False Representation
To the Lido DAO Team,
My name is Rongxin, and I am the founder of the Whitepaper Reading Club (“WPRC”), a not-for-profit group established 1.5 years ago in Singapore to facilitate deep technical discussions on blockchain projects. Since inception, we have grown to 330 members.
Rongxin: https://www.linkedin.com/in/rongxinz
Website: https://whitepaperreading.club
Recently, we were shocked to discover that Katherine Ng (@katashesolutions) submitted an application on the Lido Delegation Platform (“Application”) claiming that the WPRC intends to participate as a Lido DAO Delegate (“Delegate”), abide by the Lido DAO Delegation Program’s code of conduct (“Program”), and that she represents the WPRC.
The Application: WhitePaper Reading Club Delegate Thread.
Katherine Ng does not represent the WPRC, our members, or myself in any capacity. The Application to be a Delegate was never discussed or approved by all our members. Katherine Ng has never been authorized to represent the WPRC, our members or myself. We do not accept or endorse this Application. Any issues arising from this Application are entirely unrelated to the WPRC or myself.
In light of the above, it appears that Katherine Ng and her collaborator, Samuel Chong (@Stakesaurus), may be exploiting this misrepresentation to gain financial benefits and influence through the Lido DAO Delegation Program, at the expense and risk of the WPRC, myself, and the Lido DAO.
Let me elaborate:
(1) As you may know, the Lido DAO Delegation Program provides monetary incentives to Delegates. However, the wallet address submitted by Katherine Ng in the Application to receive rewards does not belong to the WPRC. This raises serious concerns about who will receive the rewards.
Lido DAO Program Incentive: Snapshot.
(2) Katherine Ng stated in the Application that there are “no significant conflicts of interest”. However, her collaborator Samuel Chong receives funding from the Lido DAO and is a member of the Lido Ecosystem Grants Organization (LEGO) Sub-Committee. How can Samuel Chong serve as a Delegate in the same DAO that pays him and in which he serves as a committee member? This complex network of overlapping interests is a clear conflict of interest. Katherine Ng and her collaborator’s actions undoubtedly undermine the integrity and fairness of the Lido DAO Delegate Program.
Lido Lifeguard Program: Lido Community Lifeguards Initiative, Lido Community Lifeguards Initiative - #32 by Eridian
LEGO SubCommittee: Lido Community Lifeguards Initiative - #46 by Stakesaurus
(3) Serving as a Delegate is not a ceremonial role. It carries substantial responsibilities and potential legal exposure. If the above misrepresented Delegates inflict harm on Lido token holders, there could be severe legal risks for the WPRC, our members and myself.
Lido DAO vs Samuels: California Court Rules Lido DAO Members Can Be Held Liable Under Partnership Laws - Decrypt
Lido DAO plays a pivotal role in ensuring the security and stability of the Ethereum network. Thus, the integrity and character of its Delegates should reflect the gravity of this role. In light of the above events, and to avoid unnecessary damage to the WPRC and Lido DAO’s reputation and interests, I strongly urge the Lido DAO team to reconsider Katherine Ng’s Application and to rethink whether she is an ambassador of the values of the Lido DAO and the broader Ethereum Ecosystem.