Rocket Pool Community Call | 10 May 2023

Transcript

thanks Matt for that introduction alrighty today we are enjoying to buy gitcoin who is being represented today by Kyle uh geek coin is the most recent member uh joining the rocketpool Oracle Dow the odao is an organized a group of organizations that are responsible with uh certain tasks that are required while the beacon chain state is currently unreadable uh and so it's their certain trust assumptions that uh like most liquid staking providers have to make as such we try to find the most reputable uh and valuable uh historic places that we can since the odao is also

incentivized for honest Behavior so without further Ado uh welcome Kyle uh can you tell us a little bit uh about yourself uh Your Role hack get coin uh and then talk a bit about what principles or ideas uh Drew you to get coin yeah sure thanks for having me um my name is Kyle I am currently the executive director of the getcoin foundation I kind of act as a steward and have the awesome opportunity of just contributing and participating on a number of our protocols and product development whether that's Bitcoin passport or aloe or allocation protocol um and Grant stack

so let's see your question What drew me to get Queen um so or maybe a fun fact Kevin owaki is one of the the founders of Bitcoin um there's there's technically three of us myself Uh Kevin owaki and Scott Moore and um I was at Twitter for a number of years and after I left Twitter I let a lot of their developer in API ecosystem work and I was catching up with Milwaukee he and I've known each other for almost a decade we've done another startup together as well wow wow yeah there was this awesome opportunity I'm like hey man like what's happening in the crypto space this was back in 2021 2020.

yeah early 2020 and he's like well I started this thing called get coin and it's been going pretty well and the thing about quadratic funding and um he definitely just sort of green pilled me at the opportunity able funding public goods but one of the things that I loved most was actually just the ethos of ethereum at the time you know this was before ultrasound money this was before that the triple happening like all these other memes that have come about and the meme at the time was very much like focused on financial sovereignty for individuals like you know what was sort of a legacy ethas money etha's triple happening etha's ultrasound money um but the thing that resonated was

really like this opportunity to help what what Bitcoin does um which is like funding public goods funding opens for software development funding like helping communities kind of really fun what matters to them and so Kevin Greenfield me which was fantastic um I actually started out having the opportunity to work with the Prismatic team like my very very first entrance into the space I got to write user documentations all of the articles on like how the slashing mechanisms work or the ones that I wrote and contributed working with um some of the folks over at the Prismatic team so went super deep on just like Beacon chain I was really excited about E2 and the merge and you know set up a solo staking node using

dap node who was just on your call like that's really good um team is fantastic and have loved their ability to just make staking approachable like pre-pre-merge and you know at pre-genesis of the beacon chain um but I think much of you know we get current focus on today is continuing to just help communities kind of fun what matters to them and you know protect the things that matter to them with our passport our identity reputation tool so um have just loved the opportunity to kind of partner with folks like rocketpool and to go through and make that impact like for Bitcoin and four other communities so very much you know

appreciative of both being here but then also uh just a partnership and you know the way that we've been able to kind of grow rocker pool and get going closer together uh I'm glad you mentioned uh all the value-driven reasons for approaching in your approach to git coin I think that's something that resonates really well with the rock and pool Community uh adapt out as you mentioned is soon going to be a supporting rockpool so uh that's going to be a huge cohort of at home stakers that'll be brought in hopefully going back to yeah Bitcoin though uh one thing you mentioned specifically was quadratic funding this idea of quadric funding um metallic I think in 2020 and 2021 put out his paper on quadratic payments and

before we jump directly into quadratic funding and sort of these more Niche and nuanced ideas of funding different types of public goods can you talk a bit about the the space of public fundraising and how Bitcoin fits into that space and then we'll talk about quadratic funding yeah sure so let's let's talk a little bit about just like Capital allocation and how that plays into grants programs and like funding mechanisms in general so you know I think everyone's familiar with one of the most common funding mechanisms in the world it's called taxes um we sort of you know pay our taxes to to quote fund the commons to fund public

goods like roads or Parks or school systems or you know a number of other um sort of welfare programs and I mean that in like a positive way not in like a negative way um and get coin's goal I think initially was to figure out how to support open source software development because we believe that that's you know a trillion dollars of value is created annually by open source software development and I can assure you especially for those on this call like we don't make a trillion dollars worth of sort of income as an open source Community Development but when you think about WordPress and Joomla and Python and like a number of these just core super core web 2 infrastructure pieces it's it's just

fantastic opportunity and so in the web 3 space we're really really fortunate that we have this ethos of like don't trust verify and in order to verify you need open source smart contracts like you need open source like d apps and things so there's this really strong conviction around like wanting to appropriately reward those who are developing apps and protocols that are open source that sort of extends your ability to Fork them to modify them to like audit them um and you know not contrast but verify and so as these communities bring up usually there's this progression of the way funding occurs um there's some sort of liquidity event sometimes someone

launches a token or they Mint new nfts or they do some way of like capturing value from some other large organization maybe they get like a larger EF Grant and they're like okay I've got this really great idea now I'm ready to build and so they might build with either bounties or issuing grants like a direct grants program and as their Community matures so let's say unisaw for example uniswap started a grants program shortly after the Dow launched and about a year after their their token lunch is whenever they started looking around being like okay communities pretty well established that there's pretty decent money coming into this how do we start to make our funding

decisions more community-led instead of like grants program or Oracle person LED and that's where qf really comes in qf is arguably the most democratic way to allocate capital now I want to sort of pause for a second that might not mean it's the best way to allocate Capital right like for those of you who remember tricky yeah this this boat that the UK decided to name all of their populations showed up and were like we want to name this new science vessel boaty mcboatface and that's what won um and the science Community like the owner of the vessels were like nah y'all like we can't do that sorry so they

named like the little the little skiff boaty mcboatface and then they named the other vessel of like the USS whatever it was but in this particular case making funding allocations that are more democratic means you're really prioritizing the voices of the many and often the poor over the rich and a few so um the next stage once you have sort of well-established quadratic funding Democratic funding these are things that help projects as they're building one of the final mechanisms that you know is popular today not at all the only is retroactive public goods funding and this is where optimism has really come in and the goal with optimism is to help prevent these sort of like

waterfall or Watershed IPO moments from having to happen teams that have built public goods have a lot of Market traction instead of quote selling out or launching a token or like raising some huge round and making their capture on VCS optimism is really sort of ambitious and saying you know we want to offer retroactive public goods funding almost in a large windfall so the folks don't have to to pursue those types of exit strategies like quote exit to community doesn't need to be a thing if there's a large sums of money that you can earn to retract the public goods funding so it really kind of completes the cycle and so Bitcoin you know we play our part we're very interested of course in quadratic funding um we love that optimism they're great

Partners um sort of do a lot of the retroactive public goods funding and you know we're focused a little bit right now on building out direct grants programs and support inside the protocols we have because most folks are kind of managing direct grants programs using Google forms or airtable or notion or some other tool and um or perhaps a bit ambitious in thinking that we could help improve that experience for folks too so hopefully that kind of help answers your question on someone like those funding mechanisms and yeah like where qf fits into that too so there's a lot of similarities philosophically and practically between uh gig coin's approach to quadratic funding and then this idea of public

goods funding uh laid into the protocol uh our voting system is based on quadratic voting scaled to RPL State uh which is all tied collateral as well as uh the Oracle Dow being selected in some degree towards rewarding protocols that have given a lot to the community like Bitcoin uh I think Bitcoin is the prime example of retroactive public goods funding trying to or rocket pool being able to do the best they can in retroactive public goods funding when we have this component of the protocol that uh for the time being has to be there one thing that is tricky about the

rocket pool implementation of quadratic voting uh is that quadratic systems can be civil attacked so with Git coin if you you try to use the the matching pool part of the quadratic process your score or your amplification uh is set by how simple resist in your profile is can you talk a little bit about why that's important towards quadratic funding yeah for sure so maybe just to make sure everyone's kind of on the same page here um a civil attack is really like one

human multiple wallets you're kind of creating fake identities or sock puppet accounts whatever you know vernacular you want to use but in this case that really erodes um sort of the implications if I'm optimizing for like a democratic system where the poor and the many have more voices a stronger voice sort of collectively than what the rich and the few have and so in this case you know without going too deep in the quadratic cloning mechanism each voice we care more about the number of voices that are voting on or funding a particular thing then we care about the money that they're actually giving or the the weight that they carry I I didn't know this about rocket pools voting that like you do

support quadratic voting I think that's fantastic it really helps kind of dampen what just the whales think and really gives a voice to you know the little woman in the community so to speak like just right all of all of us who have much less RPL to still vote and participate what's tricky about rocketpool's implementation or I think rather important rather than tricky is that there's a high Capital barrier to being a Staker and so there's a little bit of disincentive or struggle towards civil attacking uh that's tenuous yeah still not a very sound or civil resistant mechanism at all but there is a little bit there but uh how is that compared to what Bitcoin does

yeah sure so um in English we have a product called passport which is an identity and reputation aggregator and the real goal is for us to try and measure someone's unique Humanity and so I think what you talked about is like this profile score you know in inside of Bitcoin we talked about this is like your unique Humanity score how unique is your sort of actions on chain like how unique is the wallet address that you're sharing with us and the more unique that you often are um sort of the more trust the more sort of access to the kingdom like more keys to the kingdom that you get and so it's it's really this this tenuous goal of

trying to set a barrier high enough that we prevent lots of sock puppet accounts civil accounts from getting access to parts of the Kingdom that we don't want like AKA you know them directing matching cool funds but then to make sure it's not too high where we prevent perhaps someone who's brand new someone who's like only been in the space for a few months and really wants to genuinely contribute for the very first time but doesn't have that same sort of longevity so um passport lets you go through and just verify all sort of in a non-doxing an encrypted way your Twitter account and if you have an ens or if you have a PO app or if you've you know got bright ID

or preview Humana or a coinbase account or you know perhaps a Gmail account all of these different systems kind of just showcase ways that you participate with the internet more or less us like applications on the internet and then from there we go through and score those um what we call stamps or credentials in a couple different ways so there's there's waiting on this there's like a binary scoring mechanism lots of other communities integrate with passport to help kind of protect their Discord their discourse their airdrop experiences their you know you name it their different Community from civil attacks using this and communities can kind of set that threshold and we are

constantly sort of evaluating participation in our grants rounds and figuring out like okay how do we change scoring in the future like what did we learn what are the sybils doing I'll be the first to tell you despite Bitcoin having um maybe a slight lead I'll try not to be too arrogant here in like helping prevent civil attacks there was never going to be like a solution this is there's no simple bullet we're not going to solve civil attacks with any of these things um but I think one of our goals is to help communities understand where to set that threshold and at least reduce the impact that a civil uh sort of farm might have on your community while hopefully still allowing new users to

come in because we we want to make sure that only legitimate voices only unique legitimate human voices are the ones that can participate in the voting and participating in the funding strategies there I think that's uh important that you say that it's unlikely that simple resistance is ever truly solved uh in the rocket pool ecosphere uh Sybil has been floated as one of the ways in which you could reduce the collateral requirement for a node operator uh so it's sort of like how ZK math was viewed in ethereum in like 2017 it was sort of this moonshot idea that uh maybe

we get this math that scales everything in a similar vein uh if we had perfect civil resistance we could really easily scale collateral to the ecosystem but that's likely not going to happen it's not something that's practical that we can rely on so instead we have to design civil resistant mechanisms uh through things like uh potentially Bitcoin passport Integrations in the future or maybe protocols that build on top of Rocket pool like a note set could use git coin passport to as part of their sibling process process yeah totally

yeah yeah would you say something or well um I think I was gonna maybe take it deeper down the Civil rabbit hole but we don't have to do that if you know why I'll kind of follow your lead here yeah yeah I was just gonna pivot a little too another way that rocketpool and get coin have interacted over the years uh and that is Bitcoin Heath Bitcoin staked eth uh so for those who are unaware this is an index token in which you mistake your Eve and you get this token back uh which is a representation of eth with a few different liquid staking providers however a cut is automatically taken from your yield and sent to git coin

and when it's sent to bitcoin it is sent to uh the borrowing pool I believe so my question is twofold what are your thoughts on this type of partnership this ability to create passive donation yield for Bitcoin and what are your thoughts on donations to the the broad uh pool versus more direct uh Grant based donations yeah good question so a number of us first of all get Queen absolutely believes in like plurality of mechanisms and plurality of funding sources what this means is um there's another group called CLR fund who is

fantastic who's also experimenting with quadratic funding with us there's a group called giveth giveth does a lot with just crowdfunding for other public goods projects and there's a number of other folks inside the space and so one of the things that we've observed is we at times are all competing for the same pool of money like right now we have a very sort of Beady heavy focus on like how we fund public goods we'll head up coinbase or polygon or one-inch exchange or you know uniswap or whoever that is and we're like hey y'all like funding public goods is really sexy like you want to participate public goods are

good come on like come help us out and sometimes folks are like um sorry we just gave money to these other people or we just did this or we just did that and it's really got um us on the Bitcoin side focused on like this what we're calling the race to the bottom how do we get to the lowest level of mechanisms where there is like durable always-on funding for public goods that's also legitimate all right like we don't want to take dirty money or laundry money or anything like that so um the way that GTC works gtce is this awesome product by the index Co-op team we are very much appreciative for their work in really Champions and kind of

bringing this to us and saying hey look like we have some ideas for how we can help you with durable Revenue sources for funding public goods and the way you described it is is really great like they have um the index has like liquid faking tokens that's in it you usually earn a yield of around five or six percent six percent might be slightly High um and a portion of that goes to the get coin grants matching pool instead of a hundred percent of it going back to the person who's holding that liquids taking token so there's you know one way to think about this and the way that the index team kind of talked about this is if I love funding public goods but I don't quite know which public goods to

fund specifically or like vetting projects doing that research can be really really challenging just swapping my e to gtce is sort of a win-win win like I win because I'm earning yield on that eat now instead of it just sitting in my wallet um the public goods matching pool wins like get coin wins and us being able to deploy that extra yield that you're willing to give up for funding public goods and the public that's projects that other people in the getcoin community are funding are also now winning because we have sustainable Revenue sources to fund those public goods using the yield from the eat that

you lent where you're giving up a small percentage of the yield that you're earning but instead you know that you're actually funding public goods with that particular yield as well sustainable funding of uh public goods is a challenging concept and one thing I'm interested to hear your take on is how this idea of index co-ops sort of second layer attacks by funding Bitcoin how that compares to something like uh contract secured Revenue where fees within the protocol itself are built in to be directed towards public

goods there was a tweet recently by uh Hayden Christensen of uniswap where he sort of responded to a tweet by someone from the EF saying that fees shouldn't go to burn they should instead go towards public goods or various foundations and so this is a tricky topic should the protocol at the base layer support public goods or should we stick with the current system where we have the app layer git coin index Co-op teaming up and coordinating these social movements

yeah good question so um a little bit of History Uh Kevin owaki and a couple others that get coin at the time wrote in EIP um to have some of the the base fee the sequencer fees going back to funding public goods and that like mechanism design got done we got really far along and then it got killed and not implemented at the 11th Hour primarily because of the governance problem how do you decide how to allocate those public goods in a credibly neutral way that also doesn't King make someone right out of a gate and so we were very interested in

figuring out like okay like sequencer fees perhaps can go back to funding public goods perhaps part of the beacon chain there's like a percentage instead of you know the med smoothing that's happening in those proposals um that Justin Drake and team want to do like maybe that's a way to fund public goods but then we get into this like well who do we pick to decide what percentage of public goods go where and like it shouldn't really be the EF like or all eth token holders voting on that and so we've really kind of like struggled with what the governance decisions are in that particular space and I love that you brought up contract secured Revenue um for those of you who don't know contract secured Revenue um Kevin Milwaukee is at it again with a

couple other folks um EAP 6969 is yes is actually the implementation to bring contract secured Revenue to like the ethereum ecosystem and it's a thing that came from Kanto you know all the respect and love to the folks over in the cancer side for like innovating and bringing that um I think the premise of this is with contract secured Revenue you have the ability to declare which contract address you want to delegate sort of the sequencer fees to for the thing that you're deploying so now instead of the network getting access to those sequencer fees and potentially just burning them you can decide like okay I'm gonna

um declare this inside my contract which address I want those particular sequencer fees to go to instead of that being you know just burned as part of EIP um 1559 so contract secured revenue is the thing that we're exploring we love that idea like just imagine if all of us had the opportunity to collect more of those fees like this is really that race to the base layer right like we're to the bottom is how do we get to the source of where a lot of the fees accrue without being extractive like on the get coin side we hate the idea of turning on a v-switch or doing that just to fund public goods when folks are using our protocol because our already funding

public goods it's like oh man I'm getting taxed to fund public goods which is sometimes considered a tax like what are you guys doing but if there was a way for us to have contract secured revenue on all of the protocols um smart contracts that we deploy like the round contracts we deploy can be a really great way to just take the congestion of the network and maximize that so now high gas fees it's like well sure I paid 20 bucks for this particular gas via checkout but at least I know that 19.50 of it went back to the matching pool and funding public goods like that might be a much better outcome than just knowing that that got burned do you think uh it is significant that this EIP is proposing for CSR to be implemented on l2s rather than at the

base layer um at least that's my understanding of it yeah yeah no your spot on it is uh I might be speaking maybe out of turn here but I can tell you that sometimes implementing it at a layer two is like the Trojan Horse like you need to kind of prove the model and prove that like it doesn't create extreme hardship for the network as a result I also think that implementation in a layer two level offers just a lot more freedom and flexibility than what perhaps you could do at a main chain like none of us want to introduce instability to like the layer one um if processing and fees are slightly different and handled differently

whether they're optimistic or you know using ZK and snarks and stuff and that can be done in the layer two then there's a much less opportunity to provide instability in a chain based on the implementation details so um long story short I think like Layer Two implementation is really strong um as kind of a first step and then we can evaluate you know how risky might this be if we were to do this on you know the base layer at like the ethereum mainnet yeah so that's something to definitely keep your eye on the area of public goods funding is constantly evolving uh I just want to say thank you Kyle for being here as a representative of git

coin and for uh I believe you are the owner of the actual physical odow node is that right I am yeah which has been fantastic yeah like the rocket pool support folks are so amazing the Discord is fantastic like I just have so much admiration big shout out yeah for everyone in the community on your Discord and like the docs are fantastic like being able to interact with a protocol interact with the documentation has been awesome um but yeah I actually I have I have the box and we have a couple nodes running just to make sure that you know I've got a couple boxes running I should say just to make sure that like we have redundancy and um I have been watching like a hawk to make sure that like our Odell

responsibilities which kicked off about a day and a half ago were sort of running smoothly on that box and there's no problems there um but it's been been really awesome just to be able to Tinker again I'm a um I was gonna say rehabbed engineer but I think I'm actually more of like an engineer that got kicked out of the guild not necessarily one who's been rehabbed so a rogue exactly yeah it's been a lot of fun just to sort of tinker and cli's again myself and to get all that all in place even though it's been very easy so final question for you Kyle before we let you before we switch over to the rocky pool half of this call uh the Oracle Dow is currently undergoing conversation internally internally about

values about Constitution and general long-term uh Concepts so I'm curious in your perspective what are some values that you keep in mind uh in your role as Oracle Dao for rocketpool yeah feel free to keep into that vaguely or specifically as uh you like so I mean I I think you probably asked me something that I have like really strong feels on at like a super meta level but I'll try and keep it high level we have such a large opportunity as organizations to think sort of medium

and long term with other good actors in this space I really love the idea of git coin being involved in rocket pools governance being involved in sort of securing our Network and mostly just being good stewards of a fantastic sort of protocol and mechanism design so you know when when given the opportunity to participate it was it was like a heck yes like where do we sign up and how do we make this happen and you know we're working with a number of other Dows right now to figure out like how does Bitcoin get more involved in op's governance or more involved in radical governance or more involved in a sort of like down to Dow interactions

because what we're finding is like contributors come and go and sometimes I hate to say this like bag holders come and go as well and sometimes like your bag holder is like hey pump my bags and that lasts for six weeks and then they sort of move on and it's like oh like what decisions did those bag holders make while they were here and they might not be thinking about sort of long-term opportunity and so on the get coin side like we hope to fund public goods and perpetuity right like we want bag holders at a very much long-term values aligned and I think this is where getting rocketpool involved in bitcoin's governance or getting other folks involved that have like these long-term sort of like web three altruistic vision is just really really helpful for us as

as a team but also as just kind of like an ecosystem an ethereum ecosystem so um when I think about our participation like to me it really is how do we make sure that like rocket pool stands to test the time that like the protocol has the staying power um to continue to help secure the network and you know how does Bitcoin play a part in that in offering feedback guidance being a sounding board who knows what that means for the types of questions and decisions that rocketpool is facing and hopefully the rest of the Odom members can you know provide that sounding board and participate in that way too awesome well thank you for that very

thoughtful answer uh git coin as a specialist in civil resistance and funding of public goods is certainly important voice as we move on in the future of Rocket pool uh you can follow Kyle at KW at kvw and I believe the kitcoin round just ended today otherwise I would say go donate to the current bitcoin round uh any shout outs you want to give Kyle I you know just would continue to to show my appreciation for both participation and to the rocketpool community for having us um it's been really awesome just getting more involved in the rocket pool sort of Discord and team

um ship posting in some of the trading channels and stuff as well in the Discord so I appreciate you all and yeah thanks for having me thank you again Kyle uh we will now be switching over to the bi-weekly update where we cover what's going on in rocket pool in the past two weeks starting off with some stats about growth uh this is the first full bi-weekly I believe since Atlas launch and growth has been nothing short of astounding the reik supply has just passed 300 000 with around 20 growth in the past two weeks alone mini cool mini pool cow has grown uh 10 and a half

percent in just these past two weeks interestingly enough the mini pool queue has seemingly crescendoed Pete for now uh and is on The Descent we crested at a total deposit size of 99k just shy of 100 ke but are now sitting at around 62k in eth in the queue which is giving a nice boost to the re APR uh which has been partially responsible for this tremendous amount of growth so I would I would have I would have liked to have seen the 100K but I am glad that it's going down again broadly speaking how do you feel about

growth uh if I'm not mistaken we've averaged about two to three k each in uh the deposits per day uh obviously that doesn't include the mini pool half of that so total East deposited to the beacon chain has been just uh tremendous yeah Alice is definitely doing its job uh that's that's great so um yeah it's really good to see uh those deposits coming in I I never get sick of seeing that um whale animation and breaching events that uh that always cheers me up um and so yeah so those deposits are kind of coming through which is

fantastic um uh we've got you know a decent amount in the queue I think we're pretty set for when Lotto activate their withdrawals um yeah so no I think it's it's going very very well um and uh we'll see how it kind of goes over the next few weeks another interesting tidbit is that we crossed 3.2 percent of the beacon chain uh it shot up quite a bit uh I don't know the exact amounts but prior to Atlas we were in the upper twos uh an hour have increased our first digit that's why we're gonna have to stop thinking about self-limiting uh it's it's not out of the question I

think in the near future but quick question on the Queue so we noticed that the queue seems to have peaked for the time being do you expect that uh we'll see instead of the queue just consistently going down rather the queue somewhat stabilized a certain value as throughput matches uh node operator demand yeah I think it will definitely stay like that for a while I I think we were at something like 50 of the migrations of the 16th to 80s so I I would I would expect it to be the queue to be quite deep uh for for quite a while until those all get migrated

um and then I would imagine it would slip down a little bit um but it really depends I mean the the the number of 80th mini pools that we've been receiving it really has surprised me um new new ones yeah yeah I mean well yeah you know I guess I guess you know it didn't surprise me completely um but um it's certainly this many this early but then surprised me um so if that's a state of things to come then maybe uh yeah it maybe it will stay very very deep right we had we knew that there was a lot of sideline eth waiting for the AE pool specifically that weren't the

existing conversions but we really had no idea how deep that uh demand would be until Atlas hit itself so moving on to the smart node finally after who knows how long Joe has had a well-earned holiday uh I mean the smart no stack upgrade updates were going pretty crazy right up until he had this holiday so uh I hope you guys enjoyed it I believe he is now back or is he still on holiday no he's based back yeah yeah he's back yeah so yeah and it was it was good uh he um it's very very difficult to keep Joe out of Discord though so so we kept and we

kept on barking at him to like uh you know go go away it's funny he's funny he was probably having you bark at him to go away and then he would go into training and then trading would bark at him to go away [Laughter] it was good yeah he did that was very very well deserved and very clean uh otherwise I believe the smartphone has been relatively quiet except for uh the interesting bug slash oversight well I don't think I would call it call it a bug but uh the

issue that happened with the solo sticker migration and um not changing their withdrawal uh withdrawal address uh favorite recipient sorry sorry yes so he's not set their feet the years of being properly and uh as such they were accidentally stealing Mev Rewards uh this was seemingly an oversight as they didn't realize they had to uh perhaps due to an oversight in the docks or just lack of clarity but they have since rectified the issue sending that eth uh that they earned to the smoothing pool however what is the team's take on this

of course there was a message sent out uh reminding all node operators that they must set their fee recipient properly yeah so obviously the short term um for that is to make sure that the documentation is very very clear um on on kind of what's necessary and in terms of that so that we've rectified that we rectified that pretty much straight away um in terms of like the medium to long term uh we've actually got like a workshop this afternoon to talk about what that kind of what the penalty system looks like for so it's always been uh it's always been on the back of our mind that we've we're going to have to

implement this this kind of like penalty system for for the fee recipient um but we have kind of been putting off mainly just to get atlas kind of out the out the way so now what we're going to do is um we're going to kind of start workshopping the penalty system I mean this is all going to be wrapped up in like the roadmap conversations um that um so I'm going to then post something on the The Forum around like the roadmap stuff um like roadmap prioritization and that sort of thing and this week um so that we can kind of like start talking about that but we're doing a lot of internal work just to make sure that we you know we have some solutions to hand um or we can

um we can kind of you know talk about things in and discuss it in the in an informed way so that's um what we're kind of doing at the moment the penalty system for fee recipients is quite high priority um it is a kind of a gap um that we need to kind of fill um and so that's that's what we're kind of like working on this afternoon as well awesome about road work will will definitely be important to have Community feedback on I know that the team was asking for a feedback on this topic for a little while now curious how that will develop so it's definitely yeah it's definitely

a community developed and sort of sort of thing and it's not like um how we've done kind of previously where um we basically just send everyone a Gantt chart um this uh this this time um uh there's been a lot of discussion in in kind of um one of the threads under governance I think it's under Garden governance um and we what should be in there um Ken's kind of like summarize that for me so that's amazing um and so I've been going through that uh internally the team we've had kind of our own conversations about the the the the the roadmap as well and now it's basically uh putting that on the Forum uh for to get an idea of kind of priority and so that we would be asking kind of

everyone you know what what are the things that everyone cares about um and then we'll develop a priority based on based on that in a related topic to prioritization uh how have the background conversations about Odell gone uh I believe generally the topics have been related to the Constitution and also principles of the future yeah so we should be we should have some information about that very very soon um so that that's gone actually really well and so we've drafted um we've basically drafted the the documents um it's going out to the Odell the odap the idol portions going out to

the Odell first and just to make sure that um they're across um all of that stuff and also get their input on some options and that we've got in there um and then we're going to open it up to the the community as a whole as well um yeah that's kind of like the process that we've been going through but the documents are definitely the documents are drafted now um I think we've just got like one final thing and then we'll put it out to the Odell just to make sure that they're across it first and then um and then kind of put it out to the community perfect that will definitely put a pin in a lot of the conversation that's been clouding trading uh the common meme is every Tuesday we rant about to Odell

which is fairly accurate so uh glad to see that coming along is it just every Tuesday everything every Tuesday is when there's a viral tweet about it you know the weekly Crescendo right okay go check uh so on to a very bread topic very Alpha filled topic one that I've been waiting quite some time before uh and that is the first sort of confirmation that rocketpool is working on a ledger integration and uh based on looking at

the GitHub a little bit it's not just for getting re access there's a little bit more to it can you talk a bit about it or should we still remain sleuthy on GitHub for the details so no no I should be able to give you I should better give you quite a lot there's this one element of it that I I just need to confirm with Leisure um but you've been waiting for this we've been actually working on this um for a very long time so Ledger Mary a very long time like uh might have even been might have been not long after our launch or something something yeah no it was 2021 yeah there was yeah yeah

so so we've been working on it for a very long time and just just with the how how things kind of you know uh worked out we just haven't been able to kind of like either um yeah just there's a few things that kind of like um uh we had to work through in terms of uh both the you know how we were going how it was going to interact um and that sort of thing and then this last piece was this um kind of like legit it's like a C plus plus component thing you have to write to essentially enable um The Ledger to interpret um the cause and the the contract calls and until it can display the right

information or that sort of thing so um so yes so we've finally got around to doing that last that last piece and so that is um so candidate that uh last week in this week and so we've got to submit that for review um I've got to have another um chat with the um Ledger um probably it's probably gonna I'm not gonna end up being next week um because the guy I usually speak to is on holiday at the moment um but we um we can we can kind of like get that hopefully reviewed um and then yeah we'll have kind of integration um with Ledger um there's a couple of things there so it's not just staking and unstaking

although that obviously that's a that's a major thing uh staking and staking but it also kind of um this this component that we've written also supports a load of other um uh transaction types as well um so pretty much anything that you interact with the website um uh is is kind of supported through uh through ledger so that's that's the idea anyway again we need to nail that we need to kind of like connect with um Ledger and just package that all up um but that's that's the that's the plan anyway so there have been a variety of types of roadblocks over the years to this integration one of them has been uh I remember the that you and Dave came to

the IMC early on uh with a similar topic and the problem at the time was well Reef was sitting at a premium and if we had this wallet integration at the time uh we would just be opening up a bunch of users to some really bad experience uh if they were to try to suddenly either be given the notification that the deposit pool is full and come back later or potentially buy over Peg so at the time it as much as we all wanted to have something big like a potentially Ledger integration but we obviously we didn't know at the time uh we couldn't we couldn't recommend it but now the situation of course has changed with

Atlas uh the deposit pool is essentially unbounded for the time being and so uh pretty much regardless of the glow size that could come from Ledger we will still be able to give a good ux experience I'm curious how much that issue was associated with the timing of this or uh is it sort of sort of more other factors no I mean that that was that was kind of one of the largest uh issues um is the fact that um we couldn't really support we couldn't really support that um and kind of the the metamask thing happened probably at just the right time

I guess probably could be could have been a bit later a little bit yeah yeah if it was if it was if it was a little bit later um you know Atlas would have hit it hit you know pretty quickly after the integration and then um but they were they were very very keen to kind of roll it out so um so that was so you know that that was basically the experience that they would have had in Ledger you know months and months and months ago so I I think it's it's timing you know everything is timing uh really um and so uh now is a very very good time to land this um and and get it done so that that's that's kind of what Bobby prioritized it and made sure that we get we could

um uh and with the other thing we're doing is we're also having conversations with other people as well other kind of wallets and that sort of thing because obviously you know now the focus is on Irish demand a little bit um so uh so we're definitely working on those wallet Integrations um so that um we can we can drive more and more um RS demand into into the protocol you know I kind of have the feeling that this is going to go the way the centralized exchanges went you know we had the the one early major one coinbase then we had V major one uh finance and then everything followed after binance uh it would be pretty funny if we saw like a perfect mirroring of that where

we have the early big one metamask and then the big one Ledger uh it was and then suddenly everyone else follows after it would be uh pretty poetic yeah and and yeah and perfect timing I think yeah we can we can now build up that um build up those flows uh into and also I mean on the integration side that I mean that's coming up as well it's it's you know that's that's firing and because for the same same reason um and so um yeah the the interaction with uh the protocol uh is not just necessarily you know through the staking website it's a

myriad of other um kind of interfaces um and that's kind of the the goal or it has always been the goal but you know we couldn't really capitalize on it until until post Atlas so can you talk a little bit about what other features will be made available with this Ledger integration I saw something about a node withdrawal address management yeah I'll need to scroll quite far uh in the team chat to find out I think I think then I think Kane's done essentially every uh everything you can do on the website basically patches uh was pretty pretty excited by the code looking at it just because it

was in C so it was yeah set with drawer address um car stay copy out for so stake on behalf of um is also there um what else uh swap RPL version one to version two yeah the state and staking they're the ones I I know for absolute short because

I've got I've got like screenshots of the the little screens um but um yeah but anyway yeah do you have any rough ETA on when we might be seeing uh this actually roll out so we it's a bit dependent on Ledger reviewing it um they have been very very keen in the past so hopefully we'll get it reviewed um because we have to submit this code they often review it to make sure that we haven't like introduced any you know malware or anything else in the internet and then that would that would be basically I think I think that's the last I think that's the last piece we might need to do some interactions

um with ledger to talk about with like Ledger live and that sort of thing um I'll know more I'll know more next week so I can try and give a little bit more um uh bye bye the next Community core I should have a better understanding of the the timeline I mean hopefully it's it's it's just a couple of weeks um but I have to kind of like clarify that with Ledger themselves it would Ledger be separate from Ledger live are those two different things or is just one of the same uh uh I think it's well um I think it's basically this well it's not the same it's but I I how I clarify anyway Digger live is their interface

um that they kind of access our um application through um and then you have the um The Ledger device and the the kind of embedded software that's in in that to to do the um like the the screen thing so that's how I kind of like talk about it um but um yeah so we'll have to we'll have kind of have to see um once I start talking to them about that right uh we'll definitely be looking forward to that so moving on now to Integrations one that is pretty popular in the community right now is the gravita has just had uh uh actually they did not launch but they are planning they

announced their plan to support Ari upon launch gravitar is a protocol that has been born out of the community red ship just featured on uh blackwack attacks longer form podcast launch pad is heading up this protocol this protocol is based on liquidy LUSD which is a stable coin that does not have quite the same Central risks that dye has however the peg on LUSD is not as strong

one of the drawbacks as well of LUSD is the lack of uh liquid sticking token support as such gravita aims to fill in that Niche it is a liquidy friendly fork and is designed specifically to support decentralized sticking tokens so I will definitely be following this closely and I think it would be quite good for the ecosystem overall it's definitely cool to see members of our community Branch out and then create things upon the protocol this is not the first time or it's not the only protocol in which that is the case yeah many many

such cases all right this is one of the protocols of all time speaking of protocols that have built on top top of rock pool a flash stake is announcing a new campaign to support their Reef time vault so flash sake is a protocol that combines fixed income with leverage staking so what they let you do is Flash loan up and lever up your re what's also known as folding or hyper staking and then you get fixed income or a fixed portion of that leveraged position

immediately so you can start with say 10 each leverage that up to 30 eth and then withdraw a five percent yield equivalent on that 30 years right up front of course the eth is locked in the vault until such time that the yield is fully accrued however this novel uh Vault type is a new tool in D5 so definitely check that out but make sure you do your own research as this being a novel tool in D5 it definitely is risky they have actually been pretty active in our Discord so you might find them uh in

there if you have any questions blockscape announced an nft based mini pool service on top of rocketpool this one is uh pretty interesting in that it is potentially the first major competitor to all nodes blockscape is a staking as a service provider uh and I believe also a Lido node operator so they do have the professional ironically professional Suite of skills to provide strong node operation and it is good to have competition in the space so that all nodes isn't simply

a monopoly or a lazy monopolist you know that the more computation in the space the better even if we would prefer users to stake at home uh Darren any thoughts on the versioning SAS ecosystem coming up around crockerpool yeah I think it that I suspect it will kind of continue to grow um and uh I mean from from our perspective obviously you know that it helps the the protocol grow um uh we we all can continue to work on you know getting as many home stakers in that the long tail is where we come and

make sure that we are as decentralized as possible so it's definitely where a lot of the focus is on you know lowering that barrier of Entry um if I did you know these the SAS businesses do offer different um they have they have different value propositions um for different types of people so um it's it's still I mean one of the things that um uh is is kind of you know important is you know nurturing an ecosystem of these providers uh to make sure there's as many of them as possible again so that we kind of uh have a a much more kind of like decentralized way um of kind of doing things

um you know scaling horizontally rather than um just kind of vertically so yeah there's a few there's a few things there um I think the more the more the better rather than just having you know one or two big ones um it's definitely better for you know rocket boy in that sense Ray this is a topic that uh I think will be brought up in the roadmap conversations as uh making rocket pool more friendly from a contract perspective for sticking as a service providers uh was once a big topic and so whether or not the community feels that

is a major priority moving forward will be interesting of course at the moment we have uh the splitter contract for whale marriages which does a lot of the which does reduce a lot of the trust assumptions however it is a independent project and it still has its own pitfalls associated with it so in the interim having competition in the professionals taking as a service industry is definitely a net benefit Swiss staking raise the draft proposal on Commonwealth to incentivize our eat

pools on evmos this is a pretty out of left field integration here is that the cosmos ecosystem seems to be fans of our youth now this is not the first integration on Cosmos that has uh you've been yielded for our youth previously we had a cosmos team of some Finance so uh if you are a evm on Cosmos kind of guy and you have capital on Atmos and want to use Ari's there this is potentially an Avenue for you of course contract risk is the thing especially when you're using Bridges to

different chains so make sure you do your research there Darren are you surprised at all about this uh multi-chain natural expansion of Aries I mean it uh I mean whether you hold kind of Ari wherever you hold it whether it's um kind of on L1 or an L2 or kind of wherever uh it doesn't really matter I guess because you're still from a from a mechanism perspective uh there's I mean there's a there's a a few little details under the hood um around um you know how you uh get those kind of exchange rates to other chains and all

that sort of thing um but um effectively it doesn't really matter where you hold it or where you obtain it and you're still kind of staking so um so no it is interesting I to be fair I I think I've kind of more been thinking about the l2s rather than say Cosmos for example um but no I mean it makes it makes perfect sense yeah I fully Echo that especially with Aries being a fairly simple token design it just passively increases in value rather than rebasing or anything uh it makes sense that it's going to be quickly adopted across the chains where essentially it'll fill in the demand wherever people have it and

hopefully people do their due diligence and don't lose their our youth on other chains because the only canonical truly canonical art is arith on L1 so when you are using Abridged rdth asset it is uh there is some assumption there we don't currently have true l2s one day we probably will but until that day make sure you do your research so twister Finance uh speaking of l2's is a Dap on arbitrum that has recently added Arif for collateral you can borrow stable coins against them there speaking of borrowing alchemic Finance

has increased their Aries vulcap by an additional 420.69 weeks nice Alpha mix allows you to Mint Al wheat or alsd against certain collateral types they only allow yield bearing collaterals and so they pioneered this notion of self-paying loans for example if you take out an eighth loan against arith that loan over time will actually pay itself off from the accrued interest of your our eth as such people have liked using

alchemics to fold uh and leverage their re this strategy was made popular in part uh by one Reddit user logarith The Bard so if you are interested in folding your eth on one of the older lending platforms uh check out alchemics a new uh LSD entrant in the space is octo LSD this is sort of a yield farming type protocol so they are incentivizing in our East pool if you are interested in

that type of uh quote unquote degeneracy give it a try but uh make sure you do not get rubbed it has been quite a good week of Integrations as usual following from the chain link announcement one thing that is not quite mentioned on the bi-weekly but is worth mentioning is that Mark Zeller is back from vacation and has and uh pointed his intent to not only get Arif emote going uh but is also interested in seeing RPL added as collateral on Ave so while that is still

a temperature check and there are remain many hurdles to seeing that happen it's a pretty cool to think about uh the potential new strategies that one might be able to do with RPL on the largest lending platform on the market moving over now to governance two votes are currently live on Snapchat and have just reached a quorum however voting is still ongoing and if you have not voted I highly encourage you to poapps are available so go get that pull-up and make your voice heard

you're quadratically skilled vote is more important as we were talking with Kyle earlier these two votes are pretty important RP rpip19 directs the developer team to improve Oda monitoring this is just a signaling vote it's non-binding but it is important that the community is cohesively signals its intent uh to the uh Team when it can like this when the topic is acutely important RPI P20 expand is a vote to expand the IMC Charter to increase RPL Oracle

coverage uh this is a limited amount of incentives that can be used on this purpose to keep things in scope speaking from the IMC this will be used for full range V3 liquidity on the RPL with liquidity pairing it'll be a small amount of liquidity not enough for major lending services but it will increase the safety of the Oracle tremendously so that is why the IMC thinks it was worthwhile to include that change there any concerns or any comments there on

that vote the inclusion of the Oracle coverage for uh the IMC committee uh no I think I mean we've got the kind of I guess the constraint in there um in terms of you know how much can be used um uh the the the goals are kind of quite clear I mean the second second one's a little bit fuzzier but um certainly the the goal um the intent is is quite clear to um to ensure the the stability of the RPL price so um yeah I I think it's I think it's good I voted in support so yeah awesome definitely looking forward to

that and uh there are some protocols that were interested in us you adding even just 100K USD equivalent in coverage uh to the support of their internal oracles so this will definitely be a benefit to RPL integration across the ecosystem uh even though it will not be to the same degree as it is for Aries the April grants bounties and retrospective awards were announced and listed on the Forum uh this round has a number of different awardees uh of different categories and it's very exciting to see the grants boundaries

committee uh Finance the the community this round has generated a bit of controversy around some of the rewards some of the awards amounts and conversation is ongoing in the GMC public discussions chat under governance if you were an awardee and you were rejected or if your sizing fell off you I encourage you to share your opinion in a constructive manner uh in the Discord or on the Forum or in private with the GMC members it is possible that it is likely rather

that we don't have any perfect GMC structure at the moment so making revisions to it as we go is crucial to getting the best operating procedures that we can another movement within the community has been a coordination effort uh to document Outreach to large doubts and organizations uh for their support in sticking with rocketpool this sort of this initiative by I believe Dr doofus uh was kicked off after a variety of different groups had all independently started pursuing different dials for staking this

included looking for owls and a few others going towards nounsdao a group going towards Nexus mutual and I'm not sure who else but if you are interested you can just go and check out the this very list and if you want to help you can reach out to Dows that are not on that list the one that I was missing was no system thank you to this chart so yeah this is a great opportunity to help out in the community there are tons of dows out there that either have all their youth staked with Lido or just

have eat stickies eat steak or sorry eat unstaked sitting doing nothing as we get closer to light up withdrawals and now that we are past our own withdrawals it's a good time to start evangelizing the benefits of re for protocols you know we are arguably the most tail risk resilient least centralized liquid staking protocol and for decentralized organizations that can be a strong selling point do you have any takes on this community-wide effort to uh sort of reach out to these staffs oh this is what I love the rocket pool

Community they um uh they they uh you know they see they see basically a need and they they go for it and it's yeah that that's what um I mean that's why Rock report is it is such a great Community it's it's why um you know we operate like this uh dowels are I guess they're inefficient in in some ways but they're extremely efficient in others uh so um yeah it's very very good we we do operate sort of like a hive where uh once the hive has attached to a goal it can very quickly do that goal if

the hive gets pointed in that direction yeah that's right yeah it's fantastic so that summarizes this round of governance topics uh I definitely heard you if you haven't to make sure to go vote in those two Snapshot votes next up we have media and marketing and just scrolling is a wall of links as usual but we have some pretty cool uh shout outs in this section misari has done some pretty good work on the post speaking landscape uh notably with lugonodes they documented uh how

rockpool has done quite well relative to the competition Fidelity a legacy institution itself has even noted how rock equals growth has been growing uh again using the Masari information bankless on their weekly roll-up quote out a good word on the the tremendous growth Rocky pool has had since the atlas upgrade as well as doing a little bit of explanation on how the protocol works block works is another research institution that has put out some really good uh information about rocketpool in this time period

they also noted how node operators switching from solo staking earn approximately 45 more so it's pretty cool seeing block Works recognizing that the luganoids in particular was quite interesting to me because they referenced massari who in turn referenced Dr worms so there's a bit of June dashboard Inception going on there oh yeah so that's a topic of controversy uh yeah often get ripped along that route at least it was uh I suppose that um

excitation given there but also interesting as you scroll through this list um you know only in this industry can you have the likes of fidelity and Forbes um mentioned side by side with a Twitter thread by an account called poop man I gotta love it a comparable climate quality as well yeah very impressive I have to say lots of great um threads out there on rock and pull one shout out I'd like to give out is two glass nodes who does very anal or data analytics heavy research they just put out a insights in which they talk about rocketful being the best performer

among LSPs in the immediate post withdrawal aftermath other features include as you said Forbes the defiant coin Telegraph uh crypto news and War chain link put out a recent blog post uh in which they mentioned rocketpool so it's nice to to see our partnership going well there balancer also has been putting out some great Twitter threads with the aura team uh on Rocket pool noting how the partnership has managed to grow rocketpool's re liquidity uh many folds since the launch of the program

as with every bi-weekly we have our list of strange exchanges that have listed RPL if you are going to trade on these exchanges make sure you do your research as they are these are not affiliated with the Rockefeller team these exchanges have just chosen to list and allow trading of RPL somewhere oh just that we're clearly getting down to the um long tail of exchanges now but surprising that they're still kind of ticking through a few on each way weekly yeah honestly it kind of sounds like you just have two word generators one is give noun related

to currency give noun related to location or object and it just smashes things together coin Park yeah yeah but yeah maybe if there was ever a way and if it changes the receiver of time for many such cases um I do get uh confused quite often between the different uh variations of something Finance or block something or change something remember who's who block Works blockscape block tower block native block Damon

you know the list of goes on any anywho uh recent media coverage has also included uh our last Community call with Adam Bloomberg of planner Dow and then last week 10 hosted are a call with Paul Lansky of daphnode so that one is definitely want to check out if you are interested in the progress with the rocketpool death node integration do we have any events coming up in the near future we do so yeah can you hear me yes sir okay great so yeah we do have

that um list of upcoming Community calls I was just about to add another one going into June and there are a couple of panels floating around as well I've just added one um recently that's in just over a week's time uh language is going to be on a panel which looks quite interesting so we have representatives from oval alluvial agon layer and coinbase and there's going to be another panel towards the um end of the month we still have um to be confirmed on that one but it is looking likely that it's going ahead that is hosted by coing gecko so it should get a pretty good audience around the same kind of time

um but yeah definitely make sure you check out all the events in Discord shout out to coin gecko for eventually getting the right information uh on uh actually no I like you guys done pretty good it was calling market caps that took forever to correct that information right yeah yeah you're right um condica is usually very responsive and actually uh what I thought you were going to mention um wondering if someone spotted it um Queen yiko have recently added the L2 contracts for RPL so they're now available on the site which is good to see but yeah um awesome well

with that I believe that just about summarizes or sorry wraps up uh today's call today we were joined by Kyle of giggling who is one of their top ranking officers essentially uh he was one of the directors in that call we talked a bit about Kyle's journey through crypto how he got into git coin uh get coin's role in the ecosystem the the value of public goods funding and quadratic funding in particular and then we then jumped into the relationship between git coin and rocketpool uh and these macro ideas of doubted out interactions

in the second half of the call uh we were joined by language and talked about the tremendous growth Rock pool has had in these past couple of weeks uh the astonishing 20 growth in re Supply to break over 300K we celebrated Joe celebrating his own well-earned holiday uh shout out to Joe glad to have you back now we talked a little bit about the issue with a node operator accidentally stealing Meb due to incorrectly setting their fee resistance address after solo stick migration we talked at length about the much awaited for Ledger integration

you will soon be able to stake eth for arith on Ledger as well as access almost any uh in wallet command that The Rock and pull website offers so that will be a huge new demographic hopefully boosting our res demand substantially in the background the team and odao continuing working on protocol road maps and updates the integration side of things has been uh incredible gravitab protocol announced there I tend to launch with our read support gravitab being a community-based protocol uh with founder Rhett ship

flashstate announced their news campaign for an re time vault flashlight is a leveraged fixed income product built on our youth flockscape is an nft based uh staking as a staking as a service company on top of rocketpool similar to all nodes but provide some competition a cosmos-based project Swiss staking re raised a proposal to incentivize our liquidity on evmos pretty interesting but we appreciate the cosmos love twister finance a lending Market on arbitrum added res collateral as did alchemics on mainnet they increased

their cap by 420.69 weave nice in terms of governance two major votes are pending one of which is to Signal the to the developer team that the community would like improved Oda monitoring as well as a vote to expand the IMC Charter to increase RPL Oracle coverage the April grants bounties and retrospect award respective awards were made available and a coordination effort was launched documenting Outreach to Major Dao's in terms of media marketing we've had coverage from as uh Maverick put out people as dispersed as poop man and

Fidelity this past couple weeks so you can take your pick of what kind of content you are looking for from a degenerate to degenerate but in a tie some fancy Twitter space mentions are chain link who put out a thread mentioning rocket pool as well as balancer and Aura who have both shown their support uh for the pocket pool partnership a proposal was raised for Nosa staff to stake their treasury assets via re and similar proposals are being worked down in uh nouns Dao and Nexus Mutual that summarizes today's call thank you

for joining us and I look forward to seeing you all next time thank you very much Jasper thank you everybody cheers thanks everyone