Tané Delegate Thread

Delegate Platform
1

icon_vertical_logo

Name

Tané

Address

tanegov.eth / 0xB79294D00848a3A4C00c22D9367F19B4280689D7

Introduction

Tané is formed with a group of crypto-native product builders, based in Tokyo, Dubai and New York. We are backed by SoftBank, and Japanese tech giants like DeNA, GREE, MIXI, and closely work with the big Japanese enterprises and have great relationship with Japanese crypto communities.

Our investment arm has invested in and supported various innovating projects that contribute to the decentralized society enabled by the new blockchain technology. Our network operation entity started directly contributing to the ecosystem by being node operators for the core infrastructures and protocols that make Web3 move forward and contributors to the DAOs that manage them. We have been active as delegates in Arbitrum, Optimism, Uniswap and more.

Takeshi, Head of Network Operations, who worked for Twitter as a senior software engineer and for SmartNews, a Japanese unicorn startup that provides a news aggregation mobile app with 30M MAU as a product manager, is the main representative of the account.

Contact Information

X (Twitter): https://x.com/tanelabs
Web: https://tanelabs.com
Discord: tksohishi
Telegram: takeshi55555

Motivation

We believe we can contribute to the Lido DAO in many and unique ways, help Lido achieve its goals and make Ethereum the coordination and value layer of the Internet.

Governance-focused node operator

We believe Lido and other protocols that need node operators should appreciate the importance of the governance more and incorporate some form of Proof of Governance for the selection of them. With that direction in mind, we consider it critical and inevitable for node operators to appropriately participate in the governance, not just on the protocol upgrades but also on the meta-governance and DAO operations. We are aiming to be the one that promote the movement and the leading operator with the technical capability as a node operator and governance capability as an active delegate.

Tech-savvy delegate

Our unique experience and expertises in the tech industries as product builders (entrepreneurs, software engineers, and product managers) should be able to contribute to critical feedback and comments on technical upgrades and issues to be discussed and implemented by collaborating with Lido contributors and external parties.

Japan representative

There are many users and traders using crypto products in Japan, but there are no prominent delegates who actively participate in and contribute to DAO governance from Japan yet. We are aiming to be the one who represents the Japanese users and token holders by being active in the governance, leveraging the partnership with Japanese enterprises and making meaningful impacts on the protocols and the ecosystem.

Values and Decision-Making Approach

We have established our Delegate Core Values as below and demonstrated our delegate activities and decision makings based on them.

Integrity

We value integrity a lot. We believe integrity is the most important virtue even in the industry that values trustless and permissionless. In fact, even though we should aim for governance minimization in the end, the protocols should still need governance and it requires capable and sincere participants. We should be the one of them.

Diversity

Diversity is one of the most important values to achieve decentralization. We are very unique in various perspectives including the geographical diversity (Japan and Asia). We also value diversities provided by other actors and are willing to appreciate them and collaborations with them.

Practicality

We believe in the progressive decentralization. While considering the decentralization is the ultimate goal for crypto/blockchain projects to achieve, we sometimes value practicality and approaches that get things done rather than getting stuck in pursuing the “decentralization” too much from the start.

Transparency

We believe transparency is the vital trait in the decentralized systems. We communicate our findings, feedback, opinions, disagreements and praises in a clear and constructive manner. We believe transparent communications should lead to better discussions and decisions to thrive.

Public Acceptance

We accept the Lido Public Delegate Code of Conduct and commit to being fully aligned with Purpose/Mission/Values of Lido DAO. We particularly appreciate the Lido’s stance on being aligned with Ethereum values and commitment to achieving them together.

Disclosures

Our investment arm, as a separate entity, has invested in a number of crypto startups but as of the time of writing this profile, we don’t believe there are clear COIs in terms of contributing to Lido DAO. We are also active in the other DAOs, Arbitrum, Optimism (S6 Grants Council member), Uniswap and more in the future.

We will update our voting activities and rationales behind them in this thread. Please reach out to us anytime when you have any opinions/comments/feedback.

You can also check out our voting activities related to Lido from our internal tracker.

Waiver of Liability

By delegating to Tané, you acknowledge and agree that Tané will participate on a best-efforts basis and will not be liable for any damages related to participation in the Lido Protocol or its DAO.

4 Likes
2

Lido Alliance application: Mellow

Summary: Mellow is a restaking protocol that uses stETH as collateral, allowing users to choose LRT based on their risk preference. In this proposal, Mellow will provide 10% of its token supply to Lido Alliance in exchange for several supports including growth and liquidity bootstrapping.

Vote: Onboard Mellow to Lido Alliance

Rationale: We believe that as a member of the Lido Alliance, Mellow can contribute to the growth of the Lido ecosystem by expanding the utility of stETH.

Lido Alliance application: Drop

Summary: Drop, a cross-chain liquid staking protocol, enables staking across multiple blockchains while keeping staked assets liquid. In this proposal, 10% of their total token supply is offered to the Lido Alliance in exchange for support in growth and liquidity bootstrapping.

Voting: Onboard Drop to Lido Alliance

Reasoning: As DeFi activities centered around LST expand beyond the Ethereum mainnet, partnerships like this, which address cross-chain compatibility, help meet the growing needs of LST-based DeFi activities. Therefore, we vote in favor of this proposal.

LIP-23: Negative rebase sanity check with a pluggable second opinion

Summary: This proposal can reduce the risk of attacks by malicious oracles through changes to the parameters of the oracles used by Lido. In exchange, DAO voting will be required to verify correct information in the event of a serious incident.

Voting: Yay

Rationale: As this proposal will lead to further strengthening of the robustness of the Lido protocol, we vote in favor of it.

Expanding the Simple DVT Module

Summary: With this proposal, the target share of the DVT module will be increased from 0.5% to 4%. Also, the new set of node operators called Advanced Node Operators (ANO) will be introduced.

Voting: For

Rationale: This not only enhances the decentralization and security of Lido’s Node Operators but also improves the economics for Node Operators participating in DVT. Therefore, we support this proposal.

2 Likes
3

LIP-22: stETH on L2 — wstETH on Optimism bridge endpoints upgrade (Snapshot)

Vote: Yay

Rationale: Currently, wstETH is deployed on various L2 networks. In addition to this, this is a proposal to make stETH available on L2 as well. By utilizing existing bridges and wrapping wstETH on L2, stETH can be used on L2 networks. Ensuring that stETH maintains the same utility on L2 as it does on L1 is crucial for user experience.

[EGG] Establishing the Community Lifeguards Initiative (CLI) Sub-Committee (Snapshot)

Vote: Approve Community Lifeguards

Rationale: This proposal suggests organizing CLI as a subcommittee of LEGO with a budget of approximately 200k USD per quarter. CLI aims to invigorate community activities and increase the number of contributors, such as community stakers, by managing community programs, creating content for community stakers, and identifying and supporting grant opportunities. This initiative is crucial for enhancing the decentralization of Lido and expanding a diverse base of contributors.

Proposal: The Decentralized Validator Vault (Snapshot)

Vote: Implement the vault strategy

Rationale: This is a proposal to establish a vault with additional incentives provided by Obol, SSV and the DVT modules of Lido. This initiative aims to encourage stakers to deposit into SDVT validators, thereby expanding the share of SDVT. We support this proposal as SDVT is one of the most critical efforts to enhance decentralization in Lido’s staking and this proposal would surely promote this initiative faster.

[EGG] st2024 v2: Continuity Grant Funding to Achieve GOOSE Goals (Snapshot)

Vote: Approve EGG request

Rational:

This proposal outlines the major grant requests for the half-year period as follows:

  • 24.6m DAI + 180k LDO in grant continuity for the Lido Contributor’s Group
  • 7.1m DAI in grant continuity for the Liquidity Observation Lab
  • 400k DAI for the Community Lifeguard initiative

These are essential initiatives for achieving the goals set by GOOSE and reGOOSE, and we support this proposal.

Vote #175 (Onchain)

Vote: Yes

Rationale:

See the one for “st2024 v2” above and the below for “Expanding the Simple DVT Module”

2 Likes
4

Appoint Entity to Respond to Pending Class Action Litigation Against Lido DAO (Snapshot)

Vote: Appoint Dolphin CL, LLC

Rational:

We voted for this proposal, as it protects Lido DAO from a potential default judgment, which could have serious negative consequences, including potential web infrastructure takedowns, delisting of LDO from trading venues, and creating precedents that could be used in future legal actions against Lido DAO or similar entities.

Vote #176 (Onchain)

Vote: Yes

Rational:

Since we approved the EGG request including the 180k LDO transfer, we approve the transfer in this onchain voting and same for the Expanding the Simple DVT Module request.

5

LIP-25: Staking Router 2.0 (Snapshot)

Summary: The proposed Staking Router v2.0 upgrade aims to streamline operations and increase decentralization. Key improvements include automating security processes, enhancing validator management, and preparing to introduce permissionless staking modules.

Vote: Yay

Rationale: We’ve been supporting Lido’s staking decentralization, and we consider this proposal necessary to achieve that.

Establish a Public Delegate Platform and Delegate Incentivization Program (Snapshot)

Summary: This is proposal is about establishing a public delegate platform and a six-month Delegate Incentivization Program. The initiative aims to increase voting participation, improve governance discussions, and enhance protocol safety by activating new token holders through delegation.

Vote: Approve platform & incentives

Rationale: As stated in the updated scorecard, there are a lot of points to be improved in Lido DAO’s governance. As we saw success of similar delegate programs in other DAOs, we believe introducing a program to invite publicly declared delegates to increase quality delegates and incentivizing them based on particular conditions to improve the voting process in the Lido DAO should be a huge step towards better decentralized governance.

Decision on Rated Labs’s position in the Oracle Set: rotate or remove and change the quorum (Snapshot)

Summary: A change in Lido’s Ethereum Oracle set is proposed, with MatrixedLink seeking to replace the departing Rated Labs. This transition would maintain the existing composition of the oracle set while introducing a new participant familiar with Lido’s infrastructure.

Vote: Rated Labs → MatrixedLink

Rationale: While there have been several interests from potential oracle operators, we agree to choose MatrixedLink for the rotation on this occasion as they are one of operators that have experienced the Oracle testnet run and look for more improvements to be introduced with Second Opinion Oracle project.

1 Like
6

Should the Lido DAO recognize the wstETH Bridge Endpoints on Mode as canonical? (Snapshot)

Summary: The Mode team proposes that Lido DAO recognize the wstETH bridge endpoints on Mode as canonical. If approved, Lido DAO will control the wstETH contract endpoints on Mode as a proxy administrator, but its authority is limited to upgrading the proxy contract and does not include management of the native bridge.

Vote: Recognize

Rationale: Expansion of wstETH to Mode is favorable, as Mode could potentially be a DeFi hub of the Superchain ecosystem and bring huge utility to wstETH. The only concern was the security. After reviewing the assessment provided by the working group of Lido on Ethereum protocol contributors, we do not see any issues with using this bridge.

Should the Lido DAO recognize the wstETH Bridge Endpoints on BNB as canonical? (Snapshot)

Summary: This proposes Lido DAO recognition of wstETH bridging to BNB. The plan includes proxy admin rights for the DAO and emergency pause functionality, aiming to establish a secure, multi-verifier bridge system.

Vote: Recognize

Rationale: Unlike previous bridge proposals, this one uniquely combines Wormhole and Axelar, rather than utilizing a canonical bridge for a specific rollup or chain. While TheDZhon’s suggestion to add more bridges with a 2/3 threshold would undoubtedly enhance security in the future, the current proposal seems to provide adequate security measures for the time being.

2 Likes
7

Vote #177 (Onchain)

Summary:

While this is an omnibus vote that includes 10 motions, there are 3 key topics.

  1. Oracle member rotation

A change in Lido’s Ethereum Oracle set is proposed, with MatrixedLink seeking to replace the departing Rated Labs. This transition would maintain the existing composition of the oracle set while introducing a new participant familiar with Lido’s infrastructure.

  1. Node Operator name & reward address update

This is the administrative change, required after Galaxy acquired CryptoManufaktur, one of Lido’s node operator. This change contains the update of on-chain name (From CryptoManufaktur to Galaxy) and the update of the reward address.

  1. On-Chain Delegation

This proposal aims to approve the implementation of On-Chain Delegation.

This will allow LDO holders to delegate their voting power to designate addresses as their delegates, while maintaining ownership of LDO token itself.

Here’s the details

Vote: Yes

Rationale:

  1. Oracle member rotation

While there have been several interests from potential oracle operators, we agree to choose MatrixedLink for the rotation on this occasion as they are one of operators that have experienced the Oracle testnet run and look for more improvements to be introduced with Second Opinion Oracle project.

  1. Node Operator name & reward address update

This is a highly administrative matter, and we don’t have any particular objections to it. This kind of administrative approval should not need snapshot or on-chain vote. As Izzy mentioned in the forum, setting up Easy Track for this kind of case would be helpful.

  1. On-Chain Delegation

Having good governance is the key for DAO to be successful. However, there have been several proposals that were rejected due to the lack of the amount of votes. This implementation will enable delegating onchain voting power for LDO holders and thus more voting power can be utilized for the governance. This is an important step for strengthening Lido DAO governance.

1 Like
8

Vote #178 (Onchain)

Summary: It’s a revote of Vote #177 that was rejected due to missing the quorum.

Vote: Yes

Rationale: Same as the one made for Vote #177.

9

Should Galaxy continue in the Curated Module set following the acquisition of CryptoManufaktur? (Snapshot)

Summary:

Following Galaxy’s acquisition of CryptoManufaktur, this proposal is to decide whether Galaxy should continue as a Node Operator in Lido’s Curated Module.

CryptoManufaktur has been part of Lido’s Curated Module and thus proven to meet the criteria to be in the module. The central discussion is whether this acquisition changes the quality of the node operation for Lido in terms of human resources, client choice, jurisdiction, etc.

Vote: For

Rationale:

As shared in the Snapshot page, the responses from both CryptoManufaktur and Galaxy indicate that there will be no significant changes in the key factors listed above, at least for the short term. This strongly suggests that the quality of the node operation by Galaxy will remain consistent with what CryptoManufaktur has been providing.

Additionally, as a topic to be discussed in the future, we believe there’s a need for implementing a routine assessment of existing Node Operators in Lido’s Curated Module. This process would serve two crucial purposes:

  1. To track any changes that may occur to Galaxy (or any other operator) in the mid/long term and regularly check their eligibility as a Node Operator in Lido’s Curated Module.
  2. To identify and potentially remove Node Operators from Lido’s Curated Module that are no longer meeting the initial selection criteria, either due to changes in their operation or failure to keep up with the latest best practices of node operation.

This proposed assessment process would ensure the ongoing quality and reliability of Lido’s Curated Module.

Organize the Lido Alliance Program as a Lido-DAO-Adjacent BORG (Snapshot)

Summary:

This proposal aims to establish a legal wrapper for the Lido Alliance. Certain aspects of Lido Alliance operations require legal agreements, and thus need a legal entity associated with Lido DAO. The proposal suggests creating a Lido-DAO-Adjacent BORG (Blockchain Operated Regulated Governance) structure. This approach allows us to avoid giving Lido DAO itself a legal entity (which could be risky) while still achieving the necessary legal framework.

Vote: Approve the Lido Alliance BORG

Rationale:

We recognize the strategic importance of the Lido Alliance and the need for a legal structure to facilitate agreements in its operations.

The BORG structure provides a balanced approach, offering legal capabilities without directly exposing Lido DAO to potential legal risks.

At the same time, we’d love to contribute to gradual improvements such as increasing transparency and appropriately handling such projects as Lido DAO.

1 Like