurable and or performance oriented. Especially around expanding stETH ecosystem through product line expansion and a open validator market and making clear to the community what success look like for “exploring collaborations”. This was acknowledged by proposer @Nemo.

Proposal: Update Lido on Ethereum Standard Node Operator Protocol - Validator Exits
Voted: For
Reasoning: We give our support for SNOP 2.0, aligning with improvements introduced in Staking Router 2.0 and the addition of Simple DVT and Community Staking modules. This update enhances clarity, structure, and scalability, defining clear responsibilities, expectations, and penalties for Node Operators (NOs) managing validator exits. The proposal also ensures consistency across all active Staking Modules (Curated, Simple DVT, and Community Staking), with improved timelines for processing exit requests and clear consequences for non-conformance. By introducing these updates, Lido strengthens accountability and transparency while adapting to a more complex validator landscape. The logical reorganization of the SNOP sets a foundation for future scalability and governance.

1 Like
8

Proposal: LEGO: Proposal to replace Tim Beiko with Eric Siu and update council members rotation rules
Voted: For
Reasoning: We thank Tim for his engagement with Lido and believe LEGO has found a solid replacement in Eric Sui. We look forward to see Eric bring experience and his network to support and grow Lido’s mission in 2025 and onwards.

Proposal: Establishment of Lido Ecosystem BORG Foundation as a Lido-DAO-Adjacent Foundation
Voted: For
Reasoning: Aligned with proposers reasoning behind creating a foundation and that this will be beneficial for achieving GOOSE goals and success in growing institutional adoption and ecosystem reach.

Proposal: Establishment of Lido Labs BORG Foundation as a Lido-DAO-Adjacent Foundation
Voted: For
Reasoning: Similar to the above proposal we see this as a beneficial structure change to the organisation and welcome the setup. We look forward to setting KPI and success metrics for the new foundation.

Proposal: Should Attestant continue in the Curated set following the acquisition by Bitwise?
Voted: For
Reasoning: No issues with the acquisition and welcome Bitwise and look forward to their participation on and off chain.

Proposal: Should Solstice continue in the Curated set following the acquisition of Bridgetower?
Voted: For
Reasoning: No issues with the acquisition and glad to see the Bridgetower team continues within Solstice.