Celebrating Rocket Pool / Curve Liquidity Incentive Launch

Transcript

hey everyone i'm super fizz it is march 9th 2022 um i am here with the fine folks from the rocket pool trading community um and specifically jasper and so there there's some really cool stuff going on and um jasper's gonna walk us through this new curve pull um and it's gonna be great because i don't i don't do defy i'm like i'm i'm so much so obsessed with base layer like beacon chain that i don't get into d5 um but because rocket pool is something that i do support deeply i'm interested to learn more about this and

hopefully you can learn and we'll all share it together so welcome jason thank you for the intro i just want to say before we get started that a lot of this information and knowledge i've come to know has been through interacting with the lovely people in the trading discord channel definitely check it out so what is this pool where are we to set the stage when ethereum first launched it was somewhat difficult for people who weren't already in the know to participate in staking running a node is somewhat difficult especially early on and the other options for people who didn't have the technical expertise were quite limited unfortunately as time has progressed that hasn't changed a whole lot there have been more protocols and

platforms that have launched to make things easier to make things more permissionless acceptable accessible however the market hasn't caught up currently the market is dominated by centralized exchanges and permissioned up staking providers what we need to do is unfortunately find a way to drive yield towards a decentralized future that's sort of what has driven most of the stake where it's ended up it's the accessibility of yield so my goal has been to create a pool that maximizes yield while maximizing decentralization ethos and this is what i came up with with the help of many others again through the trading channel specifically shout outs

to marsu noshua and uh thomas g anyway this pool is a pairing between wrapped eath a rocky eath rocky eath being the rocket pool liquid staking token and wrapped staked lido eth these two tokens represent two of the major staking protocols in space by putting them together in a single curve pool we can lower the uh amount of ease provided on one single platform and also create a more capital efficient product so this pool is now live to read more about all that i've just said i have this one article on mirror

called one pool to rule them all uh that was so well written like it really um as i began reading it i was like aw crap this is gonna be too heady for me uh but then it you just you broke it down so well i i really i i'm not gonna claim that i i totally get how it works uh but the article is extremely well written thank you the main goal long term for this pool is to replace the the urine volt for the curve steep token essentially that wraps into a nice compact package called the y curves steve token this token is widespread throughout all of d5 as a very common collateral acid

and unfortunately because it's so common sort of like a power law thing it's re-amplified what lido's position in the space and this is a way to hopefully long term change that so i i have a little bit of a question like um i i don't know how okay so i am pro-decentralization i'm not anti-lido um correct how is someone someone had suggested this is kind of like a vampire attack against lido that that feels like maybe it's not the the ethos i'm looking for can you help me understand that i think part of the problem is that

we're in a situation where there's one market participant that has such an overwhelming share in liquid staking uh lead leidel has been steath token specifically as 90 of the market share and then all the other competing applications have between two and four in this environment any approach that tries to maximize a protocol's reach is going to end up looking a bit like a vampire because it specifically has to take away from essentially because they own the market right right so it's it's a vampire only in the sense that there's only one person where you can really pull from okay that makes ourselves yeah and long term i believe there's a good reason to expand i also make the argument that this is a short-term thing

eventually we want to expand the basket we want to make it more inclusive for other protocols who are diverse it's like long-term i don't want our event's teeth to be the only things in the pool but they they are right now the the liquid staking tokens um i think there's what about um stake wise's token how would how does that how does that fly right why why do i privilege rocket eth instead of the other tokens currently essentially well i i think it just comes down to the nature of the permission note operators if we have the ability to there's two major reasons one the terms of like how a curve pull works between multiple

assets it's going to work better with just two for now the other one being that if we can maximize the permissionless protocol that's the one i think we ought to for now yeah right lida we have to include because it is the dominant market participant even though it's permissioned that's not a quality we should uh espouse in our pool in the future like in the future we should try to include protocols that meet the same standards as rocketpool in any sense yeah that's that's great i i and it wasn't um my intention is to be inclusive of all honest operators but again we share that desire to

further decentralize the network um and so i can see where the intention would be to look for decentralizing forces and not fall back to unnecessarily centralizing forces right great so uh just some stats about this curve pool it launched just a few days ago and our tvl is now at uh 5.8 million usd with no reason to screen share yes i don't really use yeah for people who know me like yes i'm obsessed with ethereum but i don't really use um like curve i don't use d5 portals um and i don't know how odd that seems to

others but defy is just not something that i'm deep into so here's the the article i mentioned earlier uh can you see my screen yeah and i want to point out um for anybody who's interested you can support jasper's uh creation of this article oh i didn't see my name there um by uh by collecting his nft um i i accidentally bought two and i'm like screw it he's worth it i appreciate that [Laughter] uh yeah so this pool talks about uh by this article i go into the history starting with the history you can see here lido's current dominance uh more than coinbase or binance which is somewhat insane to think about

and this is just a screenshot representing why live rocket pools included 853 node operators yes about a quarter of them are all nodes however it's still by far the most decentralized protocol for staking ethereum and i love the commitment to adding others because i one of the things um yes i do promote rocky pool all day long and i'm not going to stop but i do really want to see other operators in the space who are um seeking to just decentralize the staking on the beacon chain and so um though i'm not aware of it yet i really look forward to a solid competitor to rocket pool and i don't think that takes away anything

from them i think it adds to the the further decentralization of the network right i think you uh said it best in one of your tweets where we should be promote protocols to be expand but not so much go above the 20 percentage mark yeah and that's um i didn't just make that up that's something that i've been chatting about in back channels with a lot of leaders and i it seems like um you know and there's there's a little thing with with lido now where uh people it's being broken down into it's it's individual operators but it their governance really does control 21 of the network uh in the same way that rocket pulls governance

controls one person of the network and it's it's important that we acknowledge the governance impact without only referring to the the individual operators sorry i missed the last bit of that uh i was just saying yeah no that's fine it's important that that uh with lido that we recognize the full scope of their governance controlling 21 of validators not only looking at their operators because uh in in the dashboard that i'm thinking of their operators have been disambiguated so that they are now listed as individual operators that are small but lido controls 20 of that governance uh in the same way that rocket pool controls one percent of that

governance and you know the the standard that we should we as a community should seek is no um service or no governance model controlling more than twenty percent yeah uh i remember one of the early rocket pool lido coinbase interviews and at one point uh the lido representative i don't recall their name mentioning how scary it was that they were accumulating all of this governance power because it was a responsibility insofar as just the fiscal responsibility you now have this greater uh duty to be abreast of all the issues in the theater it's it's a serious issue i i don't fault any uh you know i don't

i don't fault any provider who has that kind of power like that is that is the design of business is to accumulate more power but it's also the responsibility of community to kind of put the brakes on that and keep it decentralized so they do their job we'll do our job yeah so this uh etherscan page right here shows our current tvl and i just wanted to point something out to any listeners be careful of mev activity in arbitrage if you look here mav mev mav mav mav all of these are really following uh substantial deposits

that are slightly imbalanced and a lot of this can be avoided activity i wrote this article here safe aping that is going to really talk about how curve pools work or sorry what you need to know at the top of that chart oh okay sorry uh this other scan page yeah is that is that denominated in each is that an mev extraction of 17 rocketful tokens okay so uh the way it's written here this is not how much they uh here let's look at one of these sure okay here's the actual well here's what's actually happening so it starts with uh

what it looks like buying uh wraps teeth on balancer trading it for our ethon curve and then selling that curve for wrapped eath again at the end for a profit of 0.04 eth yeah good for the pool good for the pool and that yeah that's going to be it's going to keep the pool balanced however uh users will end up getting siphoned a little bit and why well pool is currently out of balance so if any mev searcher right now is listening you can probably arbitrage the

pool right now this ratio is a bit off 75 25. rocketpool's token launched as we know uh several months after lyo's token because lido's token launched first wrapped staked east is worth a little bit more for one rev state these you get about 1.04 the exchange rate right now is off this should be uh slightly different i don't remember the exact amount it should be but i think slightly lower right now you can add wrapped steve there's too much wrapped teeth in the

pool right now so you can buy cheap wraps teeth the balance of the pool is supposed to be around 77 re 23 wrapped teeth and this ratio is simply the ratio of their values against each no not quite it's a bit more complicated than that uh because of the the curve on curve so the value ends up being this due to some simulations no show ran on how the curve works for stable spots swaps uh we don't really need to get into that the important thing to know is at the balance state it should be 77 percent re

23 wraps teeth when you as a depositor are depositing you should be checking to see how much you shift this buy if you shift this to about where it is now you are at risk of being arbitraged and then you will end up sort of getting less lp tokens than you should have now that was a lot of talking did any of did that make sense uh some of it um okay yeah i so i i i guess for me as a lay person i can get the recommendation to deposit in the correct ratio um and you know i really have to take it at face value that i'm getting the lp that

i deserve um i i wouldn't even know how to check to see if i had if i got the uh if i got enough lp tokens in return yeah unfortunately it's the complexities of curve ui uh if you want to look at a similar very similar pool to ours for a bit more assurance the fxx or sorry the convex curve token i can pull that up actually in a second here this pool is older than ours has more tvl than ours but has a similar price discrepancy towards arts and they also have a similar imbalance in their pool however unfortunately you are right that as a lay person it is hard to

well and again you know getting back to my lack of experience with um d5 it's not you know i do i hate into stuff just being a goofball um but i also know how to uh get with a community and say hey what's the rational action here um and that that tends to pay off well yeah that's definitely the right attitude if you are someone that's looking to deposit come by trading ask people will they be there to help you so this is the convex curve and you can see that this pool is also very out of balance 21 to 78 and also has a non one-to-one factor these are directly related to each other

so can you tell a little and i'm sorry what's happening tonight why are we excited yeah what actually is happening uh today marks a special start i'm looking for a quote here tetranode uh famed defy uh personality some people like his personality some people don't that's up to you however he is quite powerful in the ecosystem he has a he's definitely a friend of rocketpool so he is we are in his gauntlet we are one of the chosen protocols and that has some benefits some real benefits namely tetra node has uh 2 million vec rv tokens

vote escrow curve people who hold vote escrow curve or vote locked convex tokens can use their tokens to vote on emissions the e-curve tokens vote on crv emissions so every pool gets some percent of the daily curve emissions there are millions given out every day these voters determine what pool gets what percent tetranode having about 2 million vecrv has about 0.5 percent of the entire voting block point five percent of the daily issuance gives us about eight thousand usd worth

of crp tokens per day annualized that is around three million dollars obviously the incentives will not last that long but for apy calculations that's important because it means we can support a pretty massive tvl thanks to tetranodes charity and i might like to add this is in some regards charity as uh people often sell their voting power and touch a note instead of choosing to sell his voting power is just voting in our favor so thank you tetrenite and so in all fairness is that altruism or is he benefiting in a different way yeah so tetranode obviously does have a conflict of interest and that he's sort of just supporting a protocol he's

invested in i wouldn't say conflict of interest but he is definitely benefiting from this pool doing well okay in theory but regardless he's a friend of rocketpool so he's supporting what we're doing as well i also probably guarantee he would make more money selling this he makes about 20 000 curve tokens every two weeks or something it's ridiculous wow yeah but that means we're going to have a pretty crazy apy and i can show you what that should be this is the curve cage site their website ui needs a whole revamp and

with just a touch notes contribution we should be going from a zero percent apy from crv emissions to somewhere around 52 base apy from crv tokens wow so um based on advice i think i'm not sure who said it um i deposited my lp tokens into convex uh do i still get the rewards even though i'm even though my lp is digged yeah so that gets a bit confusing what does convex do yes it does yeah so there are there are three choices of what you can do once you get your lp tokens let me take a sip of water real

quick and so for the big picture um because i sometimes i struggle to grasp this stuff uh we are taking um 25 percent of rest 75. okay 24 77 percent okay 23 wrapped state um 23 wreath our eth and we are depositing it into uh ker factory 89 which is that wt's death and our eth um curve pool and after we do that we're getting lp tokens that are going to earn

this exciting interest rate for we don't know how long as well as trading fees okay as well as oh trading fees from that pool um and we're also going to take those lp tokens uh and so i think i i may have deposited like one uh our eth and i think i got like one lp uh token and then i took that to convex and deposit it there and that's where we're at now you're gonna explain what happens after we deposited convex yes okay uh i think i'm probably gonna step back a bit before i answer that directly just order yeah so you have your lp tokens you have three options you can stake with curve you can stick with convex or you can stick with urine

uh urine not yet live but we'll get there we'll talk about it if you stake with curve you have the least smart contract risk you're using the same protocol that you've been using you will be earning your rewards immediately you stake with curb and you can claim your crv emissions uh i'm pretty sure as soon as the first hour is done because they release the rv tokens quite quickly if you have your own vote escrow crp tokens if you are a member of curve governance you will get a boost to your rewards and in this case it might be worth staking with curve essentially the more involved with the curve ecosystem you are the more it's worth it to stake with curve

however for most of us we are not big curve wheels for us it is usually better to stake with convex what convex does is they give you a native multiplier which is the governance multiplier because converse has so much faux escrow crv already they let you use that boost however by getting that boost you pay a fee as well as the rewards have a different distribution mechanism instead of being paid out immediately it's sort of convex as a group has this harvest schedule and so it's less frequently given out

but more equitably across a time period so early lps will be have more advantage sticking with curve however late lps will find out it's more fair in convex so there was a few different topics there how frequently does convex pay out ish you know it's a one week delay in total however it's a metered uh distribution it's very unclear the docs do not do a good job of this sure i even tried trying to get more clarity in the support section however uh but then then i'm gonna what what do they pay out in are they contact crv tokens okay uh and then i can't hold or sell

those and they're essentially free yep and that's a pretty good deal uh gives you the boost however they take a fee the third option is yearn uran's main call or draw is that it'll auto compound your tokens so instead of you having exposure to the crv they'll take it sell it and buy more of the lp token interesting however for doing that they take a pretty huge cut uh flat two percent apy and then 20 percent of remaining apy 20 of remaining api so yeah if the pool was a six percent

apy they would take a flat two percent out of that and then 20 percent of whatever is left okay but if if you wanted to set it and forget it for 10 years and either it passes or fails then that would be the the best choice additionally the urine wall also gives you the urine token which being auto compounding and essentially just direct exposure to the underlying makes a great collateral okay let's um i did use convex just because that was the suggestion but for years on that live okay good um if i'm going to do that kind of deposit i really like i'm not going to keep up with it every week it feels like too big of a hassle

and i'm not going in deep i'm like you know one eath so i i like to do those in like a 10 year like let's come back and it probably was vulnerable and probably got drained at some point but maybe it didn't so um yeah but but i could still at some point in the future if i chose to um withdraw from convex and switch to urine as long as i'm willing to pay gas right exactly it's about uh 40 dollar gas fee at 30 way the staking is the most gas-intensive part yeah oh yeah well i expect gas to come down to five way in the next few

whatever not really but i think there's some messages in chat this kev what do you mean short term it's better to stick with curv yeah so this is confusing and this is not something i knew originally when you stake with curve uh your rewards are dulled out immediately i thought the same was true for convicts however it's not they sort of like aggregate funds and then do this weird harvest cycle that makes it so that if you're an early lp you won't get this the greater benefit essentially it is more equitable over a larger time

period to be in convex however for the best earlier words you want to be in curve this only really matters though if you have large amounts because you're going to end up with lower apy over time with curve if you don't have ve curve right as short term better however the math of trying to figure out the optimal strategy here is not worth it is this the first one of the

when's the last time you've aped into something defy related fizz before this oh i mean i um i mean i don't ever go in deeply and i'm i don't i don't pay a lot of attention to it um but i do you know every week or something i do something interesting um but i don't i don't spend a lot of time obsessing over d5 like i do the beacon chain uh so um if i so for example i'm i'm playing it's not it's nft not d5 but i'm playing an nft game now and um it's i'm not obsessed with it but uh it's cryptogs and i you know i play with it while it's interesting but then i will very quickly

move back to the beacon chain because that's what obsesses me for a quick tirade onto the beacon chain uh the kiln went live today on the devnet yes um so kiln is the uh the may the last major test of the the merge spec before it goes live if anyone remembers the madasa test net um from two years ago before we launched the beacon chain uh kiln is a kind of equivalent to that it is the uh the main net pre-check um hey thomas uh glad to see you hey

party and so just today uh perry announced or was it marius let me check uh announced the it was perry announced uh the kiln test net uh dev page it is at i wish i wasn't falling apart kiln.themerge.dev and you can go there and find all the resources that you need to get live on the kiln test net that will run um a few weeks a few months until we get all all of the final bugs worked out um and so east aker will definitely be doing a video about participating with kiln there will definitely be a poep for

people who participate and it will be one of those like super valuable things in the future because people who participate with kiln have a deep investment in the success of the beacon chain and so i really hope everybody here everybody who watches this um finds a machine and participates with kiln would you say this is one of the most important test nets devnet's yet to test out oh this is this is the this is the granddaddy um now it's done it's ready to ship um this this test net will determine whether or not uh they're ready to upgrade the existing test nets um there's always the potential that it it could crash and burn that's not expected

everything is running really smoothly uh but you know i can't say it's the last one but every indication is that this is the last major test before we start upgrading test uh existing test nets and then move on to mainnet uh this is very optimistic for um having the full beacon chain merge um in the north northern hemisphere summer which is uh june july august time frame so things are looking great very excited so everyone go break the devnet but if you're going to break it please do it now not in two months yeah yeah or one month or however long it's lasting so what we need to do we need to get a lot of people a lot of us uh a lot of

normal people trying this this test net we need to see a lot of traffic on it um we need people uh developers to deploy uh dapps on it we need to stress it out um and and make sure that if something breaks that that it can be corrected now i don't really expect that because uh well i'm optimistic i'm always optimistic but i know that things have been so well planned um that personally i think it will run smoothly uh of course we'll see how that works out yeah it's exciting to actually be here yeah um it's hard to believe that the beacon chain launched

uh over a year ago like it's it's been a while but it it also it seems like such a new thing still it's i wrote a little bit about how deceiving it can be that it seems like the beacon chain has been here for quite a while now and it seems so uh set in stone and secure but really it's it's always baby feet yeah well it's it has run so well this year um and you know the only real concerns we've had are with client diversity and we're doing a lot to try to mitigate that rocket pool has done a lot to mitigate that and it's you know another great thing that rock and bull is bringing to the network um but you know i i would still love to see more

decentralization in the network i'd love to see more people running validators at home um i'd love to see fewer people relying on data centers and exchanges um but that's an education piece and it'll it'll come in time yeah that data center question is going to get much more interesting once dink sharding rolls around if it does yeah um yeah i i'm not i'm not ready to tackle it i you know it's one of those things that kind of gives me nightmares um but i also i know that the open source community is very um

very active in developing solutions that that that decentralize the network and really our role is just educating users and how to choose those solutions so what's the what's the uh the conflict there between dink sharding and um hosted services i i i don't think it's necessarily host services from my understanding bank charting is going to increase the requirements to run validators like the hardware uh pretty substantially i see so i'll just become it it may become more costly to where using a server host server isn't feasible

or called it's it's yeah i think the goal is to wait till test nets and see see what it looks like on hardware um but i i don't want to jump the gun before that like let's let's take time there are always lots of optimizations um the last thing i want people to do is like panic and uh make a hasty choice that you know those hasty choices are always toward decentralization hasty choices are never about the health of the network and decentralization and so that's why i'm just like slow down we we can handle this everything's going to be fine thomas while we have you here is there

anything you want to say about the curve pool as such our initial lp you took on a pretty substantial amount of the early risk thank you for that yeah happy to help out well thank you for uh for setting this all up this has just been like kind of this brilliant um defy engineering setting up this this whole chain of pools and uh getting tetranode on board it's it's super exciting um i'm excited to see what happens i i thought about um aping and further but figured the effect would be maximized if i held back and let um let newbies come in and chase field we'll need you uh protecting the peg spinning up pools anyway potentially yes that's the goal

it's a very noble move oh is that something we haven't talked about actually there is a potential that arieth will go off peg this week it already kind of is a little bit have you seen uh balancer no there used to be a site that shows the pegs on different places do you know where that is that's the rocket pull export yeah was that on rocket scan if i'm understanding this correctly the peg will become imbalanced because users are buying it from the pools to participate in this curve pool

there are two major activities that is one of them people who just genuinely have uh the desire to vape in they are going to buy it up and potentially even accept a less than uh equitable price on re because the rewards are high that's not going to be the main concern however currently the main concern is with people who are dumping in large amounts of unbalanced deposits and that leads to mav activity that directly boosts the re peg and we were actually looking some mev transactions earlier that showed that they end up selling steep on the market and buying reef on the market

so it's the combination of those two forces and here i got rocket scan let me share that i'm looking at balance over right now too um two hours ago over the past two hours someone pulled out 110 ret from balancer and it looks like they're queued up and ready to um throw it into curve how much heath so that's like more than that an eighth and a pool is how much at the moment right now the pool is 409 are eat and

626 watts so it's already pretty off peg i don't know what's up so basically they'll add they'll be adding 25 of the existing pool yeah it's kind of crazy and that's like coming back for a while as tom has pointed out you can see here the pegs are already off by about 0.01 eth across the board yeah same with the balancer such a great resource now that we can share it i know that it

was oh no not forever okay so yeah do we know that because i i don't know i've gotten mixed signals because i've seen him share it himself so i i've been kind of confused about that well i develop if it's his he could share it all he wants but unless he gives us permission to share then it's like you know what i mean we could always retweet because i know i've shared it a few places before and uh maybe that was a boo-boo didn't invis put it on his site on his website yeah i saw that as well how did

i think i don't know also if anyone has questions about the curve pool i'll probably stay around until a bit after the call-ins just in case i still don't know how to calculate how much um the e curve i need to to stake to maximize the reward oh man i wish my calculator was looking at yesterday like that had to be wrong because it was like a quarter of the like the crv supply i would have to say like that's not right it could just be like a very harshly diminishing curve that which you know when that one can wax it out that's what i thought but even then it

was like still absorb converse guessing it just didn't have the right data until the rewards are updated it's gonna be crazy that all of this is essentially without any individuals spending any money like these rewards are about to flock probably over 10 million tens of millions of tbl and no one spent anything directly on incentives yeah i mean definitely opportunity costs from yeah but yeah in a vague sense this is sort of just capital making capital happen little bit off topic but i just

saw uh d2 is on and i would just like to say thank you for your service d2 and relaying all the information to reddit uh you've been doing great with that because i mean i don't know if anybody else has been managing it but i know you're the name that i usually see yeah i'm happy to it's the least i can do did you think that zoom thing did they like were they mad about the post link being posted on reddit it's common it happens it happens frequently um it's it's really just to protect us from being zoom bombed um and i i have been zoom bombed at calls

before by pretty aggressive trolls and um it's not like you can evangelize them about rocket pool it's like they're just like drawing all over the screen and playing audio and um but yeah it's really just a public service reminder they didn't do anything to prevent the call cardano army is going to attack yeah so one of the very first e-staker calls um before we figured out how to secure them uh we just we and it was with danny ryan actually um and we were really looking forward to it about five minutes in um there were

like 200 unknowns just wreaking havoc in every direction they could and just like well it's been great we're gonna have to shut the call down so everyone take care and you just have to reschedule it at that point right we didn't i know it's hilarious but um i was talking to danny later and i'm like danny did you were you on an eastender call he's like yeah for about five minutes one time [Laughter] um but it's funny because he's one of our favorite people uh but we just as many different rounds as we've made we've never finished a complete call with him so uh we may have to get back to that would you like to give a short shout out to your

call that's going to be following this one oh yeah um so um my two of my passions are rocket pool and poap um and so uh right after this call at the top of the hour uh i'll be uh participating in a rocket pool con i'm sorry that's this one a poep community call um with like defy dude and logic beach um and uh i'll be joining hey and and hanny and any all of you are welcome we really just talk about what's new in poep this week um so poep is evolving really quickly and

yes there will be a poep for attending the call but it's just a great chance to learn more about the ecosystem and we really work to improve uh distribution quality we want to uh improve the distribution of of coaps in the ecosystem and uh just kind of maintain these high standards so uh that is in the po app discord voice channel so you all are welcome to attend for anyone who doesn't know that there is a very tight link between rocket pool and poep and that link is patricia werthalter who

uh was and is the largest seed investor in rocket pool um and he's also the founder one of the co-founders of poep uh and he's poet full-time now so uh he was also an east staker which is what i work with he was and he stayed here with us for uh about a year uh and so he because of that these communities are all very closely related now and then there is some more of this semi-natural obsession with poeps that lasted months and months it's funny uh i i wanted to bring poep to rocket pool uh and uh i i tell myself that i was wildly successful because

um there was a seminar yeah yeah um well i and i i did i seeded that uh obsession with uh with rpl rewards uh or bounties um and it was it was a ton of fun i think by the end of it everybody's like okay i'm a little worn out with it um but there is still that really strong commitment to poep within rocket pool um and those are really some of my favorite poeps um i i know the thomas g one like i think half of them are now about thomas um so congratulations yeah that's such a warm welcome to the community um people people started

making these co-apps and um that was a blast you you came at peak pull-up i really did i remember your your entry um because patricio messaged me and he's like uh hey um there's a new guy thomas uh just be nice to him and i was like okay so uh we introduced you in poep and then suddenly you were a celebrity and it was it was a ton of fun that's amazing it was uh uh interesting to see that post uh patricio made on twitter that almost sounded like he was stepping away from the platform but i don't think he is no no because i messaged him like what does this mean um yeah it so

i uh yeah he's essentially just giving up the design responsibility to a different group um and that's that's really healthy for the growth of poep um they have onboarded a ton of employees they are really staged for really great growth um but the thing you see with ceos is that they tend to hoard responsibility and they really have an obligation to kind of delegate that to teams as they grow but also as they delegate they find other things on their plate and they just end up buried with new things so um poep with patricio with isabel is is really developing in a healthy way

um very much looking forward to seeing what what comes of it who knows what some of these early rocket pull pull-ups will be will allow you to do in the future thomas did you do poep before rocket bowl i think i got like one of the [Music] like i'd like one poet from before occupy i think it might have been a neat sticker one okay um but no did you stake at all before starting rocket pools taking i have a single validator um that i set up just to go through the motion but um not really i i have uh i have both solo and rocket

pool validators and um i i love uh thorsten uh york downs east docker tool because i can now merge them on one machine which is i think if more people knew about that they would be more comfortable um doing that hybrid staking if it wasn't for yorick i probably wouldn't be staking now he kind of he literally held my hands through the whole process that was so nice of him yes he is he's a definitely a superstar um so wildly intelligent about how all of these things work and so easy to uh are like so open to like sharing it and yeah

in fact if i have questions i'm like i'm i'm ashamed to ask this in public but how does this work and he's like oh no problem let me tell you also a phenomenal voice yeah yeah yeah that's i i think about the quality of the east staker commute i'm sorry the rocket pool community like how everyone sort of many people find a job and just kind of make it their responsibility um and i it's it's great to like um we have the whales we have the the lps we have people who are doing you know co-apps and different community outreaches um the dashboard i haven't

seen vgr in a while but like people end up in a role um you know like al's being a resident troll um people end up in a role and just sort of do their job it's it's very cool i i love how that works right and now that we have uh some semblance of a grant system set up it might be able to we might be better better able to reward people for this sort of scattered system yeah shout out to uh shout out to invisis proposal for his on the governance forum it's a very opinion optimistic oh god i miss this

it's uh the everyone uses the bot the team uses a lot i it's not the most unreasonable in my opinion yeah i mean i'm not saying that he he doesn't deserve it especially since um you know he kind of i don't know where i was going with that but he's put in a lot of legwork um oh wow this is a uh ambitious proposal ambitious that's a good word um long story short he wants three three percent of the p allocation for the next 12 rewards periods um which sums up to 3700 rpl

partial back pay partial maintenance of the bot yeah that doesn't that doesn't sound unreasonable yeah yeah it's a lot but like it doesn't sound unreasonable i i use the bot all the time so it's around 300 hours you've already put into it yeah i mean uh you know before it's odd i feel like it's easy to be sheepish about asking for what you're worth um but i also feel like people should know their worth and and ask for that and the worst that anyone can say is you know we see things differently which is fine that's one thing i really love about

dows in general is you you get a much flatter structure and people really do get paid what they're worth and like normal startups it's like the founding team gets like walks with like 60 of the shares and then like the first employee like like will get five percent if they're lucky that's just like not fair i mean we'll strengthen that problem to a certain degree just due to the nature of it being originally an ico and a large majority of the gains have already been gone arguably though we don't know if that's true hopefully not true yeah i would say that there's a little bit of a a multiplier on the fact that um it's hard to get people to contribute so

that has its own premium that at least i think that deserves its own premium we're getting through sorry go ahead jasper i was today we're getting pretty close to the hour we haven't had any questions in a while uh does anyone have any questions related to technicalities and careful i've gotten a few dms but i may end the recording and turn it over to you um so i can hop over to the other call um do we want to put this up on each staker um do we want to ask rocketpool if they want to host it um does one host any videos do we have a youtube channel we do have youtube i believe

but as you can imagine not really so two things i think this is most appropriate for each staker unless anyone else has any contradiction to that um well because rocket pull doesn't have a strong youtube presence it's most appropriate for for youth staker however i do think it makes sense um if the team isn't developing youtube content for the rocketful channel then it's a community opportunity to just begin putting things out there regularly or finding out what what would be acceptable ken actually can actually just put out a proposal on

the forum to finance him doing exactly what he said great he's uh yeah putting together a series of uh 101 guides video for him i love ken he's good at camera too switch it over to jasper and then i am going to head to uh the um co-op call and i hope you all join us in the poap discord uh so thanks everyone for joining