Lido DAO to expand Ethereum Oracle set

Lido DAO to expand Ethereum Oracle set

Lido DAO, the decentralized autonomous organization of liquid staking protocol Lido, has agreed to onboard new oracles to its Ethereum Oracle set. Over the weekend, the DAO voted to add four new oracles to the set.

The idea to expand the Oracle set was first presented to the community in August. According to the proposal, the initiative is in the “pursuit of decentralization and a sustainable protocol work.” In addition to expanding the set, the proposal will also compensate oracle’s previous gas costs and future gas fees on a regular basis.

Prior to the proposal, the DAO’s Oracle set was made up of a five-man team of approved node operators. Consequently, the quorum was set at 3/5, meaning that report finalization only occurs when at least three out of the five participants agree.

The community was presented with three options – to onboard 6 new oracles and set the quorum at 6/11, onboard 4 new oracles and set the quorum at 5/9, or maintain the status quo. A significant percentage (approximately 99.8%) of the votes were in support of the second option of onboarding 4 new oracles. Moving forward, Rated, bloXroute, Instadapp, and Kyber Network will join the current oracle set, with the quorum being set as 5/9.

For safety reasons, the best approach is to onboard four non-NodeOperators, because, in another case, we would have five old committee members and six new one that is a little bit worse than 5 + 4. I suggest onboarding the remaining candidates in the next round after the withdrawal upgrade (March/April 23),” a member of the DAO said.

Meanwhile, as for gas cost compensation, the DAO will retrospectively reimburse the five existing oracles a total of 25.91 ETH for costs already incurred.

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