►
From YouTube: Collateral Onboarding Call #25: Lido January 27, 2021
Description
Intro by @JuanJuan
Presentation: Lido - https://lido.fi/ 2
The Lido Protocol, built on Ethereum 2.0’s beacon chain, allows users to earn staking rewards on the beacon chain without locking Ether or maintaining staking infrastructure.
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-25-lido-wednesday-january-27-18-00-utc/6135
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
All
right
welcome
everyone
and
everyone,
that's
that
are
still
joining
us.
Welcome
to
another
maker,
though
collateral
call
today
is
january,
the
27th
2021
it's
around
6
p.m.
Utc
and
yeah
we're
very
happy
to
have
a
vasily
with
us
from
the
project
lydo,
so
yeah
that
is
going
to
work
us
a
little
bit
through
the
project,
how
it
works
and
then
we're
going
to
discuss
more
in
detail
the
map6
collateral
application
for
stacked
ease
so
yeah.
Basically,
if
you
want
to
take
it
away,
okay,.
B
So
my
name
is
vasily:
I'm
a
cto
of
p2pe
staking
provider
and
tech
lead
of
libra
the
liquid
taken
project
for
ethereum
I'll
do
a
short
introduction
of
how
that
works.
I
will
show
what
are
our
current
market
statistics
and
on
chain
statistics
and
we'll
answer
a
question
whenever
you
have
them
so
I'll
I'll?
Stop
it
every
few
minutes
to
take
questions.
A
B
B
So
the
one
of
the
probable
solution,
for
that
is
what
is
called
second
derivatives
liquid
staking.
That
idea
is
when
you
stake.
You
get
a
liquid
token.
That
represents
your
staked
adder
that
can
be
used
in
d5
protocols,
just
as
I
can,
and
that
has
stick
rewards
on
top.
So
it's
kinda
the
only
thing
that
it
can
do
that
it
can't
do
that
either
can
is
basis,
otherwise
it's
very
similar
in
in
a
respect,
but
also
have
rewards
on
top.
B
That
is
that
that
that
project
is
very
important
right
now,
because
transition
process
to
a
full,
fully
operational-
and
I
don't
know
2.0-
can
take
more
than
two
years-
it
can
take
half
half
a
year
or
a
year
or
maybe
more.
No
one
knows
when
the
you
cannot
stake
your
either
and
a
lot
of
people
want
to
earn
yield
on
stake
and
while
keeping
their
tokens
liquid.
B
If
that
staked
either
can
be
used
in
in
defy
it
means.
It's
additional
yield
under
your
usual
yield,
so
everyone
is
interested
in
a
solution
that
can
solve.
The
issue
is
taken
the
liquidity,
the
the
technical
difficulties
to
stake,
etc
and
allow
them
to
make
returns
for
keeping
their
tokens
liquid.
So
essentially,
people
who
don't
stay
either
right
now
are
probably
getting
a
bit
deluded
right
now.
So
people,
for
example,
that
keep
the
two
millions
either
in
state
in
in
making
right
now.
B
A
I
have
a
question
regarding
this
undertaking,
so
I've
heard
that
in
is
2.0.
You
cannot
unstack
if
you
have
your
own
node,
so
the
liquidity
is
locked
there.
But
in
this
case
let's
say
that's
I
don't
know
I
give
you
one
is
and-
and
everyone
gives
you
I
don't
know
you
make
a
note
of
32,
but
I
want
to
just
take
my
my
one
youth
like
how
would
you
how
do
you
solve
that
problem?
B
So
right
now
undertaking
is
not
possible.
So
the
ways
to
solve
that
problems
are
theoretical,
but
yeah.
We
we
buy
chance
taken
you,
you
won't
have
to
wait.
If
you
lose
slider,
we
we
just
unstake.
If
there
is
no
buffer
for
to
return
to
to
get
the
unstaked
header,
we
unstake
bitten
advance
and
you
get
your
one
other
and
there
is
a
three
31
add
a
buffer
with
a
bit
of
robot.
On
top,
that's
waiting
for
the
next
unsticking
event.
A
B
B
B
Yeah,
we
probably
will
not.
Probably
we
will
increase
the
set.
The
goal
of
lidar
is
to
maintain
the
sustainable
pace
of
not
operators.
So
no,
no,
not
a
single
one
of
them
should
operate
the
loss
at
any
point
in
time.
The
reason
for
that,
why
we
ask
sorry
about
it
is
because,
in
the
phase
zero
and
phase
one
either
is
essentially
a
hostage
for
for
not
operators.
B
They
they
can
turn
off
the
machines
and
it
will
go
to
it'll
be
it
will
have
like
50
penalties,
for
example,
so
they
should
absolutely
be
solvent
and
sustainable.
That's
why
we
increase
they're
not
practicing
slowly
when
we
have
enough
income.
We
just
got
to
the
point
when,
when
we
have
enough
income
to
onboard
one
one
more,
not
a
priority,
we'll
have
a
selection.
B
B
B
B
B
We
are
talking
to
insurance
providers
about
in
the
insurance
of
staking
risk.
We
don't
have
it
now,
but
we
have
insurance
fund
that
is
growing
slowly
and
we
will
be
soon
at
the
point
where
we
can
afford
the
insurance
with
the
some
of
the
well-known
insurance
cover
with
some
of
the
power
providing
digitalized
products
like
nexus
or
or
shield
our
or
something
else.
A
A
B
B
B
So
right
now
we
we
have
a
pretty
sustainable
and
competitive
fees,
but
it's
totally
possible,
for
example,
that
in
in
a
year
the
market
will
settle
on
like
three
percent
fees
for
was
taken.
That
means
that
we
will
have
to
lower
our
fees
too,
or
maybe
it's
be
it'll,
be
the
other
way
around
when
the
market
settles
at
like
15,
I
don't
know
we
need
to
to
manage
that
too,
and
the
third,
the
probably
most
important
part,
is
that
beacon
chain
is
not
is
not
in
its
final
form.
B
B
B
There
are
currently
no
workarounder,
then
you
can't
work
around
that.
It
has
to
be
a
public
key,
corresponding
to
a
private
key
you,
you
can't
put
a
smart
contract,
the
withdrawal
credentials
right
now,
and
our
solution
to
this
was
to
make
a
distributed
threshold.
Signature
between
11
parties,
it's
working
a
bit
like
a
six
of
11
multisig.
B
B
Five
five
oracles
that
are
operated
by
p2p
stake,
fish
staking
facilities,
charles
and
certain
provide
updates
about
house
taking
is
going
on
on
beacon
chain.
So
if
there
was
a
reward
in
this
day
or
there
was
a
selection
thursday
and
how
the
all
the
balance
had
changed
and
that
information
is
used
to
make
a
very
slight
rebase
to
the
to
the
value
of
into
the
balances
of
people
holding
staked
if
tokens
so
every
day,
the
balance
is
changing
right
now
about
zero
point:
zero,
zero,
three
percent,
or
something
like
that.
B
B
B
B
C
B
So,
every
day
your
balance
or
your
balance
in
in
in
the
wallet
or
on
a
smart
quadrant,
that's
called
stacked,
will
change
a
bit
most
likely
increase
a
bit
it.
It's
not.
There
is
no
transaction,
the
transfer
where
you
in
your
wallet
it
just
if
you
call
the
balance
of
function
of
this
token
before
the
oracle
reports,
you
get
like
one
point:
zero,
zero,
zero,
zero,
zero,
zero
at
the
stick
tether
and
if
you
do
the
same
after
ocular
pulse,
you
you'll
get
like
zero
1.003.
B
It
looks
like
all
their
base
tokens
that
all
the
rage
I
since
I'm
before,
except
it's
it's
not
like
money
games,
it's
it's
reflecting
the
corresponding
the
balance
that
corresponds
to
you
stacked,
either
on
the
beacon
chain.
When
you
just
or
you,
you
get
stick
with
rewards
and
you
can
change
your
balance,
increase
a
bit.
C
B
We
don't
want
one
party
in
leiden
to
have
like
a
huge
stake
and
the
other
have
small
stake.
We
want
to
to
have
the
stakes
distributed
evenly
so
that
one
operator
failure
is
impact,
is
minimized
and
it
will
be
harder
to
collude,
and
things
like
that,
we
are
went
very
heavily
on
not
operators,
reputation
and
track
record.
C
B
C
B
So
we
must
make
a
product
that
is
competitive
with
a
change
taken,
and
that
means
it's
very
hard
battle
to
fight.
So
we
love
the
focus
net,
but
the
basic
architecture
works
very
well
with
almost
any
stake
in
asset
out
there,
so
it
can
be
a
polka
dot.
It
can
be
solana,
it
can
be
cosmos-based
chains,
it
can
be.
You
know,
ethereum
based
protocol
is
taken
like
graph
protocol
or
something
like
that.
The
liquid
taking
approach
that
we
are
taking
works
very
well
with
almost
anything.
B
C
C
B
C
B
B
A
B
Yeah,
I
mean
every
transfer
of
safety,
including
liquidation,
that
just
a
complicated
form
of
transfer
is
just
somewhat
taking
your
stake
in
position.
That's
all!
No!
That's!
That's
the
beauty
of
liquids
taken,
so
the
stake
and
didn't
change.
You
didn't
have
to
unbond
bond,
etc.
It
just
you
was
taking
100
either
with
a
slider
and
now
the
other
person
is
that's
all
that
changed.
C
A
A
B
But
it
doesn't
matter,
it's
it's,
it's
all
internal
and
it's
all
socialized,
the
rewards
are
socialized
and
the
solutions
are
socialized.
The
reason
for
the
design
is
that
to
make
staking
liquid,
you
have
to
make
it
fungible
right.
So
these
must
be
the
same.
The
risks
must
be
the
same,
and
it
means
that
everything
that
happens
happens
to
all
of
stacked.
Anna
in
the
pool.
A
B
B
B
B
B
C
B
C
Yeah
sure,
sorry,
if
that
came
across
direct,
I
was
looking
in
the
in
the
background
at
uniswaps
for
the
price.
For
that
token
and
then
looking
at
the
pool
deeper
on
ether
scan,
there's
like
there's
a
really
large
holder
and
I'm
just
really
struggling
with,
let's
say
I
have
enough
youth
to
actually
stake
in
east
2.0.
What's
my
incentive
and
by
understanding
that
you
also
get
this
governance
token
to
participate
in
this
solution,
that's
better
for
other
people.
That
makes
more
sense.
So
I
was
just
trying
to
unpack
that.
So
thanks
for
answering.
B
B
B
C
Yeah,
I
might
we
might
be
getting
ahead
of
ourselves,
but
I
went
through
like
those
chats
in
the
maker
chat
for
the
constant
balance.
Have
you
guys?
I
don't
know
how?
Many
days
ago,
you
engaged
the
maker
team,
but
I
think
there
was
some
question
about
it
being
in
viper
versus
solidity.
So
I
was
just
curious.
If
there's
any
progress
on
that
or
you
can
unpack
it
a
little
bit.
B
We
we
didn't
have
a
definite
reply
on
how
easy
the
blocker
that
we
are.
If,
if
need
be,
we
can
make
it
in
solidity.
We
already
made
it
in
solid
eta,
so
there
is
solution
to
the
implementation
of
constant,
constant
balance
proper.
We
just
don't
don't.
We
don't
want
to
fracture
the
constant
balance
of
robust
between
multiple
tokens,
because
one
is
already
leave
and
it's
got
not
not
a
lot,
but
I
think
500
adders
locked
in
it.
B
B
B
B
A
B
They're
very
very
much
overworked
right
now.
That's
that's
what
people
keep
telling
me
we!
We
basically
will
do
anything
that
that
is
not
your
input.
Basically,
when,
when
there
are
a
few
variants
of
how
we
can
do
things
and
we
need
to
compare
the
trade-offs,
we
can
do
it
for
you,
but
when,
when
we
have
this
feedback,
we
we
can
implement
anything.
B
B
I
think
it
will
be
on
centralized
exchanges,
because
it's
got
some
volume
trading
and
it's
it's
very
easy
to
market
make.
I
think
so
I
don't
see
them
passing
on
on
on
editing
stake
data
and
some
of
the
like
tire
3
exchanges
had
already
do
it
had
already
done
it,
but
again
there
is
no
leak
to
speak
of,
but
for
now
and
for
for
the
foreseeable
future,
I
think
curve
will
be
made
the
main
source
of
ability.
C
Yeah
I
mean
it
tends
to
be
that,
like
newer
markets
have
like
large
whales,
sort
of
doing
what
they're
doing
like
when
I
mentioned
the
ether
scan
view
into
the
holders,
but
I'm
just
thinking
about
the
oracle.
The
median
user
needs
extra
feeds,
so
if
it
only
has
one,
I
think
nick
was
talking
about
a
flashlight
attack.
So
I
was
just
asking
to
see
if
there
are
other
liquidity
sources,
and
it
makes
sense
that
they
will
probably
in
time
considering
the
market
is
liquid
and
there's
like
a
market
for
the
product
itself.
B
There
are
solutions
to
two
flashlights
attacks:
it's
a
friendly,
embarrassing.
I
didn't
see
it.
I
just
assumed
that
all
overcast
operations
are
permissioned
by
the
oracles,
but
it
turns
it's
not
true
and
I
overlooked
it,
but
it
it's
solvable
even
even
as
it
is
now
we
are
working
on
a
few
options
to
discard
with
me.
B
B
So
we
we
will
have
a
workable
oracle.
It's
not
it's
not
that
hard.
The
reason
the
the
the
problem
is
is
not
to
to
make
it
it's.
The
problem
is
where
to
put
the
logic
on
smart
contract
on
off
chain,
and
how
exactly
to
do
it
so
we'll
present
the
options-
and
I
hope,
nick
finds
something
that
he
likes.