Lido Alliance application: Drop

Description

Summary

Drop is a cross-chain liquid staking protocol implemented as an Integrated Application on the Neutron network. Its CosmWasm smart-contract architecture leverages the Inter-Blockchain Communication (IBC) protocol and Neutron’s Interchain Transaction (ICTX) and Interchain Queries (ICQ) capabilities to read the state of other blockchains and adjust delegations made by the protocol’s remotely controlled accounts.

The proposal asks for the onboarding of the Drop to Lido Alliance.

Term and conditions

From Drop

How will Drop help the Lido Alliance achieve its mission:

• Ethereum alignment / decentralized validation
  • Sponsoring the decentralization of Ethereum ecosystem dependencies such as bridges and data-availability layers, sponsoring innovation/experimentation that benefits Lido and Ethereum
• Use cases for stETH adoption
  • Supporting distribution and use cases for wstETH in the Interchain, restaking opportunities, native ETH staking with Lido through Drop
• Opportunity to apply to Drop’s validator onboarding
• Adherence to the high standards of industry security practices
  • Drop commits to performing the mainnet release only after having the testnet launch and public audits
• 100,000,000 DROP tokens (10% of the total supply) will be sent to a Lido Alliance legal entity after TGE, with a 12 month lock followed by 24 months linear vesting with no cliff.

From Lido DAO

What Drop is seeking from Lido Alliance membership:

• Endorsement
  • The Lido DAO endorses Drop, and Drop becomes the first member of the Lido Alliance
• Integration and communication support - to the extent possible and where appropriate, integrate Drop with community distribution channels, such as websites, etc, and support large Drop announcements
• Liquidity support
  • Coordinate activities and research with LOL (Liquidity Observation Lab) to support Drop/wstETH liquidity on Interchain
• Network
  • Lido DAO contributors support the adoption of Drop through their network of partners
• Consultation
  • Drop anticipates benefiting from the Lido contributor groups’ extensive expertise in different aspects of the ecosystem and technology

Proposal Actions

The proposal requests onboarding Drop to Lido Alliance under the outlined terms and conditions.