Name of Retrospective Award
Staking ETH with Rocket Pool Organization and Outreach
Who is the proposed retrospective award recipient?
Dr Doofus
What specific project or work is the retrospective award in recognition of? Please detail what the project or work entailed and the duration over which it took place.
SEWRPOO was run over the first roughly six months of 2023. It was an initiative developed by Dr Doofus to generate rETH minting that involved volunteers searching out DAOs and convincing them to mint rETH with their treasury funds. Dr Doofus coordinated, organized and aided in searches/communications with DAOs.
The initiative was just taking off with two successful deals, one with Nexus Mutual for 14100 rETH (via uisce) and one with NounsDAO for 500 rETH (via LFO and Waq). The NounsDAO was about to mint another 7000 rETH when they ran into some issues and that minting never came about.
SEWRPOO took a significant amount of time as it involved going through many forums trying to connect with the community and explain the importance of LST diversification. Most of these DAOs had already been approached by Lido. It also took significant time to keep the RP community involved.
The initiative was not only successful, but would have lead to more rETH minting as there were deals in the pipeline. However, at that time, the deposit pool maxed out and it was no longer a good look to push rETH when the treasuries would have to buy on a premium on the open market. SEWRPOO then went into hibernation.
Its child, STAR, has been born from the dead body of SEWRPOO and this retro is not so much for Dr Doofus (although he will get the funds), it is for SEWRPOO. As an acknowledgement of its value and success.
Are the subjects of this award entirely open source (MIT, GPL, Apache, CC BY license or similar)? If not, which parts will not be, why, and under what license will they be published?
Not really applicable
Benefit
<please enter N/A where appropriate>
| Group | Benefits |
|---|---|
| Potential rETH holders | How did the project or work for which the retrospective award would be given help people looking to stake ETH for rETH? |
| This taught them the reasons to stake ETH, what it would gain them and how they should go about doing it from start to finish. | |
| rETH holders | How did the project or work for which the retrospective award would be given help rETH holders? |
| More rETH out there is potential for rETH liquidity in other DeFI. I don’t know that that actually happened in these cases, though, I suppose. | |
| Potential NOs | How did the project or work for which the retrospective award would be given help people looking to run a Rocket Pool node for the first time? |
| The staked ETH is what gives more NOs the power to NO. | |
| NOs | How did the project or work for which the retrospective award would be given help people already running a Rocket Pool node? |
| Hmm. N/A, I suppose, except second order effects like smoother smoothing pool, etc., since more NOs. | |
| Community | How did the project or work for which the retrospective award would be given how does this help the Rocket Pool community? |
| rETH minting is the main reason RP is here. This benefits the entire RP protocol, all tokens, but more importantly, this was one of the first big initiatives that taught the community that they could be a regular person and get directly involved in helping the protocol succeed. | |
| RPL holders | How did the project or work for which the retrospective award would be given how does this help RPL holders? |
| Created more opportunities to stake RPL since more minipools could be created with more rETH available. |
Costs
How much USD $ is the applicant requesting be awarded to the recipient?
No great way to estimate, but I’ll use the current rewards system for STAR and try to minimize the amounts. For example, this will be worth less money the more deals we assume STAR will make, so I estimate all rewards from STAR will only come from two deals.
Total minted from SEWRPOO (rough rounding):
14600 rETH (14100 Nexus Mutual + 518 Nouns DAO)
Estimate of admin rewards for STAR assuming all rewards are captured:
$8k for $200k rewards.
Assuming two deals for all the rewards, the $200,000 rewards would result from 110k rETH minted (0.1% in USD for the first 10k rETH minted + 0.05% after that).
Scaling that ratio to the 14.6k rETH from SEWRPOO => $1061
Conflict of Interest
Does the person or persons requesting the retrospective award have any conflicts of interest to disclose? (Please disclose here if you are a member of the GMC or if you have nominated a member of the GMC for this retrospective award).
I am on the GMC