The GMC has concluded discussions and scoring for the Round 15 (July 7 - August 7) Grants/Bounties/RA Award Round.
This post also begins the fourteen-day clock during which, according to RPIP-15, “[a]nyone MAY file an RPIP disputing a grant, bounty, or retrospective award within two weeks of the announcement of recipients. Such an RPIP SHALL be subject to a snapshot vote.” Any awards not subject to such a challenge will become official on September 8, 2024 at 23:59 UTC.
General Updates
Tokenomics Grant
The GMC completed the feedback collection and compensation determination for the tokenomics retro earlier this month. The recipients were paid a total of $125,000 on August 14th.
The feedback and compensation determination process for milestone A is now underway. Contributors can be expected to be paid in September.
–
Obol Integration
The Rocket Pool team is currently reviewing an DVT integration with the Smart Node developed by Obol.
–
Treasury Sheet
A new treasury sheet was developed that tracks GMC’s funding allocations in real-time.
The GMC denied a proposal to set quarterly allocation targets in the fear that it would be too complex and hard to follow. They are discussing adopting a simpler process for spending strategy.
–
Administrator Renewal
The GMC administrator’s term was set to expire in September. The GMC voted to renew the administrator for another year and increase compensation by 7.5% bringing the monthly compensation to $5,375.
–
GMC Year 3
In October, the process for electing a new GMC roster will begin. The expected schedule is:
-
Nominations October 15, 2024 - October 22, 2024 (7 days)
A post will be created outlining the responsibilities of committee members and inviting nominations. Community members can nominate themselves or be nominated by others. I recommend that the current roster actively encourage new applicants. -
Nominee Statements October 22, 2024 - October 27 (3 days)
Nominees have 3 days following the end of the nomination period to provide an alignment, conflict, identity, and contribution statement. -
Snapshot Voting Takes Place October 28, 2024 - November 11, 2024 (14 days)
A Snapshot vote will be held. The top nine members will be elected, while the remaining nominees will serve as backups, in order of vote count, in the event of any future vacancies. A post will be made providing additional metrics on the nominees, where community members can share their feedback and opinions on each candidate. -
New GMC Roster November 11, 2024
The new members get onboarded into the GMC. There will be a intro call with new members and any available old members to share advice and experiences.
Current GMC Roster
- Ken
- Waq
- dondo
- rplmaxi
- rocknet
- LFO
- epineph
- Dr Doofus
- Destroyaaa
Application Breakdown
- Total Grant Applications: 3
- Total Bounty Applications: 1
- Total Retro Applications: 1
- Total Applications Transferred From Last Round: 0
- Total Amount Grants Requested: $31,400
- Total Amount Bounties Requested: $1,000
- Total Amount Retros Requested: $18,000
- Total Amount Grants / Bounties / Retros Requested: $50,400
- Total Amount Incoming Funds This Period: $56,000
- Total Amount Reserves: ~$950,000
USD values calculated at the time GMC began deliberating on applications.
Awards, Average Overall Scores
| Number | Applicant | Title | Decision | Amount (USD) | Average score |
|---|---|---|---|---|---|
| GA152401 | ArtDemocrat | MEV Theft and Loss Report | Approve | $15,000.00 | 4 |
| GA152403 | Pat | The Weekly Orbit | Approve | $3,900.00 | 3 |
| RA152401 | ramana | Vote Initialization & Delegation Visibility | Approve | $1,000.00 | 3.38 |
| BA152401 | epineph | Support Payments | Approve | $18,000.00 | 3.86 |
| GA152402 | BlockseBlock | Hackathon | Decline | 1.4 |
Detailed Award Results
Name: MEV Theft and Loss Report
Proposer: ArtDemocrat and ramana
Type: Grant
Subcommittee: All
Link to Application: Round 15 - GMC Call for Grant Applications - Deadline is August 7 - #2 by ArtDemocrat
Decision: Approve
Requested Funding: $15,000
Awarded Funding: $15,000
Score: 4
Comments: Given the projected growth of the protocol, MEV theft and revenue loss due to non-MEV boost usage by node operators (NOs) are concerns we may need to address. This project is crucial as it lays the foundation for a potential detection system, especially with the possibility of bringing ETH-only validators online, who may not align with Rocket Pool’s values.
The code should be added to the GMC repository. Additionally, we require base documentation sufficient for a moderately technical Rocket Pool community member to run the code and a 3-hour Q&A video to review its usage. This investment is essential for the future protection against MEV theft.
Acceptance Criteria: Published report that meets the criteria outlined in the original application. Documentation and video call with the GMC explaining how to use the code.
–
Name: The Weekly Orbit
Proposer: Pat
Type: Grant
Subcommittee: All
Link to Application: Round 15 - GMC Call for Grant Applications - Deadline is August 7 - #4 by Pat_The_Weekly_Orbit
Decision: Approve
Requested Funding: $3,900
Awarded Funding: $3,900
Score: 3
Comments: The GMC recognizes The Weekly Orbit as a valuable resource for providing a quick recap of the week’s news in Rocket Pool. The low cost makes it worth funding, despite concerns about limited viewer engagement and discussion in Discord. While the viewership metrics suggest a relatively high cost per viewer hour, the GMC views this as a legitimate community outreach and marketing expense that helps to increase Rocket Pool’s presence on social media.
However, this may be the last time the GMC funds The Weekly Orbit under the current circumstances. Clear goals, such as viewer count and engagement, will be established for future evaluations. Meeting these KPIs will be essential for any potential renewal of funding.
–
Name: Vote Initialization & Delegation
Proposer: ramana
Type: Retrospective
Subcommittee: All
Link to Application: Round 15 - GMC Call for Retrospective Applications - Deadline is August 7 - #2 by ramana
Decision: Approve
Requested Funding: $1,000
Awarded Funding: $1,000
Score: 3.38
Comments: The GMC acknowledges the value of the Vote Initialization & Delegation Texts in monitoring the transition in voting. While the cost may be slightly high, the initiative is worth supporting, especially as it aligns with the types of efforts the GMC wants to encourage. Ramana has proven to be highly reliable, and this initiative offers clear benefits, even if the direct impact on vote initialization is uncertain.
The texts have been instrumental in keeping the community informed, and many found them helpful and frequently referenced them. Though $1,000 may seem high, the GMC agrees that it’s reasonable to compensate Ramana for this important work, considering its contribution to community engagement.
–
Name: Support Payments Sept-Nov 2024
Proposer: epineph
Type: Grant
Subcommittee: All
Link to Application: Round 15 - GMC Call for Bounty Applications - Deadline is August 7 - #2 by epineph
Decision: Approve
Requested Funding: $18,000
Awarded Funding: $18,000
Score: 3.86
Comments: The GMC finds the Support Payments system to be reasonable and effective, and recommends continued funding. The system has been functioning well, providing ongoing support without evidence of misuse, and has significantly reduced the number of retrospectives that require evaluation. The GMC is pleased with the structure in place and recognizes support as one of the incremental pillars of the community.
There is interest in monitoring the trend of support usage over time, especially given recent declines in other areas. While current metrics suggest the system is working as expected, the GMC anticipates potential changes in demand over the next six months due to upcoming protocol changes. Overall, the GMC is satisfied with the current support system and supports its continuation.
–
Name: Hackathon
Proposer: BlockseBlock
Type: Grant
Subcommittee: All
Link to Application: Round 15 - GMC Call for Grant Applications - Deadline is August 7 - #3 by sahilbsb
Decision: Decline
Requested Funding: $12,500
Score: 1.4
Comments: The GMC acknowledges that a hackathon is an interesting concept, but this grant does not appear to be well-suited for a successful event. With a dedicated GMC already in place to support ideas related to Rocket Pool, expanding beyond this scope is not recommended at this time. The potential output is unclear, and there is concern that someone unfamiliar with Rocket Pool may not produce meaningful results. Additionally, the community is already effectively addressing specific problems, making further initiatives unnecessary. Given these considerations, the GMC does not see this as a strategic use of the budget. The idea may be reconsidered in the future, but it is not a priority at present.
Acceptance Criteria:
Bounties That Need Definitions
GMC is requesting support writing a definition for the DAO Engagement Discussion bounty.
Member Participation
All members were present in the discussions and submitted their decisions and feedback.
Final Voting Stages
The GMC took extra time to discuss the future value the MEV Theft and Loss Report application brings, an amendment was declared to approve the application. The amendment passed with 9 votes for “Yes”.
Look out for the GMC’s monthly public town hall which should take place in the next couple weeks. Join the GMC server here.