Establish a Public Delegate Platform and Delegate Incentivization Program

Description

Proposed by:

Lido DAO Operation Workstream & Agora Team

Goal:

To increase active governance process participation, improve the quality of discussions and feedback, and enhance Lido on Ethereum safety by involving new participants in governance through Delegation.

TL;DR

Below is a summary of the proposal, including key milestones. For detailed information, please read the full proposal on the Lido Research forums or access it via IPFS. Due to the comprehensive nature of the proposal, only the main points are highlighted here.

• Establish an official public delegates platform on the Research Forum.
• Approve a Pilot six-month Delegate Incentivization Program (DIP).

Project Milestones:

Public Delegate Platform:

Summary:

Create a Public Delegate Platform where delegates can outline their principles and objectives. This platform will serve as the main channel for LDO holders to understand and interact with Public Delegates.

Eligibility for Public Delegates:

• Inform the community about the intention to become a public delegate.
• Create a Delegate Thread on the Lido DAO Research Forum.
• Publicly accept the Code of Conduct, detailed in IPFS version, which includes:
  • Acting with integrity, transparency, and honesty.
  • Voting in the best interest of the Lido DAO.
  • Providing constructive and well-researched feedback.

Expectations for Delegates:

• Maintain a voting participation rate above 70%.
• Inform the community on decisions and provide rationale in the Delegate Thread.

Benefits for Delegates:

• Recognition as a public delegate of Lido DAO.
• Reimbursement of gas expenses for on-chain voting for every address with 1M+ LDO delegated.
• Access to participation in the Delegate Incentivization Program (DIP).

Delegate Incentivization Program (DIP):

Summary:

Start a pilot six-month Delegate Incentivization Program to ensure high-quality influence from delegates by attracting top-tier professionals. $150,000 to incentivize active participation and expert contributions to Lido DAO governance, it proposes to incentivize all delegates with more than 2M LDO delegated on Aragon and Snapshot. All participants meeting the criteria will receive equal shares of the allocated grants. No delegate will receive more than $15,000 worth of LDO for any three months.

Program Steps:

1. Program Approval and Delegate Oversight Committee Formation (Snapshot Vote).
2. Delegate Application Period.
3. First wave delegates listing in UI
4. Delegate Rally
5. Compiling the List of Eligible Delegates & Program Start
6. First Quarter Incentives Distribution
7. Second Wave of Public Delegates Listing on the UI and Second Quarter of Program Start
8. Second Quarter Incentives Distribution

Eligibility Criteria for Incentivization:

• Have a post at the public delegate platform.
• Have more than 2M LDO delegated in both Snapshot and Aragon.

Key Expectations of Incentivized Delegate:

• Represent delegating token holders.
• Engage with the community and provide transparency.
• Maintain a high voting participation rate.
• Provide expertise and advisory feedback.

Budget Allocation:

• Delegate Incentivization: $150,000 in LDO for September 19, 2024 - March 31, 2025, to be requested from the DAO via LEGO.
• Gas Reimbursement: Reimbursement of gas expenses for on-chain voting for public delegates, expected to not exceed 1 ETH over six months, funded from the EGG st2024 v2 Lido Contributors' Group Grant Funding.
• Agora Team Compensation: Participation as strategic consultants and part of the Delegate Oversight Committee will be funded under the EGG st2024 v2 Lido Contributors' Group Grant Funding.

Timeline if approved:

1. Delegate Application Period: Applications for delegates will be open from August 9 to August 25.
2. Delegate Rally: The delegate rally will take place from August 26 to September 18.
3. Program Start: The first season of the incentivization program will commence on September 19-December 19.
4. First Quarter Incentives Distribution: Incentives for the first quarter of the pilot will be distributed from December 20 to December 31.
5. Second Quarter of Program Start: December 20 - March 20.
6. Second Quarter Incentives Distribution: Incentives for the second quarter of the pilot will be distributed from March 21 to March 31.