This page reproduces proposal text and published results preserved from Snapshot. It reflects the archive capture below.
Archive capture completed:
Published voting information
State at capture
closed
Voting type
basic
Created
2023-11-03 03:56:39 UTC
Voting opened
2023-11-03 03:56:38 UTC
Voting closed
2023-11-17 03:56:38 UTC
Snapshot block
18488988
Participation score
14546.029909655077
Published quorum
7365.19476
Quorum type
default
Recorded ballots
350
Published choice scores
Choice
Score
For
13215.428537096974
Against
272.0995691720167
Abstain
1058.5018033860863
Preserved proposal text
Original text, including Markdown notation. Linked content is not reproduced here.
This vote aims to align RPL reward spend with rETH capacity created.
### Summary
- RPL rewards will scale differently, with a focus on aligning RPL rewards with supplying rETH
- It will be possible to withdraw down to 15% borrowed ETH (this threshold is currently 150% of bonded ETH)
- We will transition to the new states over time (some implementation time, six reward periods of ramping, and fully implementing the withdrawal changes will need a smart contract release)
- Withdrawing will become a 2-step process where RPL is set to "withdrawing" for 28 days before it can be withdrawn
### Rationale
The goal is to align the DAO's spending on RPL rewards with the DAO's goals. In particular, we'll continue to send 70% of inflation to Node Operators, but better align it far more with the amount of minted rETH.
_Please_ read the Intro document's [context section](https://github.com/Valdorff/rp-thoughts/tree/main/rpl_staking#context) for a visual representation of spending before and after this change.
### Outcomes if vote passes
- RPL rewards will scale differently
- Adding a minipool will increase RPL rewards (even if you already had enough staked RPL)
- Converting an EB16 to two LEB8s will increase rewards (even if you already had enough staked RPL)
- You will still need staked RPL value of ≥10% borrowed ETH to get RPL rewards [unchanged]
- Staking more RPL will mean more rewards [unchanged], though now without a maximum (note that marginal APR gets lower and lower as more is staked)
- Beyond 15% borrowed ETH, additional rewards go up slower and slower
- The rewards changes will be phased in slowly over 6 months
- It will be possible to withdraw down to 15% borrowed ETH
- RPL withdrawal will become a 2-step process
- Set X RPL to "withdrawing"; these RPL are no longer eligible for rewards or voting
- After 28 days, the RPL may be withdrawn
- The new rules will be partially phased in over time, and then fully implemented with the next smart contract release
- Note that this will apply to all withdrawals, even ones that would currently be instant
- Note that this will not apply to claiming rewards, as that isn't a withdrawal
- Once the 2-step process is implemented, the current "28-day withdrawal lock when you stake RPL" will be removed
- These changes will apply equally to both existing and new NOs
### Context
- Intro document [live on Val's rp-thoughts repo](https://github.com/Valdorff/rp-thoughts/tree/main/rpl_staking) or [archived printout in RPIP repo](https://github.com/rocket-pool/RPIPs/blob/main/assets/rpip-30/rpl_staking_readme.pdf)
- [Forum thread](https://dao.rocketpool.net/t/rpl-staking-rework-proposal/2090)
- [Full RPIP](https://github.com/rocket-pool/RPIPs/blob/main/RPIPs/RPIP-30.md)
- [Deep dive links](https://github.com/Valdorff/rp-thoughts/tree/main/rpl_staking#what-else-has-been-looked-at-around-this-proposal) (a section within the intro document)