Name of Grant
Rocket Pool rETH and Megapools: An English/Korean Research Report
What is the work being proposed?
Four Pillars proposes an eight-week, USD 10,000 project to publish one original 15–20-page English research report and a complete Korean edition on Rocket Pool’s rETH, Megapool architecture and the trade-offs of decentralized Ethereum staking. Short publication summaries will be shared through our existing X and Telegram channels.
The report will explain:
- How rETH’s documented staking, exchange-rate and liquidity mechanisms affect a holder’s evaluation, including the distinction between protocol redemption routes and secondary-market liquidity.
- How Megapools change Rocket Pool’s node-operator design, capital requirements, revenue allocation and protocol governance assumptions.
- What current and proposed upgrades mean for rETH holders and node operators, clearly distinguishing implemented mechanics, ratified changes and proposals still under discussion.
- The practical trade-offs between permissionless participation, capital efficiency, operator performance, smart-contract/oracle/governance assumptions and liquidity.
The work uses public primary sources and focused original analysis. Tables and explanatory visuals, where useful, are part of the report. The Korean edition will preserve the same findings and caveats while making technical terminology accessible to Korean-speaking professional readers. The intended value is a coherent reference for evaluating Rocket Pool and rETH; no increase in deposits, token price or conversion rate is promised.
Is there any related work this builds off of?
The report builds on Rocket Pool’s official protocol documentation (official Rocket Pool protocol documentation), current RPIPs and the Saturn 2 overview (RPIP-86, Saturn 2 Upgrade). The Saturn 2 overview is an evolving informational source rather than proof that every described component is deployed. We will recheck status at research kickoff and record information dates in the report.
At milestone 1, we will review existing official explanations, community research and our own publications to define the incremental contribution. This project funds new Rocket Pool-specific analysis and bilingual synthesis; existing publications are background rather than new grant deliverables.
Funding disclosure: Four Pillars has previously received grants from dYdX, Solana and Blur, among others, as confirmed by the applicant. Prior grant dates and amounts are not included in this application. Separate applications/proposals concern Filecoin storage research (Filecoin devgrants issue 2206), Uniswap LP research, dYdX perpetual-market research, Base creator content, Zcash shielded-payments research, Lido-specific staking research and Tezos. A separate The Graph proposal has been drafted but not submitted because its grant intake is paused. A separate Solana application was submitted before it was excluded from the current application campaign. These applications/proposals are not represented as awarded grants. Four Pillars has also submitted a separate Beam grant application. These applications are not funding awards.
This Rocket Pool report is distinct from the Lido proposal: its central subject is rETH, Megapool mechanics and Rocket Pool’s upgrade/governance choices. This request funds only the Rocket Pool deliverables described here. No personnel time, invoices, source-analysis work or deliverables will be charged twice. If multiple proposals are funded, kickoff dates will be staggered to fit confirmed staffing capacity.
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?
Yes. All original text, translations, tables and explanatory visuals created with this grant will be freely accessible under Creative Commons Attribution 4.0 (CC BY 4.0): Creative Commons Attribution 4.0 International.
Existing Four Pillars publications and third-party material retain their existing rights and will be cited or used only as their terms permit. They are not relicensed through this grant.
Benefit
| Group | Benefits |
|---|---|
| Potential rETH holders | A source-linked account of rETH mechanics, liquidity/redemption considerations and trade-offs supports an informed assessment of whether and how rETH fits their needs. |
| rETH holders | Clear distinctions between current mechanics and proposed changes help holders assess liquidity, protocol assumptions and the relevance of upgrades. |
| Potential NOs | A high-level explanation of Megapool design, capital requirements, commissions and operator responsibilities helps prospective operators understand the model before pursuing official setup guides. |
| NOs | A consolidated reference connects operator-side design changes with rETH-holder and governance implications; it complements official operating documentation. |
| Community | Freely accessible English and Korean analysis gives community members a shared, cited reference for discussing Rocket Pool’s design and current roadmap. |
| RPL holders | Analysis of protocol economics and governance choices can clarify the relationship between Rocket Pool design and RPL-related incentives without making price claims. |
Which other non-RPL protocols, DAOs, projects, or individuals, would stand to benefit from this grant?
Ethereum staking participants, Korean-speaking institutional analysts and product/research teams may benefit from a public, source-linked explanation of decentralized staking choices. The primary funded subject and intended ecosystem beneficiary are Rocket Pool. Wider readers can reuse original CC BY 4.0 material with attribution; no separate deliverable for another protocol is included.
Work
Who is doing the work?
Steve Kim (Namwoong Kim), co-founder and CEO of Four Pillars, will lead the project and serve as the grant contact. He is responsible for scope, source selection, research/editorial quality, grant communication and final delivery.
Supporting research, Korean translation/editing and internal factual review will be assigned before kickoff. Four Pillars’ public roster documents organizational capacity; it does not imply that every listed colleague has accepted this project: Four Pillars official team page.
Public contact: [email protected]
Telegram: @FP_Steve
Steve’s public research profile: Steve Kim’s public Four Pillars researcher profile
What is the background of the person(s) doing the work? What experience do they have with such projects in the past?
Four Pillars combines protocol analysis, institutional research, data engineering and validator-infrastructure expertise, publishing blockchain research in English and Korean. Steve Kim is the organization’s co-founder and CEO. Our existing English/Korean publication process provides a practical basis for delivering the proposed report.
Verified portfolio:
- Research: https://research.4pillars.io/en
- Steve Kim: Steve Kim’s public Four Pillars researcher profile
- Team: Four Pillars official team page
- Korean Blockchain Guidebook for Institutions 2026, prepared with Pantera Capital: https://research.4pillars.io/en/research/korean-blockchain-guidebook-for-institutions-2026
As observed on 4 October 2026, the company X profiles displayed 17.6K English followers (rounded) and 4,629 Korean followers; the Telegram channels displayed 1,874 English subscribers and 3,115 Korean subscribers. These audiences can overlap and do not establish unique readership or guaranteed views. Distribution uses the existing company channels:
X: @FourPillarsFP
X: @FourPillarsKR
Telegram: @FourPillarsGlobal
Telegram: @FourPillarsFP
What is the breakdown of the proposed work, in terms of milestones and/or deadlines?
The eight-week period begins at the agreed kickoff after funding/terms are agreed and internal assignments are confirmed.
Weeks 1–2 / M1 — USD 2,000 after acceptance: finalize the annotated outline, public-source framework, comparison criteria and incremental contribution.
Weeks 3–5 / M2 — USD 4,000 after acceptance: conduct Rocket Pool-specific analysis and deliver the complete 15–20-page English draft with citations, information dates and limitations.
Weeks 6–7: perform internal factual/editorial checks, resolve material review comments and prepare the full Korean translation.
Week 8 / M3 — USD 4,000 after acceptance: publish final English and Korean versions, issue brief summaries through the existing company X/Telegram channels and post the completion update.
Progress will be reported publicly at least monthly and at milestone delivery. Draft links can be supplied to the GMC for acceptance review; final links will be public.
How is the work being tested? Is testing included in the schedule?
Report quality control is included in weeks 1–2 and 6–7. We will check material factual claims against primary sources, distinguish deployment status from proposed changes, check calculations if any are used, and verify English/Korean consistency. Any quantitative figure will include its source and observation date. Material evidence gaps will be identified rather than filled with assumptions.
The GMC will receive milestone artifacts for review, and material factual comments will be addressed before final publication. This is document review within the report-production process; no product testing or field research is part of the funded scope.
How will the work be maintained after delivery?
The report will be published as a dated research reference and remain accessible on Four Pillars’ existing publication infrastructure. Corrections to factual or translation errors will follow our normal publishing process. Future protocol developments will be identified as outside the report’s information cutoff; there is no ongoing monitoring service or recurring operational budget in this request.
Costs
What is the acceptance criteria?
Acceptance is based on inspectable publication artifacts:
- M1: an annotated Rocket Pool-specific outline and public-source framework, including clear separation from existing work and other grant proposals.
- M2: one complete original English draft of 15–20 substantive pages covering rETH, Megapools, decentralized-staking trade-offs and clearly labeled upgrade status.
- M3: the final English report and full Korean edition, with source references, information dates, limitations and CC BY 4.0 notices for original funded material.
- Brief publication-summary links from the existing company X/Telegram channels and a public completion update with actual expenditure.
- A short account of material factual/editorial revisions.
The report should improve readers’ ability to understand and evaluate the protocol. Approval is not tied to a guaranteed audience count, token price or increase in rETH deposits.
What is the proposed payment schedule for the grant? How much USD $ and over what period of time is the applicant requesting?
USD 10,000 total over eight weeks, paid only after acceptance of the corresponding milestone:
- M1, end of week 2: USD 2,000 equivalent.
- M2, end of week 5: USD 4,000 equivalent.
- M3, end of week 8: USD 4,000 equivalent.
No upfront payment is requested. Disbursement asset and conversion treatment will follow the terms agreed with the GMC.
Itemized proposed budget:
| Item | USD |
|---|---|
| Rocket Pool research, analysis and English drafting | 6,000 |
| Full Korean translation and editing | 2,500 |
| Internal factual and editorial review | 800 |
| Report layout, publication and short distribution summaries | 500 |
| Research and publication tools | 200 |
| Total | 10,000 |
These are proposed project allocations, not established corporate salary/hourly rates or a statement of the program’s funding entitlement. The project will report actual expenditure and will not duplicate charges across grants.
Who will directly receive the payment? (Required — the GMC can only send grants directly to a recipient address and cannot accept invoices.)
Grant recipient: Four Pillars (grant applicant; contact Steve Kim)
Ethereum receiving address: 0x94B1a533d927eC4c608890341Ef6a6846A9e5c04
The applicant has designated this receiving address for the grant. We understand that the GMC sends grants directly to a recipient address and cannot accept invoices.
How will the GMC verify that the work delivered matches the proposed cadence?
At each milestone we will post a brief status update and provide the outline/source framework, complete English draft, or final bilingual publication links, as applicable. The GMC can compare those artifacts with the agreed outline, page scope, milestone dates and acceptance criteria.
The final update will include report links, license notices, links to the normal publication summaries, completion status and actual expenditure. Report distribution can be evidenced by links; follower counts are contextual audience evidence rather than performance guarantees.
What alternatives or options have been considered in order to save costs for the proposed project?
The proposal uses a single focused report, a complete translation and existing publication/distribution channels. Public primary sources and existing company publishing infrastructure keep acquisition and publication costs modest. Source review, internal editorial checks and translation share one controlled report outline, while each funded task is allocated once.
The grant pays for incremental Rocket Pool-specific research and publication. Existing articles are not billed as new work, and the budget contains no recurring service, event or software-infrastructure allocation.
Have you already been compensated by the RP protocol in any way for this work?
No. The applicant confirms that Four Pillars has not received prior Rocket Pool compensation, paid contracts or grants for this work.
The separate prior grants from dYdX, Solana and Blur disclosed above are not being represented as Rocket Pool compensation.
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).
Four Pillars is a commercial research organization and would be paid for delivering this report. Prior non-Rocket Pool grants and separate grant applications/proposals are disclosed above.
The applicant confirms no relevant conflict of interest, GMC membership or financial relationship, or GMC member’s direct financial benefit from this proposal.
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?
The confirmed grant recipient will receive compensation for accepted work. Four Pillars may also receive the ordinary reputational benefit of publishing research.
The applicant confirms no other relevant financial interests or benefits involving non-Rocket Pool protocols or projects to disclose beyond the grant compensation and ordinary publishing benefit noted above. General public benefit to Ethereum staking readers is not a claim that another protocol will receive a grant-funded service or financial allocation.