Setup Lido Referral Program committee and use Easy Track for the payouts [Ethereum]

Proposals
1

Preface

We’re looking to establish transparent and self-sustaining processes over DAO operational stuff as much as possible. One of the prominent pieces is Referral program. We propose to form Referral program committee & detach it from general Aragon voting procedure by managing payouts through Easy Track motions.

Lido Referral Program (LRP) on Ethereum network has been proved its valuable impact on Ethereum stake growth. LRP was switched to Whitelist Mode to improve the security and efficiency by avoiding suspicious abuse cases which would affect stETH:ETH price peg.

In the meantime, Lido successfully adopted Easy Track governance framework to streamline routine governance operations under DAO veto control: LEGO programs, reward programs, node operators keys. Recently we have enforced global financial limits for Easy Track motions to restrict possible damage value if things go completely wrong. Thus, Easy Track has proven to be suitable as a execution mechanism for LRP payouts.

Subject

We propose to improve Lido governance process by setting up Lido Referral Program commitee and using Easy Track for the payouts.

Motivation and details

The key advantages of using Easy Track instead of Aragon voting:

  • make repeating & routine decisions consume less resources
  • focus omnibus voting on proto upgrades and strategic changes for DAO
  • secure and streamline the payouts process by removing a huge amount of manual ops

We want to implement this by re-using already audited code which allows the transition to be fast and smooth without sacrificing security. To achieve the goal we propose to deploy a separate bunch of Reward Program Easy Track factories:

The code has been peer-reviewed and audited previously by MixBytes and SigmaPrime [1], [2].

We propose to form a Referral Program Committee. The members are:

Member Address Proof
frontalpha 0x22c05930160c6a74a6bA59436e8F7006176ed104 tweet
MineDeFi 0x3C5D944a055e55F3a9bE56cEe1ee545C0296FB62 tweet
kadmil 0x9A3f38AF97b791C85c043D46a64f56f87E0283D4 tweet

To govern Easy Track motions proposed Committee would be using 2/3 multisig 0xe2A682A9722354D825d1BbDF372cC86B2ea82c8C.

A follow-up snapshot voting will be announced in coming days.

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If passed, would this continue leveraging DeversiFi for payouts where appropriate?

I think it would be helpful as well if we had periodic reports for amount being paid out and ROI of the referral program once the committee has its feet under it.

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  1. Yes, referral payouts would be leveraging DeversiFi still for most of the addresses. The main ops change would be using Easy Track akin to the reWARDS model.
  2. I believe we do have public reports on payouts, but not sure those have ROI section (may be wrong here).
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The snapshot voting is here: Snapshot

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The snapshot vote Snapshot passed successfully.

We have deployed the factories to be utilized by Referral Program committee.
See the updated docs: Deployed Contracts | Lido Docs

The contracts marked as inactive because they needs to be connected to Easy Track with DAO voting procedure. We are including completion actions as voting points for the upcoming omnibus.

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The omnibus voting was passed and executed successfully: Ethereum Transaction Hash (Txhash) Details | Etherscan

Lido Referral Program committee is fully operational now.

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Hurray! We want to thank all voters for participation! Looking forward to setting up first motions by Referral Program committee.

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