• General

  • Request for Comment: Stake 5% of Olympus DAO’s Eth reserves in Rocket Pool

millunare Chiming to emphasize that rETH liquidity will be a nonissue soon. Wouldn’t be surprised if momentum builds by the time this proposal (if we get the opportunity) becomes official (incentives/options are being evaluated as I type). We will incorporate liquidity plan/recent steps in proposal to make this more clear.

If anything the current lack of liquidity is indicative of the strength/commitment of our current user base. The flow of ETH into the protocol - supporting nearly 500 minipools - is by people who have no plans to sell; they are in it for the long term.

That said, liquidity is understood as important, and will be addressed soon @letters said - it’s all just getting going!

    Smart investors never put more than 1% of capital into any 1 investment so, 5% is a no-go from my perspective. I'm struggling to understand your statement about nodes in 55 timezones. Is there really a place on this planet that sets their clocks 4 minutes and 12 seconds behind those that live just east of their timezone? The Alchemix integration has piqued my interest.

      IceKohl first of all, warren buffet suggests that if you have more than 6 investments then you're too unfocused, so I dont know where you're getting this rule from.

      second, it's not 5% of the treasury balance, it's 5% of the eth reserves we're talking about here

        IceKohl When Rocket Pool node operators register with the network, they may opt to disclose their timezone. The network uses the TZ database to define an operator’s time zone, and in the TZ database there are 500+ time zones. https://en.m.wikipedia.org/wiki/Tz_database

        I understand the confusion; most people (me included) typically define time zones with respect to the prime meridian. But, many computer systems leverage this TZ database, and it defines a time zone as any national region where local clocks have all agreed since 1970. This definition concerns itself first with geographic areas which have had consistent local clocks.

          IceKohl When you consider that some areas of the US respect daylight savings time and some don't, computers need some way to represent that. For example, some counties in Indiana in the US doesn't respect daylight savings time. So from a computer perspective, even though indiana is in the Eastern time zone, you'd want a different time zone than Eastern for those Indiana counties, so that computers know the correct way to keep time in those counties.

          That's just one example out of countless examples. time zones are very, very, very complicated. If you're interested, check out https://www.zainrizvi.io/blog/falsehoods-programmers-believe-about-time-zones/

            Voting in favour, rETH has been heavily audited and bears very low smart contract risk; a decentralized yield bearing derivative of native ETH.

            I strongly support this. Laid out very well.

            Thanks for writing this up. I strongly support rEth's integration

            5 days later

            This is a no brainer! About to spin up my own rocketpool node as well. Very exciting project, my favorite eth staking project by far.

            100% great idea.

            In addition to restricting it to 5% of the Olympus ETH reserves, should we also restrict it to a maximum percentage of the rETH supply? We've avoided, in other cases, owning too much of a token's supply.

              sirsean I don't think there is really a good reason to do this with rETH, it can be arbitraged through the contract and there's no governance power so I don't see any negative effects of holding a large % of supply

                letters This seems like a great idea to me. Relatively low percentage of Eth (could start lower if there are concerns). Unfortunately, I don’t know enough about what our eth reserves are currently doing and have no direct experience with rocket pool. Assuming our reserves can’t be put to better use (risk-adjusted), I think it is a great idea worthy or consideration. Thanks for proposing.

                  Instead of paying node operators their 10% fee, why don't we collect that ourselves and run nodes. The barrier to entry seems to be 16 ETH & running the nodes. Perhaps it would be best to setup a team to be in charge of this?

                  Pros:

                  1. Additional ETH Yield
                  2. RPL Rewards
                  3. Olympus Actively contributes to further decentralizing ETH.

                  Cons:

                  1. We'd require physical infrastructure
                  2. We'd require Manpower
                  3. May be a major custody concern

                    letters Love it. Very thorough and articulate proposal. I'm a big fan of Rocketpool. They have been designing and building this product for many years, with the highest standards of permissionlessness, decentralization, and security. It's my understanding that rETH is a very safe asset from a technical perspective. I have a ton of respect for the Rocketpool team and community. I'm 100% in support of this proposal.

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