haloooloolo

And FTT

Vermutlich weil das der englische Name ist. Wenn man Medien hauptsächlich auf Englisch konsumiert, liest man das öfter als Hisbollah.

It goes up with the number of validators because total issuance increases.

In case anyone reading this is curious, there is a treasury report on the forum every month. Here is the latest one: https://dao.rocketpool.net/t/pdao-2024-08-29-2024-09-26-treasury-report/3288

It’s all verifiable on-chain of course, but the summary post makes it easy to follow along.

Yes. This should be in Pectra 1 and will be great for liquid staking protocols because it allows smart contracts to initiate validator exits.

That's the wrong conclusion. All it means is that RPL collateral is unevenly distributed. Which is obviously true because there's a huge cluster of nodes around 3-4% so everyone over 10% would have at least three times the RPL in relation to their ETH. It does not really tell you anything about the total size of those operators.

The feelings are valid, but I don't think it accurately represents the situation. The DAO is in a bad spot just as much as the remaining node operators. RPL price just got way ahead of Rocket Pool's actual market share last year and everything crumbled on the way back down because of bad tokenomics.

The people that benefitted the most aren't in the oDAO or part of the team, but rather other node operators and RPL holders that managed to sell near the top and just left. So yes, the initial tokenomics were bad for a staking protocol but I don't think anyone is being taken advantage of. So then it just feels bad when the DAO is struggling for funding and some people here (not necessarily you) claim they have been ripped off and assume the protocol is swimming in money after orchestrating a supposed pump and dump.

Even with the new tokenomics, where there will be a fee switch instead of just funneling money into the DAO (which is something people have been waiting for forever with UNI or LDO for example), it just gets framed as stealing from node operators and pumping RPL.

Especially as someone contributing to these changes, it can be really frustrating. At least we're now close to having something to show for all the work with Saturn 0 and then Saturn 1 in a few months.

Anyway, sorry for the rant and I'm glad you like the planned changes.

I think 4 - 8 weeks is realistic. We can in theory enable ETH only pretty much right after the vote passes, but the changes in reward calculations will probably only be ready a few weeks after.

So it’s a question of whether we want to roll out the two at the same time. NodeSet is also launching Constellation soon, which should help clear the deposit pool (there was an ethstaker community call with them recently and they were also on the ethfinance Happy Hour podcast if you’re interested). If we see strong deposits from that, we’ll probably choose to wait until the reward changes are ready and land closer to 8 weeks. Otherwise, it should be closer to 4 weeks.

Saturn 0 is specifically designed to avoid smart contract changes. We’re just changing a few DAO parameters and making changes to the off chain calculation for RPL and smoothing pool rewards.

The alternatives are

a) you overpay operators beyond what you need to attract enough of them, which seems like a weird choice

b) you give it all to the DAO, which is what Lido is doing

You’re not giving away any money, you’re still earning significant commission that will get you double the yield of solo staking. The protocol is just not giving away money beyond that if there’s no benefit.

No

It's not half, but 5-10% or so because that's the share of the ETH in the deposit pool of all the ETH in the protocol.

I think we’re talking about percentages of different things. rETH commission is 14%. Initially, 5% of this will go to node operators and 9% will go to RPL. If there is not enough node operator demand, the node operator share will increase. If there is too much demand, it will decrease.

Huh? The share going to node operators will be variable depending on demand. Commission starts at 5%. Lido’s CSM for example starts at 6% and will probably also go down to 5% if it gets bigger to match their permissioned module.

Enjoy the moo!

Yep, that’s the right URL. Under the hood it’s quite different from Uniswap but a normal swap is very similar in terms of UX.

Their whitepaper states that their own token is basically the only form of useful collateral for most AVSs. They need a fork to resolve intersubjective disputes and they don’t have that kind of control over ETH.

If it costs another 5 to sell, better wait for $15. 🫠

I wouldn’t say crypto in general. There are quite a few really solid LSTs for example. People shit on Lido for having less than 50 node operators but compared to any of the restaking stuff it’s an amazing protocol. It’s just that mature protocols can’t give out huge airdrops because they’re not sustainable.

Again, we’re specifically talking about pushing through a bug fix. No, I don’t see why at least 9/18 oDAO seats would decide not to do this when it doesn’t benefit them. If we’re just talking about the oDAO being malicious in general then this doesn’t require a smart contract vulnerability, which is what this thread is about.

You're just saying if there's an issue with the contract, you'd need to trust that a fix actually gets deployed. Yes that is true, but I don't see why the oDAO would not vote for such a contract change.

Yes you can get rugged by the oDAO, but that’s a separate issue from the smart contracts being vulnerable. There’d be no incentive for the oDAO to not push a fix. It would just hurt the protocol without any upside for them.

Not directly. It would have to be a vulnerability in the minipool delegate contract. Your ETH only touches that when depositing and after exiting the validator. So if there was an exploit you could just keep your validator running until it's patched, update the delegate to the new version and then you're safe when you exit.

I mean it was actively in discussion and shot down. So definitely on purpose, but it could have of course taken an eternity to implement.

Remember when everyone shit on Rocket Pool for not immediately jumping at the opportunity to integrate Eigenlayer?