Chainlink rETH/ETH price feed
What is the work being proposed?
The core team currently funds the rETH/ETH Chainlink price feed, which publishes rETH’s on-chain market price for DeFi protocol integrations.
The feed underpins integrations including (but not limited to):
- Liquity
- Reserve Protocol
- Spark
We’ve covered the $5,000/month cost for several years. We’re now proposing to move to a co-sponsorship model, with the DAO and ecosystem partners sharing the cost.
An ecosystem partner has already agreed to co-sponsor.
Is there any related work this builds off of?
The price feed supports DeFi integrations that drive demand for rETH through utility, particularly with lending protocols.
Will the results of this project be 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?
N/A
Benefit
| Group | Benefits |
|---|---|
| Potential rETH holders | Supports utility of rETH within DeFi - such as lending or indexes. rETH is a highly integrated asset with a rich ecosystem of integrations. |
| rETH holders | Supports utility of rETH within DeFi - such as lending or indexes |
| Potential NOs | Through rETH demand this supports NO matching with protocol ETH |
| NOs | Through rETH demand this supports NO matching with protocol ETH |
| Community | Not as applicable |
| RPL holders | Growth of the protocol TVL drives voter share and thus contributes to RPL value proposition |
Which other non-RPL protocols, DAOs, projects, or individuals, would stand to benefit from this grant?
- Liquity
- Reserve Protocol
Work
Who is doing the work?
It is a service provided by Chainlink.
What is the background of the person(s) doing the work? What experience do they have with such projects in the past?
Chainlink are the most well known and experienced oracle providers in the space.
What is the breakdown of the proposed work, in terms of milestones and/or deadlines?
The proposed work is financial logistics.
How is the work being tested? Is testing included in the schedule?
N/A
How will the work be maintained after delivery?
Combined group from GMC, Core team, and ecosystem partners.
Costs
What is the proposed payment schedule for the grant? How much USD $ and over what period of time is the applicant requesting?
I would suggest a minimum term of 1 year but rolling. The current cost is $5K USD but this amount would be shared between parties. We may also work with Chainlink on that cost.
Who will directly receive the payment? (Required — the GMC can only send grants directly to a recipient address and cannot accept invoices.)
Chainlink
What alternatives or options have been considered in order to save costs for the proposed project?
The current feed is already integrated so other options are not really and option.
Have you already been compensated by the RP protocol in any way for this work?
No
Conflict of Interest
Does the person or persons proposing the grant have any conflicts of interest to disclose? (Please disclose here if you are a member of the GMC or if any member of the GMC would benefit directly financially from the grant).
None.
Will the recipient of the grant, or any protocol or project in which the recipient has a vested interest (other than Rocket Pool), benefit financially if the grant is successful?
None.