The GMC has concluded discussions and scoring for the Round 16 (August 7 - September 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 October 13, 2024 at 23:59 UTC.
General Updates
Rocketlend
Due to changes in the DAO’s roadmap resulting from Saturn 0 (RPIP-62), ramana and the GMC made the unfortunate decision to suspend the Rocketlend project. The GMC is appreciative of all of the time ramana spent on the project.
The GMC and Ramana have mutually agreed to suspend development of Rocket Lend
for grant GA132406.For context, this grant included $7,500 for work already done, a budget of
$30,625 for an audit, and up to $50,000 post-deployment based on usage. The
$7,500 has been paid out. We have agreed to not use any further grant money to
pay for an audit or for post-deployment usage of Rocket Lend, and will likely
not audit or deploy Rocket Lend in its current form.Rocket Lend was originally intended to drive value to Rocket Pool, prior to the
Saturn upgrade, primarily by removing the RPL bond requirement barrier to
creating more minipools, and by removing the incentive to exit minipools to
remain above the RPL rewards cliff. These value drivers were viable and
prominent at the time GA132406 was approved. In the meantime, however, the
Rocket Pool Protocol DAO has made plans (soon to be confirmed by vote) to
implement an upgrade, RPIP-62, which solves these issues more directly. On
reasonable timeframes for deployment of RPIP-62, assuming the vote passes, this
leaves a window too short for Rocket Lend to have a good chance of achieving
uptake and producing value to Rocket Pool as originally intended.The GMC and Ramana believe it would be inefficient for this highly skilled
community member to continue working on the project in its current form at this
time.Rocket Lend for a post-Saturn Rocket Pool may still be a valuable project to
pursue. This is currently uncertain, as is what design changes might be
needed to make it viable. Additionally, it is unclear whether the value would
accrue to Rocket Pool – and hence be appropriate for a public good funded by
the GMC – or would better be captured by Rocket Lend directly to cover its
costs. Ramana would be very happy to collaborate with any parties interested in
doing research on these topics and pursuing creation of a post-Saturn version
of Rocket Lend (assuming a promising design can be found).
- ramana
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Operation rETH
Operation rETH is underway, an initiative with the community to increase rETH demand in preparation for Saturn. A live roadmap can be followed within the channel on the GMC’s server. Currently the GMC is seeking feedback on the bounty and grant application drafts for the rETH Demand Incubator.
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GMC Year 3
In October, the process for electing a new GMC roster will begin. The expected schedule is:
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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: 4
- Total Bounty Applications: 0
- Total Retro Applications: 1
- Total Applications Transferred From Last Round: 0
- Total Amount Grants Requested: $375,000
- Total Amount Retros Requested: $5,000
- Total Amount Grants / Bounties / Retros Requested: $380,000
- Total Amount Incoming Funds This Period: $40,000
- Total Amount Reserves: $670,000
USD values calculated at the time GMC began deliberating on applications.
Awards, Average Overall Scores
| Number | Applicant | Title | Decision | Amount (USD) | Average score |
|---|---|---|---|---|---|
| GA162402 | Cyfrin | Education Courses & Marketing | Approve | $150,000.00 | 3.29 |
| GA162404 | AlphaGrowth | Growth Program | Approve | $60,000.00 | 3.56 |
| RA162401 | titey.eth | Scaling Analytics Dashboard | Approve | $5,000.00 | 3.88 |
| GA162401 | Blockworks | Rocket Pool Saturn Update Coverage | Decline | 1.72 | |
| GA162403 | Curia | Governance Analytics Dashboard | Decline | 1.13 |
Detailed Award Results
Name: Education Courses & Marketing
Proposer: Cyfrin
Type: Grant
Subcommittee: All
Link to Application: Round 16 - GMC Call for Grant Applications - Deadline is September 7 - #3 by Cyfrin
Decision: Approve
Requested Funding: $200,000
Awarded Funding: $150,000
Score: 3.29
Comments: The GMC has approved the Cyfrin application for Educational Courses at a revised amount of $150,000 during the amendment phase. After multiple discussions with Cyfrin, the GMC’s concerns were satisfactorily addressed.
Cyfrin stated content updates are typically live within four weeks at most, and they will maintain the courses with indefinite updates rather than archiving old material. Additionally, they will coordinate closely with the GMC, ensuring that content is only published when the timing aligns with Rocket Pool’s readiness, particularly to avoid premature releases that could confuse users eager to mint rETH before it’s available. Cyfrin acknowledges that an untimely release would harm both the user experience and their own developer reputation. The DeFi section of the course will contain at least six hours of content, while the infrastructure course will be even larger in scope. Cyfrin will share the course outline with the GMC for review and feedback. Once the outline is finalized, they will begin production, providing opportunities for feedback and final approval before publishing.
The GMC recognizes that marketing efforts always carry some risk of low ROI; however, aligning this initiative with the current roadmap and partnering with an established company in the space presents a strategic opportunity worth pursuing.
Pay Structure: The GMC will pay 40% upfront ($60,000) and the remaining 60% will be paid in equal monthly installments following the release of the Node Operator course ($7500/mo * 12 months)
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Name: Growth Program
Proposer: AlphaGrowth
Type: Grant
Subcommittee: All
Link to Application: Round 16 - GMC Call for Grant Applications - Deadline is September 7 - #5 by SSJ2_Spartan
Decision: Approve
Requested Funding: $80,000
Awarded Funding: $60,000
Score: 3.56
Comments: The GMC has approved AlphaGrowth’s Rocket Pool Growth Program proposal, with a directive to prioritize driving rETH demand over onboarding additional node operators. The committee recognizes the value in AlphaGrowth’s capacity to operate beyond certain regulatory constraints that Grant, Maverick, and the rest of the RP core team may face, making their involvement particularly beneficial for expanding growth efforts.
The GMC has discussed a revised budget of $60,000 and a four month contract, instead of three.
Pay Structure: Four equal installments of $15,000. First month paid upon start date.
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Name: Scaling Analytics Dashboard
Proposer: titey.eth
Type: Retrospective Award
Subcommittee: All
Link to Application: Round 16 - GMC Call for Retrospective Applications - Deadline is September 7 - #2 by titey
Decision: Approve
Requested Funding: $5,000
Awarded Funding: $5,000
Score: 3.88
Comments: The GMC generally supports funding titey.eth’s Scaling Analytics Dashboard, acknowledging the quality of the dashboard work and its potential utility for the community. The dashboard provides valuable information and builds on previous work, with a view that supporting contributors like titey.eth is worthwhile for continued development in this area. Overall, the proposal is seen as a good investment for the ecosystem.
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Name: Rocket Pool Saturn Update Coverage
Proposer: Blockworks
Type: Grant
Subcommittee: All
Link to Application: Round 16 - GMC Call for Grant Applications - Deadline is September 7 - #2 by BlockworksResearch
Decision: Decline
Requested Funding: $45,000
Score: 1.72
Comments: The GMC has voted to decline the Blockworks proposal due to concerns over the high price point and limited perceived return on investment. While some members appreciate Blockworks’ reputation and content, there are doubts about the value this specific engagement would bring at this time, especially given the mistake in their rETH report and its handling. Many feel that marketing efforts should focus on organic growth and rETH-related initiatives, particularly with Saturn not yet in place. Overall, the timing and pricing do not seem favorable for this proposal.
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Name: Governance Analytics Dashboard
Proposer: Curia
Type: Grant
Subcommittee: All
Link to Application: Round 16 - GMC Call for Grant Applications - Deadline is September 7 - #4 by Curia
Decision: Decline
Requested Funding: $50,000
Score: 1.13
Comments: The GMC has voted to decline Curia’s Governance Analytics Dashboard due to its high price and perceived lack of immediate value. Many members expressed doubts about its relevance, given the unique nature of Rocket Pool’s governance system, where voting is mostly tied to node operators rather than token holders. The dashboard, while visually appealing, does not seem necessary at this time, especially as governance participation is already a challenge. Some acknowledge that it may be useful in the future, but given current priorities, the proposal is not seen as worth the $50k asking price.
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
During the amendment stage, the Cyfrin application was overturned from a “Defer” to an “Approve” with 6 “Yes”, 1 “No”, and 1 “Abstain” votes.
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The GMC is eager to see the results of these partnerships in support of the Saturn upgrade and the future growth of Rocket Pool.
Look out for the GMC’s monthly public town hall which should take place in the next couple weeks.
Join the GMC server here.