Delegate Proposal - Andrew Allen, Coinbase
Identity and Background
What is the delegate’s identity and background?
I got pulled into crypto late in DeFi summer, and started diving deeper by doing analytics bounties on Compound and UniV3 via Flipside. Then, throughout 2021, I closely followed the Celo and Solana DeFi ecosystems.
I was already spending so much time thinking about crypto that I went full time, joining Coinbase at the start of 2022 as a protocol specialist, a role that tries to bridge the gaps between Coinbase products and what’s happening at a protocol-level.
While at Coinbase, I’ve mostly focused on supporting Coinbase Cloud, which operates validators across many networks including Solana. As it relates to DeFi, I led cbETH’s DeFi GTM and contribute to various other DeFi initiatives.
Outside of Coinbase, I currently help out on the Aave Grants DAO and the Osmosis Grants Program.
Has the delegate historically contributed to the Jito Network?
In my role at Coinbase, I made a push for Coinbase Cloud to run the Jito-Solana validator client.
Personally, I’ve staked SOL in jitoSOL.
Has the delegate historically been involved in protocol governance?
I’ve been involved in protocol governance in a few different capacities. At Coinbase Cloud, I’ve participated in governing the protocols we operate validators on. On cbETH, I’ve been active on various DeFi protocol forums. Outside of Coinbase, I’ve personally contributed to DAOs (mostly DeFi protocols) and subDAOs (e.g. AGD, OGP).
Is the delegate committed to helping the Jito Network and Solana succeed? Explain.
I want to see Solana grow and flourish. I want to see the Jito Network be instrumental in that success.
Specifically, I see Jito protocols:
- Help mitigate the negative externalities of MEV on the Solana network (e.g. allowing preferences be expressed with fees instead of spam)
- Better distribute stake to support the health of the network and the validators that form its backbone
- Contribute to the ongoing discussions of what improvements the Solana protocol needs
As a delegate, I will do what I can to help push towards these objectives.
Candidate views
How should JitoSOL validator delegation balance performance (yield) versus decentralization goals?
I will treat all proposals as context-specific. As it relates to jitoSOL, I think both matter, but it’s difficult to take a static approach. Crypto is dynamic and protocols need to reevaluate decisions time-of.
Currently, my personal view is that staking rewards and relative fees matter for LSTs, but that attempting to cater to the most price-sensitive stakers is a race to the bottom. Whereas on the decentralization front, I think there’s still a great deal of work that can be done to improve the availability, perceived safety, and stake distribution (to name a few opportunities).
What should be the priorities for JTO liquidity mining and DAO token grants?
As it relates to any liquidity mining, the following would be top of mind: sustainability, efficiency, distribution, and end-user experience. However, I also don’t think liquidity mining is strictly necessary depending on the situation.
In my opinion, token grants are very different. From what I’ve seen, grants are often inefficient in dollar terms, but can still be strategically important. For example, I’ve seen token grants be an effective entry point to longer term contributors, align incentives between groups, and fund audacious bets that otherwise are difficult to justify.
What are your goals for the DAO as a delegate?
As I mentioned above, I want to see the Jito Network be instrumental in the success of Solana, and at a high level, I see Jito protocols:
- Help mitigate the negative externalities of MEV on the Solana network
- Better distribute stake to support the health of the network and the validators that form its backbone
- Contribute to the ongoing discussions of what improvements the Solana protocol needs
My goal as a delegate would be to help the DAO accelerate these missions and adjust its objectives as situations change.
Also, separately, I believe forum discussion and governance-related activity across protocols building on Solana is quite low at the moment. I hope that the Jito DAO can set a good example for the Solana ecosystem as it enters its next stage of growth.
Solana delegation address:
4km3reH4zQ4xUHeU1vcE7WpHPrfpEjKDsm9KS9Rqc6t6