Retrospective Award:
DAO Outreach Nexus Mutual
Who is the proposed retrospective award recipient?
Uisce
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.
After the release of Atlas with the additional capacity it afforded, I spent some time researching the treasury investment status & governance process of Nexus Mutual of which I am a long time member and have a working understanding.
I then authored a proposal to the Nexus Mutual DAO highlighting the many benefits of staking part of their capital pool with Rocketpool via rETH to generally positive reception.
Between April 24th and June 19th I worked with representatives from their investment committee and DAO governance, answered questions about the workings of Rocketpool and drafted a pair of snapshot signalling votes with appropriate wording based on feedback which were then put to the membership of the mutual.
Following the success of both these signalling votes, I moved on to writing a formal investment proposal NMPIP-197 for on-chain voting, including the calculation of suitable CoWSwap parameters for execution at an expected future rETH:ETH ratio, this was posted July 5th .
The on-chain vote passed unanimously and on July 21st Nexus Mutual staked 14400 ETH ($23.8M~), approximately 10%~ of their capital pool with Rocketpool. They are currently the 6th largest holder of rETH including liquidity pools.
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?
N/A
Benefits - enter N/A where appropriate
How did the project or work for which the retrospective award would be given help people looking to stake ETH for rETH?
While a somewhat minor benefit, the use of CoWSwap for this sizeable transaction increased their team’s attention to the minting of rETH & how routing interacted with the deposit pool, hopefully the integration will receive some additional polish and lead to better rates for swapping large amounts of rETH as a result.
How did the project or work for which the retrospective award would be given help rETH holders?
N/A
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?
As the deposit pool was mostly empty at the time, the large deposit supported the matching and launch of many new minipools, 14400 ETH is enough for 900 EB16s or 600 LEB8s.
How did the project or work for which the retrospective award would be given help people already running a Rocket Pool node?
N/A
How did the project or work for which the retrospective award would be given how does this help the Rocket Pool community?
N/A
How did the project or work for which the retrospective award would be given how does this help RPL holders?
RPL holders benefit indirectly from the growth of rETH.
As a neutral asset with a low risk profile and which actively accumulates yield, rETH is a natural candidate for being held in DAO treasuries— reaching out and participating in the governance process of suitable DAOs is an important source of growth for the protocol.
Setting the precedent that a risk aware DAO that may already hold stETH would be wise to consider diversifying their treasury by also holding rETH is also highly beneficial.
It raised awareness of the protocol through a series of positive news articles, twitter attention and other media exposure which was generated as a result of having a large DAO choose to stake such a significant amount of ETH with Rocketpool.
Additionally it was the largest ETH based CoWSwap transaction to date, having this be an exchange to rETH is quite a positive association.
Payment
How much USD $ is the applicant requesting be awarded to the recipient?
I did not track my time spent as it was a fairly spread out process over three months with back and forth discussion & bursts of activity, however it was not insignificant.
I am unsure what is an appropriate amount but I am going to suggest: 377.62 RPL ($8900~)
At a ratio of 0.0143 this is 0.0375% of the amount minted or equivalent to 75% of the 0.05% minting fee.
As a data point, when Lido introduced their referral program, they issued 15 LDO (0.000875~ea Jun 2021) per ETH minted, or a rate of 1.31%.
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).
No Conflict.