Rémy and SuperPhiz go over the new Pectra staking features

Transcript

hello everyone my name is Remy um I work with the eaker team and I'm joined today by super Fizz hey super Fizz how are you doing hi Remy it's been a while it's so great to see you it's very nice to see you again um today we're going to be talking about some of the new pectra features um there's a new uh Fork coming up uh called Petra um that includes a bunch of new features for staking and I've seen you chat about this a few times on Reddit um and then there might be a few confus iions around all of these news features so we'll go around um and and see uh what's new with pectra so we've got the slides here that uh will be showing um nothing special with this one um some of the general stuff

about pectra so just like all the other Forks um pectra is another one of these protocal upgrade that are being implemented in fact uh there there have been a few uh debates about like how long pectra has been um in the work and like um like how these Forks should be happening but um you should only know that it includes a changes on the consensus side and on the execution side um called Electra and prag so pize this um combination of both and the dates for the test Nets are already planned for so if you're running nodes on Holi or sepolia you should know that you will

have to update your CLI just like all the previous Forks um and these are the dates so on hsky it will happen on February 24 and on seoa it will happen at on March 5 and then if everything goes right um it should afterwards be planned for mainnet so I'm not sure do you have any guesses on like when we'll see this on mainnet no I'm too out of the loop I don't even have I mean April but I I do I do genuinely expect it in April maybe end of March like two weeks aftera we'll see I mean there's always something yeah but this doesn't include my favorite test net ever which

is ephemer yeah that's the good one we we already passed um and implemented uh pectra on F but um that's a topic can I Shield go ahead can I Shield e for two seconds yeah go ahead it is it's my favorite thing right now uh so because I have been dreaming of the e test net probably like 5 years and I'm really appreciative that that I know you like pushed for it uh in a lot of different ways and um it's one of the things you know I dropped the ball on for and forgot about and then suddenly like Remy's like hey Emory is live um so Emory is a um ethereum test net it is just like ethereum except uh so it's

very similar to heski and sapoia except it resets every 28 days and ether is Trivial to get anybody even using your phone you can go to a simple proof of work mining interface you can get a thousand ephemer ether you can go and deposit it as a Staker on uh the ephemerate test net you can deploy contracts right now Iceland is calling is deploying uh rocket pool to Emory you can do any crazy dumb thing that you should never do on an ethereum Network on Emory and then 28 Days Later it's going to be wiped and we're going to start all over so it is I I am so deeply appreciative to of you for um and I I

don't know how deeply you involved because I've been out of the loop but I I know that it was important to you and I appreciate you for being a part of getting it over the finish line there's a lot of people involved now with Emory and I'm glad uh a lot of people join um like you being an AO parator for for the network um but yeah if you have like a simple Hello World um smart Gard track that you want to do ephory is a great place to deploy it because it'll just be wiped every few days and there's no glut so if you decide to join ephory you can sink the chain in five minutes and you're up and running none of this like waiting hours stuff it is it's instant and you're up and you're live it's awesome um let's get going with some of

the new um backra features uh that's totally fine so some of the main what if I slide if emry in every five minutes sorry that that would be quite funny actually actually uh so some of the new features that we will see with um pectra uh I guess the biggest one is the compounding validators from EIP 7251 um I believe those are the biggest changes that will um go further in uh we also have like the user triggered um exit and withdrawal from EIP 72 um more blobs um from EIP 7691 and faster deposit uh from EIP 6110 you should know that those are only

a subset of like the whole uh the whole amount of eips being included um if you want to see the whole list um there's a few reference that we can add to this video afterwards but these are the most uh staking related eips let's get uh started with can I say yeah go ahead nothing you're fine oh I was going to say there's there's two words for each of those sort of like um the first one is compounding uh and that's great everybody knows you're going to be able on whole whole whole balance withdrawals you're going to get more money uh and the second one is uh user user forced withdrawals that means that if you stake with a service

they can uh exit you and the third one being blobs which really just for stakers means that uh you're going to use more space on your hard drive like that is that's the only yeah sorry I'm done that's that's fine let's I'm an interruptor I love you let's keep going um so for compounding validators um so this is the biggest one this is the the new one you'll be able to use these new types of validators um that will have a maximum effective balance of 2048 um e so I guess the main reasoning behind um adding this new type of validator is to reduce the work of node operators and the network as a whole so instead of like

potentially running 64 um Regular validor if I can call them uh that way with 32 e each um you could run like a single one with 248 e um on it and the rewards that you will get um will be um very similar to what you would get with like the previous 64 validators with only two 32 e does that make sense yeah it's great and and and still even though the rewards are increased the penalties are still fair that was an important part of the spec that I noticed that it doesn't mean like if you have a 2048 eth validator uh and you get slashed that you're going to like lose a

ton of eth well and we shouldn't worry about slashing we should worry about missing attestations um it it's not going to be uh severe for you're not going to have missed everything on that ass testation you'll just have a a a kind of like kind penalty yes exactly and they also reduced the overall slashing penalties right so I believe it was reduced by 32x so if you get slash after Petra the amount of uh e that you will lose are going to be reduced compared to previously fear of slashing is is one of the I think one of the biggest sources of disinformation that has scared people

away from solo and home staking uh and so it's a little late but I'm glad to see them taking more teeth out of that risk exactly people are very uh scared about this but um this is usually very easy to avoid if you just are very conscious about like how you endle your validator keys and how they being run um some people were um concerned about uh this new type of validator but if you just want to keep running your old style validator you can always um run them as they were before nothing will change about this um sorry I changed it I was I was actually not going to upgrade to oxo2 until I really like actually read the spec and I'm like

because I was hesitant about it at first uh but now I'm I'm actually very excited to upgrade yeah and since I'm also running a few validators maybe I'll um consolidate them um in a single one and it'll be much easier for me to to handle them as well so to me even as a solo validator this this is very interesting um uh in terms of like how it reduces my work and how I can easily compound um my rewards and one additional thing that it's not included in this slide here is you can get rewards on like fractional validator right so similar to how you would get rewards using some kind of liquid sticking uh protocol um above one

validator meaning that you you need to have at least 32 if if for instance you you want to deposit an one additional e on this new compounding validator meaning you'll you'll get like 33 um this whole 33 e is going to work towards rewarding you um with this new type of um validator can I speak to clarify one of my my biggest misunderstandings it was one of the reasons that I was very hesitant about Max EB and that is I was not aware that you could uh deposit one ether onto your existing 32 ether validator and claim rewards for 33 ether my my initial interpretation was that

you had to deposit a whole additional validator or 32 ether or accumulate rewards up to 33 ether to get that that Max EB of 33 ether and you've helped me learn that um you can truly deposit one additional ether and get the benefit of a 33 ether validator which is is very valuable to home and solo stakers yeah this is very interesting and if you just want to naturally um let your balance increase um eventually you'll just get compounding rewards right so as you get to these additional integer increments um you'll get more rewards um that are equivalent to like fractional um

validators or like if you get to an an additional 32 um Step then you'll get like the equivalent of another validator reward so this is the the the meat of this whole pectra um work but there's a few other ones um this is the user triggered uh exit and withdrawals uh what this will enable you to do is simply exit your validator or withdraw um any amount um from your new compounding validator uh through some regular um Wallet transaction this will be mostly go ahead

um f rocket pool has been interested in this for a long time but I'm not really clear on exactly what what the benefit to a system like rocket pool is I assume that you know that so so I guess they'll be able to control um exit and and withdraw from the withdraw address right so so the withdrawal address is really the one in control of these features so if your withdrawal address is pointed to some kind of smart contract and that smart contract is controlled through some kind of like protocol or governance um anyone controlling that address will be able to perform um any kind of exit or uh withdrawal let's say for instance

um these protocol like rocket pool or Lio or any of these liquid sticking protocol they they find out that one of their node operator is badly behaving in a way that harms the token they will be able to um forcefully exit the validator in question uh through would that be a a mechanism for managing the size of the LST or would it really just be for Bad actors it could be it could be also a way to manage the size right so let's think about like let's say you have a compounding validator that has like I don't know uh 1,20 e on balance and then in in some way the the

defi um uh result of like people trading that token makes it that you you need liquidity then you'll be able to withdraw um from that compounding validator any amount um and then you you'll be able to use that e to um fill out those liquidity needs for instance okay and that has me beginning to think about automated effects of the withdrawal queue but those are those that be interesting to see in the long run yeah so similar to exit withdrawals can um can be uh performed from the withdrawal address so the withdrawal address is really the one controlling all of these features one of the thing that you have

to account for is that whenever you you withdraw any amount you have to leave at least 32 e on your validator balance uh so this is just a feature of the protocol you can't withdraw more than than to leave uh 32 e on your balance so that's pretty much it for these um new user triggered um features one other thing that will come with uh pectra is more blob so there's this need for all of these l2s to um have more uh data um provided by L1 the main net and there was this consensus where um more blobs will be

added um so I believe the the changes is that the target will go from three to six so six blob per uh block um and a Max from six to nine so up to nine block uh nine blob per blocks this uh brings me back to this bigger discussion around uh sticking requirements because this will have an impact on solo sticker mostly um since since solo stickers are often like bandwidth um restricted uh this will cause higher bandwidth requirements and you have to account for this so um there's this compromises I believe that

uh they want to provide more blobs but then you you you don't want to push um all of these solo stakers out of the protocol because of the the new bandwidth right So eventually there's a lot of discussions about bringing you uh features such as us uh which should lower uh the um Ben whff requirements in the future that really makes sense like we can't remain stagnant ethereum has been here what like nine years 10 years now and like the cost of Hardware Falls over time uh and it I know this is was a huge debate from Bitcoin back in the day and now it's you know a concern for us like

we should be willing to uh to increase hardware specs as the cost of Hardware Falls um and that's really just the like the minimum starting spec uh but that that has always been a point of contention for me because I I wanted to encourage uh more M more RAM uh and faster CPUs a few years ago and everyone was like no no we have to show that we can run on low-spec Hardware um but this is good it's it's good to move forward I think um stickers are are very tolerant about like increasing um Hardware requirements but some of thems are very restrained in terms of bandwidth so so I believe if it was possible to to like

increase uh like CPU or Ram requirements and avoid um having to increase bandwidth that would be the the ideal um but there's a few compromises there um and I have to acknowledge I I have always had a blind spot for bandwidth because I'm lucky to have bandwidth uh it's one of those things that it's you're not always thinking about it unless you're experiencing it so that's that's a good point yeah I'm I'm in the same case as you I have like great ISP um at my place and I I've never had any bandwidth issues at all so this is this is um just thinking about all of these uh stickers that uh keep telling us that like they they might be on the edge

here and the last one is a faster deposit this is a somewhat minor one but they're changing the new validator deposit mechanism uh it will reduce the delay um between when a deposit is made and when it is recognized by the beacon chain from like a few hours to a few minutes so potentially that will make uh depositing much faster um but you still have to account for the the que right so if there's a lot of people that are depositing at the same time you are uh restricted by the Que Q um which um depends on the Chun limit uh and and I can't remember um on top of my head like

what what was that limit but like like there's a maximum amount of new validators that can be added to the beacon chain um in each block validator doq validator q.com is a great place to check that yeah uh let's see current turn is uh entry is eight Epoch and exit Q is 16 per Epoch uh and right now there is no weight so uh I'm sure by the time this shows it'll be different well okay so four or six hours but that's effectively no wa so the Q yeah the queue Remains the Same but then um the time before your validator reach to queue when you do a deposit will be

reduced so that's pretty much it um if you want to learn more about this if you have any question make sure to join the eaker community um we are answering all of your staking questions 24/7 for free um so simply go to east.org or scan this QR code and uh we'll be able to help you one of my favorite things about East Staker is like anyone can go and ask any staking related question and they're going to get a a professional answer pretty much 99% of the time the first shot like there's always someone there and I can say this I'm I'm not currently

affiliated with the East ster but I always send people they're like they are a welcoming Community you're not going to get trolled if you come and ask a dumb question it is or what feels like a dumb question because they're they're very eager to welcome people into the staking community so I'm really proud that you all have uh have shaped each sticker that way and our motto is welcoming first and knowledgeable uh second so uh we try to welcome everyone who has any any kind of questions fantastic thanks for joining uh super Fizz um thanks for uh helping me with uh this quick video um it was a pleasure to see you again and a pleasure to talk to you yeah and don't forget everyone needs should check out the

ephem test net it's at .dv um and I'm sure that Remy will put a link in in the footer it is it's just a really great place to to play and and uh some of us still just like to play yes make sure to check it out um thanks for joining and have a nice day thank you so much Remy