Wintermute Governance Delegate Thread

Delegate Platform
1

Name

Wintermute Governance

Address

Wintermutegovernance.eth / 0xB933AEe47C438f22DE0747D57fc239FE37878Dd1

Contact Information

X (Twitter): x.com & x.com

Web: https://wintermute.com

Discord: callen_wintermute

Telegram: @callenvde

Introduction

Hi Lido Community,

We are excited to join Lido DAO as a Public Delegate and begin supporting the Lido ecosystem in our fullest capacity!

Wintermute is a leading crypto-native algorithmic trading firm, specialising in creating efficient markets across centralised and decentralised exchanges. Wintermute was founded in July 2017 by three Optiver veterans. Evgeny Gaevoy, founder and CEO, was previously head of ETFs (screen and OTC) at Optiver Europe, one of the largest ETF market-making desks. Since our inception, we have traded over $4.9T USD in volume and expanded our presence across 80+ (de)centralised exchanges and various (non)EVM chains, continuously supporting the ecosystem for our partners and their communities.

Alongside our trading arm, Wintermute Ventures and Wintermute Governance support and work with leading crypto projects & DAOs with the goal of truly adding value, enabling partnerships, and helping shape a positive outcome for the ecosystem. We’re eager to bring our DeFi, Institutional, and Governance expertise to the Lido DAO.

Motivation

At Wintermute, we believe that a decentralized world needs robust and progressive governance systems. Our goal is to support DAOs along their journey towards such a state through objective, long-term value-add decision-making.

We’ve been an active voter in Lido for some time now and have witnessed first hand the DAO struggle with voter apathy and in a few cases failure to meet quorum on important votes. Our Public Delegate Platform serves as our commitment to maintaining high voting participation and providing valuable feedback where necessary based on our expertise, ensuring we have a direct impact on improving governance efficiency.

The DAO has a clear vision and talented service providers/contributors and our goal as a delegate is to ensure the former and empower the latter.

Values and Decision-Making Approach

Long-term value creation over short-term opportunism.

For example, we do not support short-term rent-seeking token distribution programs; or the redistribution of tokens that carry no positive second-order effects.

In contrast, we do support and encourage purpose-driven mechanisms that incentivize positive behaviour and are value-maximizing; or that improve alignment between token holders and the protocol.

Transparency, alignment, and proactivity.

We are proactive in providing clear and consistent reasoning behind our decision-making and proposals, ensuring the protocol’s sustainability is at the heart of all governance discussions.

Objective data-driven decision-making.

We use data and research to ensure our final decision is objectively value-accretive for the protocol.

Public Acceptance

We accept Lido’s Public Delegate Code of Conduct and our Public Delegate Platform signals our alignment with the mission, vision, and purpose of Lido DAO.

Disclosures

Wintermute participates in various DAOs across the DeFi ecosystem including dYdX, Optimism, Arbitrum, Aave, Compound, Uniswap, and other smaller DAOs. Furthermore, Wintermute Ventures is an active investor across the ecosystem. We will always make appropriate disclosures and remove ourselves from voting when necessary.

You can follow the majority of Wintermute’s voting activity across various DAOs here.

2 Likes
2

Should Galaxy continue in the Curated Module set following the acquisition of CryptoManufaktur?
Vote: For
Summary: Infrastructure, geographic distribution, and teams, as described remain as is in the near short term. Which in our opinion pose no considerable concerns. However, we do believe and trust that the community should be informed if things begin to change at which the DAO should reevaluate.

Organize the Lido Alliance Program as a Lido-DAO-Adjacent BORG
Vote: Approve the Lido Alliance BORG
Summary: We support the Lido Alliance BORG and understand first hand how important these types of legal structures are to ensure the Lido Alliance can function correctly outside of DeFi rails.

3

Increase the Proposal Threshold for Snapshot
Vote: Do Nothing
Summary: As it stands we think the Snapshot space is currently fine and there is no real issue present. Furthermore, as described in the forum discussion, Spam mitigation is currently being handled by Snapshot and a user pointed out that previously the main culprit for spam proposals has a much larger LDO balance so such changes won’t make much of a difference.

Change Easy Track limits for PML & ATC
Vote: Support the change
Summary: We support the revision of easy track limits.

Lido Community Staking Module Mainnet Release Setup
Vote: Approve CSM mainnet release
Summary: We are super excited for CSM’s mainnet release. The management and oversight via the elected multisig is a great addition and we looking forward to seeing the CSM in action.

Should the Lido DAO recognize the wstETH bridge endpoints on Zircuit as canonical?
Vote: Recognize
Summary: We support the DAO’s acceptance of Zircuit’s wstETH canonical bridge. We feel comfortable in its implementation given it follows OPs closely with further confirmation from TheDZhon.

Integrate CSM into the Decentralized Validator Vault
Vote: Yes, vote for the integration
Summary: By adding the CSM to DVV we can begin to drive greater supply to CSM, improving the decentralization of the Lido Protocol.

Lido Alliance application: Bolt
Vote: Onboard Bolt to Lido Alliance
Summary: Bolt’s technical architecture, vision, and strategy, fit directly into the goals of Lido Alliance. Their proposed commitment and alignment are welcomed and we look forward to seeing their work.

2 Likes
4

Should Pier Two continue in the Curated Module Set following the acquisition of Numic?
Vote: For
Summary: We agree with the summary outlined here by Sven and LNOSG. Given there is material change to the infrastructure following the acquisition of Numic by Pier Two we agree with the proposed trial run on testnet and gradual ramp-up on mainnet.

Should Alchemy continue in SDVT and LoP following the acquisition of Bware Labs?
Vote: For
Summary: In line with LNOSG’s review we are supportive of this proposal.

Should Nansen continue in SDVT following the acquisition of Stakewithus?
Vote: For
Summary: In line with LNOSG’s review we are supportive of this proposal.

GOOSE 2024 cycle: Lido DAO goals for 2025
Vote: Adopt Goals
Summary: We support the adoption of Lido Goals for 2025. Lido has successfully (or near) achieved prior goals set out, building a thin & market leading middleware for decentralised Ethereum staking. We are excited and supportive of Lido’s horizontal expansion of products tailored to key user groups. The market for validators is a clear next step that should help in growing Lido’s network, addressing key issues on the infrastructure supply side. Lastly, we agree with the push to begin creating stronger alignment between LDO and the future growth of the protocol.

Reevaluation of Lido on Polygon state
Vote: Sunset Lido on Polygon
Summary: When looking at stMATICs market share, total TVL, and overall growth metrics it’s fair to say that there has been a significant decrease/stagnation across the board. Furthermore, as others have mentioned Lido on Polygon doesn’t necessarily fit into the DAO’s goals, bringing further question as to whether the outsized cost and time required to rewrite it’s implementation is worth the future expected benefit of stMATIC. Therefore, we will be voting to Sunset Lido on Polygon.

5

Establish the Network Expansion Committee (NEC)
Vote: Approve NEC
Summary: While we didn’t necessarily see the recognition of wstETH token bridging endpoints as a burden from the Delegate side, we recognise that from the organisational side, there is a rather extensive and long-winded process that slows down Lido’s expansion across other chains. The proposed optimistic council structure is welcomed and the challenge period is sufficient. We support this proposal.

6

CSM: Enable Permissionless Phase and Increase the Share Limit
Vote: For
Summary: We support the next phase of the CSM and it’s transition to a permissionless structure. While current CSM validator performance is lower on average than Lido Curated Operators this is expected and we believe there is a sufficient base to move forward.

Lido Alliance Grant Proposal
Vote: For
Summary: We support the grant for Lido Alliance. The proposed budget is reasonable and directly in line with the new GOOSE goals. We are specifically looking forward to their work which aims to expand stETH’s Ecosystem with a diverse product line

[EGG] Multi-EGG Continuity Grant Funding
Vote: For
Summary: The Lido Contributors Group has done a fantastic job thus far, helping achieve (or close to achieving) most of Lido’s GOOSE and reGOOSE goals. We support their funding request and overall scope.

Extend On-Chain Voting Duration
Vote: Extend duration to 3 + 2 days
Summary: Much needed proposal and we are supportive. A 48-hour window is often very hard to meet for decentralised teams/delegates with multisig setups. The increased objections phase also adds stronger security prospects for rallying votes during malicious or adverse proposals.

Update Lido on Ethereum Standard Node Operator Protocol - Validator Exits
Vote: For
Summary: We support updating the Validator Exit protocol based on engineering and technology improvements.

7

LEGO: Proposal to replace Tim Beiko with Eric Siu and update council members rotation rules
Vote: For
Summary: We thank Tim for all his work and wish him all the best. Eric seems like an ideal candidate for LEGO and brings valuable experience and connections. Regarding operations moving forward, while we understand that changes to LEGO members are a minor governance vote we still think it’s healthy for the DAO to discuss new members.

Establishment of Lido Ecosystem BORG Foundation as a Lido-DAO-Adjacent Foundation
Vote: For
Summary: We are very supportive of the Lido Ecosystem BORG Foundation. Such an entity provides a natural way for Lido contributors to interact correctly in a legal manner that limits risks for contributors. Furthermore, the ‘wrap-up’ of ongoing teams and multisig reduces the overall complexity of the DAO’s topology, making it a lot easier for delegates and community members to understand the inner workings of the DAO.

Establishment of Lido Labs BORG Foundation as a Lido-DAO-Adjacent Foundation
Vote: For
Summary: Similar to our reasoning behind the Ecosystem BORG, we support the Lido Labs BORG. The proposal provides improved protection for contributors while reducing the overall complexity of the DAO’s structure.

Should Attestant continue in the Curated set following the acquisition by Bitwise?
Vote: For
Summary: We agree with the LNOSG and support their decision to continue operations for Attestant BVI Limited.

Should Solstice continue in the Curated set following the acquisition of Bridgetower?
Vote: For
Summary: We agree with the LNOSG and support their decision to continue operations for Solstice.

2 Likes
8

Lido DAO Ops Multisigs Policy 2.0
Vote: Adopt multisig policy 2.0
Summary: The updated multisig policy provides a robust and highly transparent setup. We appreciate the team setting high standards around multisig security within DAOs.

SSV Lido Module Proposal
Vote: Approve
Summary: The SSV Lido Module introduces many nice properties largely focused around cost reduction and reduction in barrier to entry for NOs. By adopting the SSV Module, Lido continues to improve its competitive advantage in a decentralised manner.

MEV-Boost Relay Allowed List management via Easy Track
Vote: For
Summary: We support the improved operational efficiency that comes from adopting new Easy Tracks for the MEV-Boost Relay allowed list.

[EGG] Lido Labs BORG Foundation Grant Funding Request (Apr-Dec 2025)
Vote: For
Summary: We support the outlined funding request for Lido Labs BORG Foundation. While there have been notable cost increases, a significant amount of resources are needed to maintain Lido’s infrastructure. We are happy with the outlined objectives and goals and look forward to their fulfilment.

[EGG] Lido Ecosystem BORG Foundation Grant Funding Request (Apr-Dec 2025)
Vote: For
Summary: We support the outlined funding request for Lido Ecosystem BORG Foundation. Ensuring stETH is the most used token in the Ethereum ecosystem sits at the pillar of Lido’s longevity. There are clear strategic priorities and goals outlined within the proposal, all of which contribute to the overarching goal outlined above.

Ensuring Compatibility with Ethereum’s Pectra Upgrade
Vote: Support the proposed changes
Summary: General housekeeping for the Lido protocol in preparation for the Pectra Upgrade. We support this proposal!

3 Likes
9

Snapshot:

Increasing LOL Easy Track Limits to align with Grant Requests
Vote: For
Summary: We support this proposal as it increases the Easy Track limit from 2,100 stETH per three months to 5,000 stETH per six months, allowing the Liquidity Observation Lab to access its full previously approved grant without altering the budget. We previously voted in favor of that funding request.

CSM: stakeShareLimit and keyRemovalCharge parameters adjustment
Vote: For
Summary: We voted in favor of this proposal because raising the stakeShareLimit removes the current ceiling and unlocks growth in the number of node operators (i.e. new ~50 can join), which will help the decentralisation. Change of keyRemovalCharge is also justified and reflect average gas prices change.

Lido Alliance application: Twyne
Vote: For
Summary: We support the integration of Twyne, as we think that it’s aligned with GOOSE goals of stETH ecosystem expansion, which we previously supported, and this integration will be helpful for the expansion of the stETH adoption across DeFi. Also, given complementary strengths of both parties, we anticipate strong synergy from this partnership.

Extend Delegate Incentivization Program through 2025
Vote: For
Summary: We support the extension of the delegation program through Q2-Q4 2025, as we think that lowering of the eligibility threshold will attract more delegates and boost active participation in governance. The key mechanics remain unchanged and we think that the program has proven its value to date.

Community Staking Module v2. Architecture and Fee Structure
Vote: For
Summary: We were excited about CSM v1 and think it’s a success, so we’re excited to see v2 in action. We believe the proposed features are well-justified and will help attract a wider variety of node operator types.

Establishment of the Auxiliary Proposer Mechanisms Committee
Vote: For
Summary: We voted in favor as this proposal as we see establishment of such committee as net positive for the Lido. Its responsibilities and workflow are justified, ensuring any new APM addition will be overseen and validated.

LIP-28: Dual Governance — Implementation, Parameters, Committees
Vote: For
Summary: We support this proposal because it’s a great addition to the DAO functionality and it will positively impact proposal and voting quality, by granting veto right for the stETH holders. The parameters values are justified and we’re glad to see that they were properly tested, and the addition of the committees will support smooth rollout of the dual governance system.

Aragon:

Emergency rotation of compromised Chorus One oracle (#186)
Vote: For
Summary: We voted for the rotation of compromised Chorus One oracle, as it was necessary to ensure protocol security

Vote #185, 187, 188
Vote: For
Summary: We voted in line with our previous votes on Snapshot.

1 Like
10

Snapshot:

Proposal for Updating Block Proposer Rewards Policy to Lido on Ethereum SNOP on Block Proposals v3
Vote: For
Summary: We’re supportive of the proposed SNOP update , as we think it’s aligned with the other upcoming updates, as CSM v2 and Lido v3 and also follow the complications that were introduced with past updates, as Pectra and Staking router 2.0.

Decision on Kyber Network’s position in the Oracle Set: rotate to Caliber or remove and change the quorum
Vote: Rotate Kyber Network to Caliber
Summary: We support migration of Kyber Network to Caliber, as it’s straightforward migration with no significant changes to the Oracle Set, and we’re satisfied with Kyber Network’s performance.

DVT Integration Guidelines for the Curated Module Node Operators
Vote: Approve
Summary: We voted for approval of the beginning of DVT adoption for the Node Operators in the Curated Set, as we think it aligns with the overall adoption of DVT across Ethereum and Lido, leverages DVT’s strong performance, and will also help to increase performance for Lido based validators.

Aragon:

Vote #189
Vote: Yes
Summary: We voted in line with our previous vote on Snapshot.

1 Like