STAR Initiative - Search, Target and Request
Leveraging the community’s knowledge and connections
Submitted as an entry for rETH Growth Incubator
Submitted by
Dr Doofus
Premise
STAR is a simple concept, but success lies in the details of execution. Individuals or groups (intermediaries) are tasked with locating DAOs, treasuries and similar interests (organizations) holding ETH and through the forums/discords/direct contacts encourage these institutions to mint rETH. In return, the intermediaries get rewards related to how far along the Path to Mint (PtM) the organizations get.
Proof of Concept
This initiative is based on the previous rETH initiative - Staking ETH with Rocket Pool Organization and Outreach (SEWRPOO) started in 2021.
History
SEWRPOO was an initiative started by Dr Doofus in 2021 to generate rETH investments in the Rocket Pool protocol. It was run from a simple google doc and through the discord on a volunteer basis. The idea was to leverage the vast knowledge and connections in the community to connect to DAOs (and other organizations) who were sitting on ETH reserves and convince them to mint rETH.
While going through these organizations’ forums, we saw many instances of Lido representatives already there and getting great success at bringing votes to the forums to move treasury funds to stETH. They were much more organized, but we did make headway and found many members of these various DAOs were sympathetic to Rocket Pool’s cause.
Results
Rocket Pool was really in its infancy (from the point of view of being established on mainnet), so we encountered some resistance from organizations that wanted more “stability”. We were also much less organized than Lido and there was some confusion about our messaging. However, we were beginning to break through.
We had success with NounsDAO and Nexus Mutual (14k ETH) and were just getting started.
Suspension
The initiative fell into disuse when the deposit pool became chronically full and we realized it was not likely to empty anytime soon or for very long. At that time, pushing to mint rETH was at odds with protocol goals as bringing organizations to Rocket Pool just to have them not able to mint reflected poorly on us. Our time was better spent elsewhere.
Details for STAR Initiative
In short, resume SEWRPOO, with improvements based on previous experience and with the addition of rewards. Individuals/groups of intermediaries will search out organizations and make or attempt to make inroads that lead to rETH minting. We want many hands feeding the machine.
Pitfalls from the previous initiative and how we can avoid them this time
Reluctant Volunteerism
Issue
Last time we relied on volunteers to do the leg work.
Thus we relied on the community motivating itself for free.
Solution
We now have a functional GMC and funds to reward any attempts on the Path to Mint.
Overlapping Endeavors
Issue
There was a non-professional vibe we gave off when multiple people reached out to the same group. In one instance we petitioned a DAO that Mav was already talking to.
Solution
Use a central source of information, like the Google Doc from last time and require its use (last time we were too informal) in order to get rewards. We will also likely rely on the GMC or a special subset of the GMC/community to be in charge of oversight (the Oversight Committee).
Content Confusion
Issue
There was some confusion last time in how we presented to some DAOs. We were still in the stage where we were pushing Rocket Pool was good because RPL was good insurance (to be fair, knoshua was arguing that wasn’t true even back then). We also had the issue that a DAO was open to hearing us and we weren’t ready with material to give them.
Solution
Use boiler plate text and get Oversight Committee approval before each step. We should have something of a standard marketing spiel with plots and numbers to spring on forums when they are willing to engage.
Spam – the bad kind
Issue
At times, too many hands were at work. It could look like brigading or cult behavior in the discords and forums. There were also times the RP contingent could appear too pushy.
Solution
Truly, I believe some of that was due to being so new and hungry/desperate. However, having official procedures about who the intermediary to the organization will be and reminding others to let them take the lead will remedy this.
Now to the rewards…
Path to Mint (rewards structure)
The key to generating community involvement will be the tiered rewards along the Path to Mint. There are, as of now, five tiers starting at identifying prospects and leading to rETH minting.
I believe we should deviate from the standard reward tiering systems in which rewards monotoically rise as tier increases. In this case I would not over reward at late tiers (except perhaps the final rETH minting) and rather reward highest at tiers 2-3 (where the organization’s voting body is engaged).
This is for a couple reasons:
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Practically - Our intermediaries can work effectively enough to get them to the forum post. It is then perhaps beyond their abilities to force a vote to pass even though they have done all they can do to that point.
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Pre-emptively - It is daunting to go from contacting a DAO to hoping the mint rETH in order for all your work to be rewarded. It might prevent people from even starting the process.
We will encourage much more outreach if the rewards happen sooner in the process.
This system is based on first hand knowledge of a corporation that wanted to increase patent applications for their employees. When bonuses were tied to submitting patents rather than being awarded the patent, patent applications went way up and resulted in more awarded patents than they had gotten by just giving bonuses for awarded patents. When people were paid for trying, more tried and more success was obtained.
Tiers
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Identify a unique organization with a treasury/funds worth reaching out to in regards to minting rETH. You can request to be the intermediary or another can be assigned.
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If you are assigned as intermediary, find the relevant contact at the organization and get information on how to proceed with requesting they mint rETH. Using the boilerplate guidance, engage their community/leadership in lead up to a vote.
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Official vote is proposed
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Vote is approved
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rETH gets minted
Rewards (first guess)
Tier 1 - 1 RPL
Tier 2 - 10 RPL
Tier 3 - 5 RPL
Tier 4 - 5 RPL
Tier 5 - 0.5% of rETH mint
At each stage, the central record must be updated and approved by the Oversight Committee.
Conclusion
Paid, tiered community outreach for rETH minting that prioritizes getting engaged in as many organizations as possible in a professional and monitored fashion.
disclaimer - everything in this proposal is subject to change
Addendum -
One of the bad things about this proposal is that it still relies on a large group of people being motivated to carry this out rather than a central authority. One of the good things, though, is that if no one does it, it costs no money.