Busy busy thread.
@LIDO thank you for continuing to express your passion around Lido and wanting it to succeed in the long run. That passion is similar to why I joined Lido to work in the first place. We have certainly made mistakes and can try to learn from them, or not.
That being said, all the constructive notes and feedback in this thread are welcome’d and encouraged, we are discussing all of this.
Moving past the shoulda, woulda, coulda at ETH $4K and understanding the life lesson as @cobie mentioned, we are in agreement with the following:
- We have been searching for potential finance person for the past few weeks. Valuable, expensive lesson on treasury management.
- We need to take a look at our head count, we are finalizing the foundation structure so this is an order of operations issue.
- reWARDS optimization committee is underway and working on this currently. @Chuck and @McNut have already stepped up to help.
However, the fact is that Lido cannot operate in uncertainty.
These are the key considerations to move fast:
- Service disruption if we have to layoff critical members
- People leave due to fate of job security at the whim of the market
- Suffocation by trying to min/max and optimize the sale (bureaucracy). The market is pricing in ETH merge beta, I expect a buy the rumor, sell the news scenario, especially with the global macro market. ETH to $500 puts us in a worse position.
- Community & KYC: We are discussing opening up a portion to everyone/community but it comes with legal risks that have to be sorted and adds to the timeline. This can always come after getting some funds secured.
- DragonFly was the first to step up and publicly commit at the time 50% premium above TWAP and move quickly on this. Everyone else is still thinking about it and this opens Lido up to risk (see above).
Final considerations:
- If we leave money on the table, community gets pissed by selling low.
- If we keep shifting the deal terms in a highly volatile market the buyer(s) walk.
I will give this a few more hours before opening a snapshot with the added considerations of limiting this to 1% today and another 1% (or whatever) at a future date and appetite for a vesting period.
This will come down to a vote based decision.