This is the official discussion thread for RPIP-83: Increase Megapool Bond Requirements. Discord discussion is in the research thread.
The original tokenomic rework vote proposed to lower the bond after a megapool’s second validator to 1.5 ETH in Saturn 2. While this further improves the efficiency of megapools and is safe with the introduction of RPIP-44, it is unclear whether the rETH demand will be sufficient to support 1.5 ETH validators immediately. The current thinking is not to lower reduced_bond until there is rETH demand that justifies it.
RPIP-83 instead proposes increasing the required node-operator bond for each megapool validator to 6 ETH. This change is motivated by the current lack of rETH demand, the desire to reach a “megapool-only” state sooner, and the goal of keeping our large node operator set intact with exits for rETH withdrawal liquidity under RPIP-71. Specifically, RPIP-83 specifies:
- Require 6 ETH per new validator in megapools.
- Allow node operators to top up their bonds to match the new 6 ETH-per-validator curve.
- Megapool rewards are used to increase the bond below the bond curve rather than being paid out directly.
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While I appreciate all the effort you put into this and recognize it could indeed allow the protocol to migrate faster when coupled with minipool penalties, I think that the burden it brings with it may not justify its benefits (penalties alone are enough imo).
If we add another validator type (or you can say, state) to the existing zoo it will require maintenance and audit work. Not sure it’s tiny. And then you’ll have to come up with another RPIP on how to migrate away from these “LEB6” once we don’t need them anymore.
Also it’ll cause more confusion for node operators.
Really sorry for opposing once again, this is purely due to my ignorance and/or deep care for my bags.
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I certainly understand people seeing this idea and giving it the side eye at first. 16 ETH to LEBs to 4 ETH megaVals with the hope of even lower 1.5 ETH bonds, then holding off on the 1.5 ETH for Saturn 2 and suggesting going up to 6 ETH. It can feel like chasing our own tail. However, I think it is more correct to consider this appropriate fine tuning as we catch up to current ecosystem realities.
I am generally in favor of this idea. I think it’s good for migrations which right now is one of our highest priorities. With 6 ETH bonds, we can migrate more NOs with less rETH minting.
My biggest concern has been how this would slow down other Saturn 2 work (forced exits, etc.) and whether this should be a Saturn 3 type of thing or whatever comes after Saturn 2. I know it can’t really be Uranus 1 since these are named after rockets and not planets, but I can always dream.
Anyway, it seems the team has already looked into this in some amount of depth and doesn’t feel like it is overly burdensome for Saturn 2. I don’t speak for the team, of course, this is just my understanding and obviously something that complicates it could come up in later discussions/planning.
Count me in as a yes, let’s keep speccing this out and see where it goes.
I would also suggest that the community reflect on this idea earnestly because it might be progressing along more seriously than they realize.
2 Likes
That’s not really how this works. Megapool validators already implement the bond curve mechanism according to RPIP-42. We already have the parameters base_bond_array and reduced_bond that determine bond requirement depending on number of validators. These parameters can be changed and we have already figured out how to handle lowering bonds. After all, the original plan for Saturn 2 was to lower reduced_bond to 1.5 ETH. So LEB6 are not a new validator type or state and we will not need another RPIP to migrate away from them. As more rETH demand comes in, we will be able to lower the bond curve and this is already part of the orginal design of megapools.
No need to apologize. I expected this one to be controversial and wouldn’t be surprised if it doesn’t end up making it. I think the Saturn 2 process could benefit from more pDAO engagement, so I appreciate any comment.
Maybe this is too optimistic, but I’m hoping that by the time we get to the next upgrade after Saturn 2 we may be already looking at lowering the bond curve again. Long term and with plenty of rETH demand, the goal is still to have megapools be as efficient as possible. It’s just that with the original tokenomics rework we didn’t realize how constraint the rETH side would be and we didn’t give ourselves enough flexibility with the bond curve.