Collateral Onboarding Call #25: Lido - Wednesday, January 27 18:00 UTC

[blimpa]

Collateral Onboarding Call #25: Lido - Wednesday, January 27 18:00 UTC

Time in your local-timezone format:
2021-01-27T18:00:00Z

Dial In Details

Zoom call
Passcode: ONBOARD

Intro

An open discussion where we discuss projects and potential assets for MCD, open for anyone to join.

If you’d like to present, check out this thread.

Agenda

Intro _{by @JuanJuan}

Lido - https://lido.fi/

MIP6: [stETH] - MIP6 Collateral Onboarding

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.

Lido allows users to deposit ETH and receive stETH. The deposited ETH is then pooled and staked with node operators selected by the Lido DAO. stETH represents the user’s staked ETH balance of the beacon chain along with staking rewards accrued or penalties inflicted on validators in the beacon chain. When transactions are enabled on the beacon chain, stETH can be redeemed for unstaked ETH and accumulated rewards.

Unlike beacon chain ETH, stETH can be freely transferred and traded. Onboarding stETH to MakerDAO would allow users to borrow DAI against stETH, similar to ETH 1.0.

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Attn: @amyjung, @LongForWisdom, @juanjuan, @vshvsh, @makerel, @davidutro, @mrabino1, @Aleko, @Joshua_Pritikin, @mario, @g_dip

[juanjuan]

Join us today!

[g_dip]

Can’t make it today - will it be recorded?

[prose11]

Sure will!

[blimpa]

Collateral Call Summary - Episode #25

January 27th, 2021

Agenda

• 00:00: Intro with Juan Guillén
• 00:43: Lido with Vasily Shapovalov. Q&A interspersed throughout the presentation
• 46:25: Closing comment

Video

https://youtu.be/wZWmh3FLaZY

Introduction

Juan Guillén

Agenda and Preamble

00:00

• Welcome to another MakerDAO Collateral Call. We are very happy to have Vasily from Lido with us. He’s going to walk us through the project, how it works.
• And then we’re going to discuss in more detail the MIP 6 Collateral Application for stETH.
• Discussions about collateral happen in the Forum.

Lido

• [stETH] - MIP6 Collateral Onboarding

Vasily Shapovalov

Presentation

00:43

5:42 – Juan Guillén: Let’s say I give you 1 ETH, and everybody gives you – you make a node of 32, but I want to unstake my 1 ETH. How do you solve that problem from your end?

8:35 – Juan Guillén: I’m curious about the validators part. Are you running the nodes yourself or is it someone else?

11:57 – Juan Guillén: What’s the staking rewards fee?

21:35 – Payton Rose: How are the stake rewards distributed to the people that provide…?

23:16 – Frank Cruz: With regards to delegating your ether, do you get to pick the validators or is that algorithmically chosen?

23:43 – Frank Cruz: I saw in one of the slides that you mentioned that you were going to be offering staking services in different blockchains. Does that pertain to Polkadot, Solana, et cetera?

26:11 – Frank Cruz: Let’s say I mind 100 stETH, and then I take a loan note on AAVE. Market drops; eth gets cut in half. I get liquidated by AAVE. How does that affect my original eth in your protocol?

29:23 – Juan Guillén: Let’s say I put 10 ETH; you give me 10 stETH. Then my ETH goes to a validator. Let’s say my ETH is on validator A and that validator does something wrong. Would my ETH get slashed? Because I’m on validator A would I get slashed and someone that stacked on validator B would not? Or are we all part of a pool and everything is distributed accordingly?

31:10 – Juan Guillén: Do you do KYC?

36:19 – Tim Black: One of the incentives to deposit it into the Curve pool is that it also farms Lido governance tokens? Did I catch that right?

42:17 – Tim Black: Are there other liquidity sources other than Curve?

Closing Comment

Juan Guillén

Outro

46:25

• Thank you very much, Vasily. It was great having you. Where can people find more about you and Lido Finance? (46:31) Next week we’ll have the REINNO team. Natalia and her team are going to be joining us for RWA collateral onboarding.

Credits

• @blimpa produced this summary.