The GMC has concluded discussions and scoring for the Round 17 (September 7 - October 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 November 8, 2024 at 23:59 UTC.
General Updates
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.
You can submit ideas here.
You can apply to be a reviewer here.
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GMC Year 3
Round 17 marks the last official award round for the round 2 roster. Both the nominations and nominee statement phases have ended. You can view the nomination thread here.
The remaining schedule is:
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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.
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Partnerships Underway
The GMC has began planning out course content with Cyfrin. AlphaGrowth has began business development for rETH demand.
Current GMC Roster
- Ken
- Waq
- dondo
- rplmaxi
- rocknet
- LFO
- epineph
- Dr Doofus
- Destroyaaa
Application Breakdown
- Total Grant Applications: 4
- Total Bounty Applications: 1
- Total Retro Applications: 4
- Total Applications Transferred From Last Round: 0
- Total Amount Grants Requested: $234,100
- Total Amount Bounties Requested: $10,000
- Total Amount Retros Requested: $7,500
- Total Amount Grants / Bounties / Retros Requested: $251,600
- Total Amount Incoming Funds This Period: $45,000
- Total Amount Reserves: $633,000
USD values calculated at the time GMC began deliberating on applications.
Awards, Average Overall Scores
| Number | Applicant | Title | Decision | Amount (USD) | Average score |
|---|---|---|---|---|---|
| GA172401 | ShfRyn | rETH Growth Incubator Review | Approve | $5,000.00 | 5 |
| BA172401 | ShfRyn | rETH Growth Incubator | Approve | $10,000.00 | 5 |
| RA172401 | ramana | rETH Slippage for IMC | Approve | $1,000.00 | 4.57 |
| GA172403 | signalxu | RocketFi | Approve | $4,100.00 | 2.67 |
| RA172403 | sckuzzle | Historical Staking Snapshots | Approve | $500.00 | 4.43 |
| RA172402 | sckuzzle | NO Behavior Trends | Approve | $4,000.00 | 4.29 |
| GA172404 | halo | RPIP-62 Tokenomics Rework Prelude | Approve | $75,000.00 | 4.6 |
| GA172402 | trooper | RP Explorer | Defer w/ Future Consideration | $150,000.00 | 2.67 |
| RA172404 | limes.eth | rETH Integration in WannaBet | Decline | $2,000.00 | 2 |
Detailed Award Results
Name: rETH Growth Incubator Review
Proposer: ShfRyn
Type: Grant
Subcommittee: All
Link to Application: Round 17 - GMC Call for Grant Applications - Deadline is October 7 - #3 by ShfRyn
Decision: Approve
Requested Funding: $5,000
Awarded Funding: $5,000
Score: 5
Comments: The proposal has received strong support from the GMC, with unanimous agreement on its value and relevance to current and future initiatives, particularly in relation to rETH. Based on similar successful efforts in the past, it is anticipated to provide more than 5,000 USD in value. The initiative’s timing is well-aligned with community needs, and early action is encouraged to mitigate the rETH supply constraints.
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Name: rETH Growth Incubator
Proposer: ShfRyn
Type: Bounty
Subcommittee: All
Link to Application: Round 17 - GMC Call for Grant Applications - Deadline is October 7 - #3 by ShfRyn
Decision: Approve
Requested Funding: $10,000
Awarded Funding: $10,000
Score: 5
Comments: The GMC has unanimously approved the rETH Growth Incubator initiative, which is modeled after a successful past effort. The timing is ideal for encouraging more people to mint rETH, especially with upcoming protocol changes like Saturn 0 and 1 potentially limiting supply. The initiative is seen as cost-effective, decentralized, and a timely opportunity to spark creativity within the community, even if groundbreaking results aren’t guaranteed.
Overall, the incubator is expected to help alleviate the rETH bottleneck and generate valuable community-driven solutions. Encouraging community involvement through this initiative is highly supported by the GMC, who view it as essential for the protocol’s growth.
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Name: rETH Slippage for IMC
Proposer: ramana
Type: Retro
Subcommittee: All
Link to Application: Round 17 - GMC Call for Retrospective Applications - Deadline is October 7 - #2 by Valdorff
Decision: Approve
Requested Funding: $1,000
Awarded Funding: $1,000
Score: 4.57
Comments: The GMC has approved the funding of this tool, which is considered a useful resource for the IMC (Incentives Management Committee). Members agree that the tool’s small cost is justified by the time savings it offers for the nine committee members, translating into substantial monthly resource savings. The proposal is also reasonably priced, community-driven, and specifically designed to help the IMC in their work.
Several members noted the potential for future expansion to other Layer 2 solutions, which would further increase its value. No significant concerns were raised, and the general consensus is that the tool is a cost-effective solution that benefits the IMC.
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Name: RocketFi
Proposer: signalxu
Type: Grant
Subcommittee: All
Link to Application: Round 17 - GMC Call for Grant Applications - Deadline is October 7 - #5 by signalxu
Decision: Approve
Requested Funding: $4,100
Awarded Funding: $4,100
Score: 2.67
Comments: Despite some initial issues with the application, the proposal’s idea and demo were well-received by the GMC. For a relatively small price, the proposed dashboard offers a cleaner, more user-friendly experience compared to existing alternatives, such as rpldefi.com. While there was minimal community feedback, members generally agree that the price is reasonable, and if this were a retroactive submission, it would likely receive funding.
A point of contention was whether the GMC should prioritize the DeFi integrations spreadsheet or this real-time dynamic dashboard. However, the dashboard’s potential for easier updates and a more interactive interface seems to make it a preferable solution.
There were some concerns regarding the security of the front end, specifically ensuring that users are directed to safe wallet connections. The GMC is requiring payment to be structured based on the project’s completion.
Acceptance Criteria: The GMC is requiring the entire project be completed before payment. They are also adding a one week stage at the end of the project where the GMC can request revisions within a reasonable scope to be completed before final project approval.
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Name: Historical Staking Snapshots
Proposer: sckuzzle
Type: Retro
Subcommittee: All
Link to Application: Round 17 - GMC Call for Retrospective Applications - Deadline is October 7 - #4 by sckuzzle
Decision: Approve
Requested Funding: $500
Awarded Funding: $500
Score: 4.43
Comments: The GMC has approved the retroactive award for this data analysis work. The data provided has been foundational for the project it was created for, and it holds potential for answering future questions. The grant is viewed as reasonably priced, delivering valuable insights and historical data that will continue to be useful for the protocol.
One member suggested combining this retroactive grant with another similar proposal, though this does not affect the approval of the current grant. Overall, the data has been recognized as beneficial and cost-effective, with no objections from the committee.
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Name: NO Behavior Trends
Proposer: sckuzzle
Type: Retro
Subcommittee: All
Link to Application: Round 17 - GMC Call for Retrospective Applications - Deadline is October 7 - #3 by sckuzzle
Decision: Approve
Requested Funding: $4,000
Awarded Funding: $4,000
Score: 4.29
Comments: The GMC has approved the retroactive award for this data collection and analysis work, recognizing its value in informing future tokenomics decisions. Although not all of its recommendations were fully implemented, the research was instrumental in guiding discussions, saving time, and providing valuable data to avoid prolonged debates without evidence.
While there were some concerns about the overall cost being slightly high, the committee generally agreed that compensating enthusiastic and productive community members is essential to continue encouraging high-quality research. Moving away from retroactive awards was suggested, but there is consensus that this research played a meaningful role, even if the protocol ultimately chose a different path.
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Name: RPIP-62 Tokenomics Rework Prelude
Proposer: haloooloolo
Type: Grant
Subcommittee: All
Link to Application: Round 17 - GMC Call for Grant Applications - Deadline is October 7 - #7 by haloooloolo
Decision: Approve
Requested Funding: $75,000
Awarded Funding: $75,000
Score: 4.6
Comments: The GMC has decided to approve the grant with an adjusted incentive structure. While there were concerns about the potential short-term impact on RPL holders and the challenges NodeSet might face, the proposal was recognized as an innovative and impactful idea that was executed quickly. The committee agrees that incentivizing validator growth remains beneficial for the protocol, even with some operational adjustments.
Originally, the incentive was tied to reaching 20,000 validators, but the GMC has decided to lower this target to 10,000 validators, paying $6 per validator, for a maximum payout of $60,000. This aligns with Waq’s suggestion and ensures the initiative remains a good deal for the protocol while acknowledging the costs involved in bringing rETH onboard more quickly. The separate payment of $15,000 for the work already done remains unchanged.
Pay Structure: Incentive has been changed to $60k for 10k validators.
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Name: RP Explorer
Proposer: trooper
Type: Grant
Subcommittee: All
Link to Application: Round 17 - GMC Call for Grant Applications - Deadline is October 7 - #4 by trooper
Decision: Defer with Future Consideration
Requested Funding: $150,000
Score: 2.67
Comments: The GMC has chosen to defer the decision regarding this proposal due to ongoing discussions with Peteris about potentially updating RocketScan. While the proposal presents a valuable idea, concerns were raised about the closed-source nature of the backend, which is viewed as a dealbreaker by several members. There is agreement that an explorer tool is necessary, but adapting RocketScan is considered a more cost-effective solution.
The GMC also questioned the high cost of the proposed work, which equates to $325,000/year for web development—seen as high for the web3 space. While the developers have expressed willingness to open-source the backend, it remains unclear why this wasn’t the default approach, leading to doubts about the pricing and the timeline.
The GMC appreciates the contribution of these developers, recognizing their efforts in pushing past a blocker that has been unresolved for two years. However, before making any final decisions, the committee prefers to explore options with Peteris first, including potentially paying him to update RocketScan. If that doesn’t materialize, negotiations with the current developers can be revisited, with the suggestion to lower the proposed cost.
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Name: rETH Integration in WannaBet
Proposer: limes.eth
Type: Retro
Subcommittee: All
Link to Application: Round 17 - GMC Call for Grant Applications - Deadline is October 7 - #6 by limes.eth
Decision: Decline
Requested Funding: $2,000
Score: 2
Comments: The GMC has decided to decline the application for this proposal, including their application for the FlatMoney builder program. While the effort is appreciated, the committee agrees that retroactively funding every protocol that uses rETH is not sustainable.
Several concerns were raised, including the limited usage of the platform, with few bets denominated in rETH and a small user base. The site appears more like a basic proof-of-concept, and the overall impact on the Rocket Pool protocol is minimal. Additionally, there is hesitation about setting a precedent of paying for rETH integrations when rETH is already a strong, decentralized product.
The GMC would like to thank the applicant for including rETH and for their FlatMoney Builder Program application.
Bounties That Need Definitions
GMC is requesting support writing a definition for the DAO Engagement Discussion bounty.
Member Participation
dondo was unable to submit their decisions and feedback.
Final Voting Stages
There were no amendments declared during the final voting stages.
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If you see a GMC member be sure to thank them for their exemplary service over the past year! We’re entering a new era for the GMC and an exciting year ahead for Rocket Pool!
Join the GMC server here.