Please discuss the appeal of the Eigenlayer Bounty vote (RPIP-38) here.
You are voting on whether or not the pDAO should decide the bounty here- not whether or not to reject it.
Sentiment Poll, as required by RPIP-4:
- I support moving to a pDAO vote.
- I do not support moving to a pDAO vote.
As Valdorff has stated here, it is pretty clear to me that the pDao gets to vote after the initial investigation, milestone 0.
I think we need to trust the GMC until they have actually shown bad faith. So, Patches, I see your argument in the other thread as not relevant here:
That would be a major trust loss if they rewrote this crucial part.
On the other hand, I do like voting and think it’s always better to vote instead of preventing a vote.
Thus, I vote to vote, I just wanted to state that I don’t distrust the GMC and think it’s actually pretty clear already.
I don’t mean to imply distrust of the GMC, I just want for the annals of RP history to be full of unimpeachable actions. I am being a stickler for process, more than anything, because following process protects us from future strife.
At any rate, I believe it’s also worth voting on simply because it’s a big decision, and I want the opinion of the pDAO on whether to even fund the research.
I think the pDAO voting after milestone 0 makes sense. By then, we’ll all have a much better understanding of whether it makes sense to continue or not.
We’d better to discuss how to manage AVSes and prevent potential slashing before integrating the Eigenlayer.
The idea of the bounty is to design it such that Node Operators would only be risking themselves by joining an AVS so that we as a DAO don’t have to whitelist every single AVS. I believe this is more in line with our permisionless ethos.
Yes, I agree with this.
What I’m trying to express is, for example, how much ETH can be involved in restaking, what the yield rate is, and how the returns are distributed. Additionally, I’m curious about whether the 8 ETH staked by node operators can be converted into rETH for participation in restaking. However, all of these aspects are governed by a protocol contract, and node operators cannot intervene.
Regarding AVS, I’m still exploring it, I’m unsure if there is a need for node operators to run AVSes and what strategies might be involved. Of course, contributions from the community on these tools are welcome.
With a proper integration, the full 8 ETH can be safely restaked, maybe minus 1.5 for guaranteed slashing protection. You cannot convert to rETH, you must stake ETH as a node operator in rocket pool. You can already restake rETH.
Node operators that run AVS will get bonus yield. There isn’t a need but there is a worry that our node operators will leave for greener pastures.
I am just about ready to release an essay that talks about this in a lot more depth.
More discussions and interest in EIL are needed. Additionally, it is necessary to gather the opinions of node operators on EIL. Therefore, I support the need to vote.
Yes, if we run AVS, it would require modifying the withdrawal credentials to point to Eigenlayer. This would mean that the 24ETH, apart from the initial 8ETH, leave for greener pastures.
So, I’m considering whether there could be another approach: Node operators could participate through rETH restaking. This entails a specific contract validating the node operator’s authorization. If met, the operator can mint corresponding rETH through this contract to engage in restaking. Importantly, the rETH token’s owner would not be the node operator. Upon withdrawal, the restaking rewards accrue to the node operator, while any surplus ETH, after burning rETH equivalent to the initial 8ETH, returns to the deposit pool.
- no slash: restaking earnings would belong to the node operator, and any surplus ETH after burning rETH and subtracting 8ETH would return to the deposit pool.
- slash: The lost ETH will be deducted from the node operator’s 8ETH or RPL.
I think you have it backwards. The 24 ETH would be reserved for Rocket Pool. The proposed bounty flow is Ethereum → Rocket Pool rETH share → Eigenlayer.
Are you suggesting node operators also mint an “LRT” for opting in?
It’s just an idea, I sketched out a flow, which could help boost the supply of rETH.
I’ve also attempted to draft a diagram based on my understanding of the solution mentioned in the bounty. Please feel free to point out any discrepancies or issues you may notice.