Rocket Pool Community Call | 16 October 2024

Transcript

yeah perfect well welcome everybody uh good day good evening to everyone here it's another week with the rocket pole Community call and a very exciting one today because uh we get to celebrate uh I guess the main net launch of Nod set's constellation uh project here that um is also integrated with gravitas um minting capability here and so I'm joined by a couple of special guest today uh joining me first uh from gravit is Rhett Rhett good day to you hello good day to you and then also joining us uh from the nod set team is Nick and Mike welcome both of you hey Ken thank you hey Ken thanks for having

us yeah always always a pleasure here and um maybe maybe let's start off here if we can a little bit uh let's start off with the constellation folks and uh I don't know either Nick or Mike whoever wants to uh maybe just provide a short introduction to what constellation is and and specific what is happening today with constellation sure I I'll go ahead um so constellation is the um the rocket pool's first layer two it's sort of how we refer to it and uh basically Nick and I were old school rocket pool community members from a long time ago and uh we noticed a problem in rocket pool shortly

after launch um long before I think anybody else really realized that this is is going to be an issue uh we saw that there were a lot of really talented node operators coming on board to to rocket pool it that made it a great shelling point for technical expertise and um ethereum staking uh a fantastic ethereum staking community in general but um at a certain point you know the am a number of people out there that have the amount of assets to bring to Rocket pool to Bond as a node operator and the skill set and the desire to be node operators um you know eventually we tap out those number of people so rocket pool um has slowly over the years

started to stagnate and and contract just slightly I think kind of hitting sort of the the maximum number of people out there that are really interested in the current situation with it so um there may be a boost with future to economics but realistically there will always be a limit to the number of node operators who are interested um but what we did at constellation was decide hey what if we um you know liquidized that so we take the node operator deal basically and we expose that as liquid staking tokens in all through a non-custodial contract system uh that's taken us several years to build here but we are very excited to launch it today and now rocket pool can uh without changing anything begin to be totally

unlocked and fully scaleable and so in even in noet there's kind of two sides to node set right uh there's the node operators which I'm guessing a number of folks listening to this call are are probably interested in if they're not already registered to be a node operator in the in the uh beta test and maybe we'll talk about that in just a little bit but the other side uh to the equation is that now there is a liquid staking token um that that node set or I guess maybe I should say correctly gravit issues um maybe can you explain a little bit about about that R about what is um X eth and xrpl and what makes them kind of attractive in the in

this node set model would love to yeah so slight clarification it's xre and xrpl um so uh to just kind of denote the relationship to re e and RPL um so XR e uh represents the um 88 eth bond in a u in a mini pool and uh it's it's obviously liquidized and delegated to one of the no set node operators and xrpl represents the RPL s of the bond um so uh briefly user comes deposits eth mince XR eth um and let's say someone

else deposits mince xrpl we send those assets to um a member of the of the node set um and they spin up a mini pool um so uh what's really beautiful about this is it's kind of a why not both situation of um it's highly decentralized compared to basically any liquid staking token other than re eth um so inducted into the node set so far is about 260 note operators um probably a lot of people here um so you know in the order of tenfold more than say Lio and then also because the platform um and and the node operators are compensated with the

underlying r e commission um we charge 0% Commission on xre so that means that um you're essentially getting solo Staker level yield but liquid so um xr's yeah 0% commission highly decentralized and um and then the thing that we probably like the most is you know it'll uh we think make it a lot easier to drain the deposit pool and get Rocket pool on a a fast growth trajectory once again so let me let me ask a couple follow-up questions here I guess so if I'm looking to hold liquid staking tokens right I guess am I correct in understanding now that um xre it's the first liquid staking token out there

that doesn't charge a commission to the bearer of the liquid staking token right so you can you can hold it and obtain full Beacon chain earnings on it is that correct that's right yeah so I the way I've called it is it's the first sustainably zero commission OST U meth from mantle uh I think was Zero commission for a short period of Time same with um swe uh there's kind of like a a temporary hey will not charge commission for the first um few months as a growth tactic but this is the only one where we can sustainably permanently charge um uh that level because um we we have a way to compensate the node

operators in a different way okay and then shanon in training asked a similar question you know how does the yield on XR compel compared to the yield in in re is it just that re charges a node Commission of 14% so you would expect your your gual to be 14% less with re eth compared to XR e is that is that correct or am I Mis misunderstanding that yeah that's roughly right um so Nick might have the numbers in front of him but uh um it's the last time I checked our eth was maybe a little bit less than 3% um and the anticipated yield here is is maybe closer to 4% so um so yeah it's it's basically the difference in that um

14% commission yeah and I like how you phrased it sustainably um sustainably no no commission it current yields that's about a 50 bit um difference and yield okay perfect and then um so we talked a little bit about xre what about the xrpl what what would be an incentive or an advantage for a person to Mint um xrpl versus just holding RPL yeah so I I think there's a handful of things here so obviously it's the only liquid staked RPL um so if you want to earn yield on your RPL um your

options currently are um basically lended on a um or um run a mini pool um let's say you're not a mini pool operator but you have RPL um that you want to use productively uh we think this will be the most productive place to use it um so uh so that's that's thing number one is um this is the easiest way to get yield on your RPL um thing number two and this is obviously not tax advice uh different people have different opinions but um you know for anyone who has RPL that maybe they want to be able to do some tax L harvesting on um if it's at a lower price now than they purchased it at um if you consider liquid taking a

taxable event not everyone does um there's kind of a benefit there um to convert um and I I guess the the last um benefit is um you know it it helps us uh unlock the um you know it helps us drain the deposit pool and unlock the growth of Rocket pool because that RPL is important for bonding our mini pools yeah let just add on top of on top of that real quick um the there are plenty of uh users of Rocket pool who hold you know excess RPL um and have it currently staked and that's fantastic they should continue to do that however if they they would want to maximize the future potential of RPL

um it may behoove them to consider xrpl right I mean the more that RPL is used to directly Bond mini pools the higher long-term value that it will acrew it will acre for Rocket pool in in the end right um the more cash flows that are generated through these mini pools the greater rocket pool's peral TV or value will be under the new tokenomics in the future and then just right before this call I think I saw an announcement that was saying that the uh the gravit website is now updated and people listening to this right now can actually go and mint can they mint both XR and xrpl is it live it can oh excellent and then um it is live

yeah sorry okay yeah yeah great and then uh did I also hear maybe on Rocket Fuel yesterday this morning whenever that was that there might be an incentive program for one of the men sex xrpl and you want to talk a little bit about the that incent intive to kind of kick off yes yeah yeah would love to so it's it's actually XR e that we're incentivizing right now we think that that's uh likely to be the bigger bottleneck to growth here is the eth deposits um so uh there's there's some other things by the way that we will announce um in the future but the current program that we're doing is kind of a you might think of it as uh simultaneously an early depositor um program and a kind of a referral program

so the way that it works is um we will be taking a 35% commission to start on xrpl and then we are going to give depending on some system outcomes we are going to give uh between 25 and 40% of that commission to people who do um two things mint xre in the first month and then hold it for at least six months and by hold it you know if we on board lending platforms Etc which we plan to do that counts is holding it um and where we fit within that um 25 to 40% range depends on system TPL so if we're at less than 10K eth we're at 25 uh when

we're at 10K or above it's um 30 um uh Nick remind me what the other um thresholds are I'm blanking yeah the break points are you know 25% reward care under 10,000 xar minted from 10,000 to 25,000 x e minted it's a 30% share from 25,000 to 55,000 it's a 35% share and then above 50,000 XR e minted it's a 40% share of RPL system fees that's right okay yeah yeah so there's kind of two things that happen if you come early deposit um uh you know in that first month you're you're going to be sharing in this um but the size of the share of the revenue that you'll be

getting in xrpl uh goes up substantially um the more system tvl we end up getting that's why I kind of call it like a hybrid early depositor um referral program because you know let's say 50k um xre there's a lot more system revenues and you get a bigger share of the revenues um and so um yeah would love anyone who's interested to come and participate in that and help us grow the system um and um we'll we'll share uh a few more details this tomorrow but we're going to give even a little bit more of a boost for anyone who wants to deposit essentially in the first week um so um you know in the first month you get you

get exactly what we described you'll get a little bit of an extra boost if you deposit basically right away oh that's great uh there's a question that Lee uh asked in trading which is um uh actually a couple of questions coming in here now uh one of the questions though was with both the XR e and the xrpl can you explain what happens if somebody wants to hold it uh the the question in the thing the chat was um uh you know if you Mint one of these uh node set liquid staking tokens either xre e or xrpl um and you decide that you need to let's say convert it back or exit out of that uh position um how how do how does one do that in a

couple of months yeah that's a good question so um we will be building some Dex liquidity so one thing you can do is swap especially um you know if liquidity is deep and not a lot of people been swapping um uh and then the other is to go and and manually unwrap we will be keeping a portion of the deposits um in an xre um deposit pool to be able to facilitate um unwrapping directly um and then if that were to drain or say you're a very large user you can actually you know even just reach out to us we have the we have the withdrawal keys and the ability to actually you know unwind um validators um obviously you'd have to

wait for the um the um exit queue um but you know if the if that deposit pool got drained as people are unwinding we'd have the ability to to unwind further by spinning down validators so the so the intent is always to keep some exit liquidity available and If it dries up then you'll you'll Force exit uh some of the validators to to keep that exit liquidity available for uh the LSD holders is that correct that's correct that's exactly right yep okay um let's uh are there any other things on the liquid side of the um of the formula here on holding the the gravit tokens or um can we talk a little

bit about uh node operators and when they might be able to uh spin up mini pools with node Set uh I see somebody asking question oh go ahead goe so briefly to this question uh Ken just a couple of other quick things to touch on for those who like to do defi things um we'll be working on both some Dex liquidity pools um coming soon and um we're in active talks with a number of lending protocols um if you're interested in uh lending or using this collateral to do looping or or leverage Etc so keep an eye out for those yeah that's a really good point because most people of the liquid

staking tokens will probably want to um you know add on top of that by engaging in some type of lending or liquidity providing or some defi activity so that'd be really great to see the ecosystem for those tokens start to evolve but uh I do recognize that we'll take a take a little bit of time but excellent to hear that it's already already in the works and I actually just pulled up uh the website it looks like there's more than a million dollars tvl locked already so congratulations on that thank you thank you um I saw somebody asked a question on the xrpl side of things U Veterinary asked how does someone who makes mint mints xrpl receive the yield rewards um so this is

a uh it's a very similar answer to how XR eth works but basically it's a um it's a liquid staking token that works just like reth where the value it uses a Val value acral design where the value of the token is exchanged for a higher rate in the protocol based on the amount of rewards that um the entire protocol has earned from rocket pool so uh whenever rocket pool's native emissions of RPL are issued to Constellation which again is just set a smart contracts uh then it will automatically adjust the xrpl price uh internally for how much RPL it can be exchanged for one xrpl so the amount will uh will increase to the point where

xrpl is growing in value against uh RPL and it it is you know does So based on the amount of rewards issued by rocket buol itself to the uh to the constellation def the token design yes yeah I guess I guess one question I have on that is uh I know in the uh the X um the xre uh design uh side of the house the that token holder receives 100% of the beacon chain rewards but what about the xrpl holder do they get 100% of the RPL Rewards or is that uh is that prated with some some share going to nod set

there is a commission on xrpl so um so to start it's a 35% commission um and then um uh that's that's an important uh thing to remember when thinking about the early depositor programs because it's that commission that we'll be uh using to um reward early depositors that I described before um but yeah that that'll be the commission to start um we still think that it'll be the best yielding place to use your RPL if you're not using it in your own mini pool yeah and just to um to to issue a quick distinction um no set does not receive those fees um it gravit will will be uh the treasurer for constellation

and again just as just a one last note I think that the in the long run your RPL returns will be largely driven by Price accre versus the emissions of the protocol and the best way to create the price is to put it to work in many pools so if you got excess RPL we think it's a pretty useful place to put it yeah very very well said I think it's going to be much much more better rate of return having it being productive RPL than just a holding it in in your account either unstaked um you know the advantage I think it gives you is a little bit of uh that the the liquid part of it right um you know assuming there's a you know an exit liquidity

pull right you can you can swap in and out of a staked RPL position without having to exit your own node so that that could be a little attractive I think to Holders of that of that token as well too and it looks like just looking at the website as as red you might have uh you know foreshadowed it looks like that's uh right now at least a little bit more attractive than the eth deposit but maybe it's just too early to kind of make predictions yet yeah I guess um there's there's uh more competition for your eth I guess um and yeah those are great points about the liquid side and then the other um point is uh you know the XR eth um some of the Integrations will come faster uh but we are working to get Integrations

for xrpl as well so for those um defi users out there that's another reason to um to put your RPL and xrpl is we'll be working hard to get you as much um defi utility as possible perfect okay well let's let's transition then unless uh there's anything else we missed on kind of the liquid token side the xre and the xrpl side let's maybe transition over to the node operator side side right I know noet has been in development here for quite a while and has had a beta test and I guess a mainnet launch with another product with stake wise um but when will uh when will I guess mainnet be for the node operators I don't know

Nick or Mike you want to lead us through that and tell us what what to expect sure so this is um actually ongoing as we speak we are getting ready to release the stable version of hyperdrive version 1.1.0 which contains full support for constellation on mainnet uh we've had several betas that were available for constellation on holeski for a few weeks now but we are very excited to be releasing the actually full complete 100% ready to go version of hyperdrive today um it it should be happening as we speak um I believe Joe's in this call hacking away trying to get the build

uploaded and everything so um it should be happening momentarily basically so uh just keep an eye out and it'll be there very very very shortly you'll be able to go ahead and launch your mini pools oh there he goes literally right now Joe just uh thank you Joe perfect timing my friend um yeah uh all right so if you're a no set node operator uh the the time is now do it do it right now um so in in in that spirit I'm going to go ahead and um uh yeah I'm good with that Joe just just post it I was gonna say of course he would do

it right in the call where everyone else is furiously uh typing away on their keyboard uh you know updating their client software and I have to be on here hosting it but uh uh but that sounds excellent that it's uh really going to be that fast on here um now one of the questions I did see in trading here and uh feel free to repost any questions here trading's uh got a lot of questions here but um one of those questions is for somebody who's kind of a little late to the game they haven't been a u a beta tester here with node Set uh but they want to become a node operator with node set how how do they go about doing that when do you expect the next um admissions into the node set operator set um tell us tell us for folks that

want to become a node operator but are not yet a node operator yeah um so I could talk to that real quick uh well I'm going to be running another run of the uh the apps pretty shortly here and probably start setting up interviews next week now that we've got this out would love to onboard as many people as quickly as possible um as we've said before we are incentivized to spread horizontally and distribute stake so um yeah we'd be more than happy to get you on board sooner rather than later you'll need to quickly um run through a single validator deployment onto heski to ensure that you can go through the steps and then from there you'll be eligible for net deployment and can you can you remind

the listeners like what the minimum qualifications are to become a node operator yeah so we'd like to see a minimum of six months of ongoing validation history on mayet we'd also like to see a um rolling average of 95% Effectiveness over the last three months as rated by as uh measured by rated. network with their raver score it's a sort of custom algorithm they've created to assess validator performance you got to hit 95% and if you hit those two things you you would then follow through with a a short interview with myself or someone else on the team we just make sure that you know what you're talking about you indeed are running the know that you say you are and um yeah we once

you go through that we'll we'll get you on boarded and you'll be be ready to uh run hyperdrive on on testet okay and then a couple other questions that are coming in I guess one of the questions that um we've seen a lot you even seen pallic talk about is the the capital requirements to become a you know a full ethereum validator node operator of 32 right rocket P reduces it to node you know a a capital requirement for the node operator down to 80th right um node set what what capital requirements does the node operator need in order to form a mini poool if they're selected to be an operator with no set what what

they so for the next two weeks or so until the ethi pool change comes through you will need to put up a one ether Bond um to basically secure the validator over the course of the scrub period um you know that's about a 15h hour process I believe and then that one ether is reimbursed to you um once the eth only mini pools change comes through assuming it does that will have to raise to 3.4 ether unfortunately um you know in the farther future when the Sy is larger we've got you know more General Security of the system we could think about maybe tweaking that uh but for the time being we do have to raise it unfortunately and and we recognize that this is an ideal but unfortunately it's it's a necessity at this point in

time so so maybe we break oh sorry um you could say it's uh you know one and then a 3.4 temporary Bond um but 0% uh or zero Bond kind of after that after the reimbursement yeah yeah I guess it I guess it's really only for that scrub period right which is just a um you know it's kind of a rocket full term that it results due to kind of an interesting um uh you know I don't know call it ex exploit a potential exploit that could happen with the beacon chain deposit right so the note operator needs to place that at first in order to secure the um the withdrawal

credentials with the beacon chain and then then after that um node set will refund that temporary deposit as you called it right nicely yep and so if I if I'm following correctly here um rocket pool will anticipate its Saturn zero launch that's what provides uh eth only mini pools it will do that on October 28th and so really there's kind of this window between now um or as soon as Joe posts posts the latest CL up on up on the repository right between now and uh sometime on the 28th right uh the deposits only one eth and then it will

go up to 3.4 eth yes yes that is correct but in all cases assuming you know there was no exploit or intentional malfeasance um the node operator would get that back immediately right or or 15 hours later right so within a day they would get fully refunded that deposit correct yes sir now what what other things um will Saturn zero uh do or have an impact on um on nod set are there any other things that potential node operator with nodat should consider I mean one thing I have been seeing is you know certainly now with gas prices that seem to have kind

of a a daily pattern they're very busy during the US daylight hours and then overnight they tend to drop down a little a little bit on Friday night Saturday morning they tend to drop down there's a little bit of pattern um you know it certainly makes I think sense for no set operators to deploy their mini pools at a lower gas window but um any any other things that you know a node operator should consider with the eminent Saturn zero coming up um we can talk about gas prices uh briefly because one thing that we actually haven't talked about yet um and and Rett maybe this you're the best person to talk about this slightly but um I think gravit is very familiar with the problematic uh gas environment for node operators um one thing that rocket

pool I'll speak to the technical side of why this is the case and then re can finish it up here but the gas prices are very touchy for creating mini pools because it's extremely expensive um creating a mini pool costs 2.3 million gas unfortunately um and this is mostly due the the vast majority of that is is at base layer of Rocket pool um so Mega pools will eventually improve this but it's quite ways away so for now um people need to be very careful about when they get these gas prices in because the cost for creating a mini pool um or getting these transactions in because the cost for creating a mini pool is it can be quite High um so I

would I would definitely not YOLO it and just throw it in at 50 gay um you know or it may be a very long time until you make your money back um however uh gravita has noticed this and knows that um you know in order to make constellation successful the node operator set will need to be uh encouraged to create validators um so therefore they're going to incentivize the creation of validators um during the first few weeks of operation um so R do you want to do you want to talk about that really briefly here um yeah sure so um as uh as you stated um you know we we want make make sure that um obviously unless we're at like a

thousand gas or something um thousand guay gas um if we're in the reasonable range we want it to still be um you know make sense for people to be spinning up meeing pools we don't want to be just sitting on a bunch of eth waiting um so what we're going to do is for each validator we're going to do a um five um guay gas incentive um we will um be reimbursing um that to you um in December um for each of the validators that you spin up in the first um in the first month yeah exciting so uh for current reference uh gas is roughly

9.7 is way it's 10ish um so that would um Nick made a spreadsheet as to how long it would take you to earn that gas back as a um notes that node operator and um it is I think Nick do you remember the numbers it's like per guay it's 15 days or something like that yeah it's a little little bit less than 15 days per guay um I think the current Beacon yield with MV included is fitting around 3.35 3.45% um so yeah at that at that APR you're looking at about 14.7 days perue um so yeah this five way incentive will

be really helpful to ensure that folks feel comfortable deploying validators um you know like right now would be a great time yeah yeah it is a it is a great time because that you know five qu off from this is five uh I mean that's roughly five Quay and you know five five times 15 it's not not too bad it'll be paid off in a little bit over two months and then you're just a pure profit yep um and obviously it depends on how many assets we have in the system but um currently node operators will start out with being the ability to create one one mini pool at a time and then it will uh we may increase it depending on demand for XR e and

xrpl and so maybe can you talk a a little bit about that right I think you've got roughly what about 300 already registered node operators with node set and what's what's the ideal just uh as they as they register their node and create mini pools they're going to be limited at one and it will just kind of round robin through the list or is it first first come first serve until you increase that number can you kind of explain that a little bit more so for every like validator increment up right let's say there's 100 note operators we in we increment up from one to two that opens up 100 new validators worth of capacity um within that 100 validators it's sort of a first come first serf um there's not like a you know a specific round robin

algorithm kind of thing going on um so there's a slight amount of competition but you know if we're incrementing it slowly it's not like someone can put through 15 mini Pools by spending a lot of gas right you can only deploy mini pools at a Serial fashion um due to security constraints so you know we we can't let you parallelize validator deployment as much as we would like to we would love to be able to do that you know pull it bring in 15 eth um uh enough to bond 15 validator simultaneously that would have been great but uh we just can't do that for security reasons therefore it's a Serial deployment process and as long as we are incrementing uh methodically along with tvl growth um I think that we'll get a

really nice even distribution and we won't have lumpiness in the valid in the node operator set excellent well I'll give it a second for everything to sink in it's a it just I guess maybe a tremendous achievement for uh for you3 in here I mean it's a been a long time you guys have been working on it and I'm just kind of a little bit stunned here to realize that you're live on mainnet the deposit bull you can mint the the liquid staken um tokens and uh the clients out uh I imagine it won't be very long until the first mini pool node set mini pool is formed right it is actually already happened um so for testing purposes obviously we had to create one um we

would never want to uh release something that we felt was not ready so um we we've ensured that there was at least one safe one created on mainnet but um it doesn't really count because it's sort of a Dev one um and the I I I will say actually though it while we've been SP speaking on this call today day. eth has the honor of being the first person to create a constellation mini pool so congratulations today day I think you were on this call a golf CL cheers yeah yeah thank everyone um I'm really someone got

before me for five second according to yeah well I'm sorry for calling you out but congrats on being the second one then uh yeah I just quickly wanted to mention big big thank you than you to everyone in the community here who's participated either as a note operator uh supporter generally um you know the Rocka team obviously for all their support and uh for some of the folks who've invested in us over the last year or two um we wouldn't be here without you I I like we just said can't really believe we're here it's it's been quite the journey um but we're we're

incredibly excited and uh you know really want to deliver for the community and um you know the rocketo team yeah congratulations on that um I certainly opened the yeah I certainly open the call here to anyone else that has questions uh feel free to put them in the chat looks like everybody's trying to figure out how to how to update their client including myself in there um but uh for the node set and gravit team any anything that we haven't covered yet that you feel is important for the community to know um uh I would just say we uh really appreciate you all um thanks for the

moral support thanks for the pvl support thanks for joining the node set um yeah our our goal is to um just help the system uh grow as much as we can both in size and in uh distribution and for those of you who are involved across the crypto ecosystem either in other governance um organizations of different protocols or are just enthusiastic users of um various systems we are more than happy to chat with you about where you'd want to see XR Ean xrpl deployed across ethereum or any of the L2 ecosystems um and of course any referrals when it comes to either Dows treasuries you know large holders who may be interested in

these sort of yield optimized e and RPL products um yeah send them send them R away right um so we're all could all be successful together congratulations guys awesome any last questions I'm skimming through here there there is one uh will there ever be a token for nod Set uh you know not in the near term it's something where if we were to think about it it would need to be a inte gred

thing into a larger set of products and services um so not in the near term but someday perhaps if it makes sense and the regulatory environment isn't as nightmarish and then will there be a poop for the uh for the first 100 mini pools on node set that is a question for shiffrin I believe is on this call so pressure's on my friend yeah I see him in trading I oh yeah know he's on the call too yep sure well unfortunately we

cannot to answer your question you st all your eth can you allow extra eth for the One eth requirement no we cannot yeah we'll have to create some type of Lending protocol that lends the one e and then people could return it the next day huh you could um yeah it's actually a really good idea yeah it's it's shortterm short-term lending yeah yeah um and in the future something like xre um as your um as your temporary bond is a is also a great idea but yeah just it's not not something that's going to be supported in any time in the near term okay perfect well I think we've covered

uh quite a bit of the hyperdrive and node set launch here it's just exciting to see it uh kind of work and I guess we're slowly but surely chipping away at the rocket pool uh deposit pool here um any of you have uh kind of projections or expectations of what to what to see in the coming two weeks here in terms of the growth of node set or uh is it pretty much just reserved and you're going to see what happen happens yeah I mean I can speak to highle generalities you know there's we've you know commitments in the single digit thousands of ether over the next few weeks what the community will do I have no idea and what the wider crypto

Community will do I'm not sure uh we're hoping that there's plenty of uh engagement there are a number of very substantive holders of ether in the ecosystem who want to use XR e especially for looped staking hyper staking strategies that requires Integrations and sufficient borrow capacity across venues so that is a longer term Journey for us but that unlocks tens of thousands of ether um you know it's it's just a question of when so the future is bright the future is very bright it will happen I I think we're going to get a lot of ether into

this um there's obviously a lot of folks that are have really really big wallets um that they don't just jump in you know day one uh but they're very excited for something like this uh one thing that I've heard a lot as I've spoken to a number of folks around the industry is you know every bit matters when it comes to returns so if you have a lot of ether and you're engaging in um you know sort of complex defi strategies to try and grow your yield as much as possible having a base layer staking token that gives you the most return possible is it's a pretty big deal you know and and

that's why um you know we've consistently seen some of these lsts uh with the the higher returns you know do really well uh and that's also why we've seen a lot of lrts do really well even though you know they may not actually have real yield backing those right now they are still sort of able to kind of trick it basically in in the short term so um but one of the really wonderful things about this system is that it is it is completely sustainable um it does not require anything other than ethereum staking and Rocket pool um both of which are obviously very stable at this point um hopefully rocket pool uh you know continues to to remain stable as well despite the changes that's happening but um you know ethereum and Rocket pool have been able

to change multiple times uh and and remain operational so that's a good sign so you know from here on out I I expect to see you know a slow trickle of um lots of volume coming in over time uh it won't yeah it's not going to be you know I doubt we'll see 100,000 ether deposited tomorrow but um I think that the deposit pool uh being full is something that we'll all look back on and think wow remember when that happened and when we were all freaking out about that well I guess that's that wasn't something to worry about at all yeah uh uh yeah very very very good points there well again uh congratulations to the nod set and gravita team here on the

successful launch and I'm I'm G to be looking very much forward to uh um you know upgrading my client here once I get a little bit of tech support on that and then going ahead and getting in the queue to form my uh my node set mini pool here awesome uh well just close this out on this call with some numbers which I think everybody's going to want to hear um we have dou the tvl in XR e in the LA in the last 40 minutes um it went from about 200,000 to a little over 400,000 to and now uh the we have I think four mini pools in Q so that's that's really exciting um if you uh if you want to start earning and

you're not a no set node operator go to node.io jooin and you can be part of that queue excellent excellent and I see we still got langers with us here U maybe uh Darren if you have a few minutes with us you want to give us just some updates here about um uh rocket pool in particular uh a lot of lot of chat here we saw the latest release client for Rocket pool and there was a question about when version two and what is the latest with the Saturn releases hey um yeah cool I can give us an update so um maybe I'll start with uh V2 um so

V2 uh as I think I said in one of the other um Community calls we were investigating like a deviation in the reward um reward tree um between V1 and V2 um to be honest where we're at with V2 is I don't want to uh I don't want the team to be focusing on V2 when we've got to get V I know this is confusing but we we've got to get V10 the V10 reward Tre back out um so at the moment B2 is paused um I'm still on the fence about whether we get

out like a release candidate version um the only we we've kind of like tested it and we're perfectly comfortable with V2 uh the only thing we're not completely comfortable with is the reward tree stuff so um we just need to uh go through and do some side by-side testing of the um of the reward tree and stuff to make sure that there's no no deviations there um uh and because where there is quite a deadline for the the version 10 reward spec uh that's the reason why I'm kind of like I'm not promising the 2 um before that V2 V10

reward Tre speec um because I I don't want to I don't want distract the team with getting that that stuff done when they need to focus on or particularly patches um but um we need to focus on getting um getting that done so uh as I said before we may release a um a release candidate but it will probably have a m caveat to say that um the reward Tre stuff um uh is not we haven't we haven't fully tested that part yet so that that's where we're at at the moment um I don't want to as I said I don't want to put pressure on

them to get the 10 out and that out at the same time um so uh so that's probably B2 B2 is very likely to be after um V10 we've got the majority of the V10 reward Tre spec uh work done um which should be in the next few weeks um so that's the the V2 uh so then we've got um Saturn zero so Saturn zero um as we said before um uh actually immun has been updated now um and um Sigma Prime's public repo has been updated now and the audit reports

have been um uh made public uh we put out the contracts to be verified um patches um did that um uh a couple of days ago uh and so they basically that we we verify them against Source control and are we still looking for a launch of um I I I saw that both the um the the votes since last we spoke both votes passed um they did vote also to remove the cliff right that had passed with a strong yeah strong majority um and then are we on track for the date um

I didn't I didn't make it all the way through my Rocket Field did you even announce a Time on the on the date that it's going to launch uh yes so um we actually raised the P the not P The odal Proposal on Monday um so that's ticking away now so that's the 7-Day delay um between raising the Odell proposal and the Odell being able to um vote on it so they will be able to vote on it from next week um and so um yeah they'll be able to vote from it from uh next week um as long as we can we can get that kind of like voted in

which usually that's that's that's pretty usually that's pretty quick to get that voted in um and then we will execute the upgrade on the 28th um which is when we said we were going to do it um we were going to we we do it at the usual time that we usually release which is um midnight UTC um which is actually 10 a.m. outon um we'll execute the update uh we will um probably leave it a couple of hours just to let the the contracts settle in I know that seems weird but um just to let the the contracts kind of embed in and then we'll execute the um uh the actual parameter changes for rpip

62 um so that is yeah so that's that's those elements that's the immediate term so yes so on the 28th of October at midnight UTC basically that stuff will start going um live um and then we've got the um the V10 Spectrum change um which patches is working on at the moment um and so that's that's being that's in development at the moment and hopefully we can get that kind of code complete within the next couple of weeks um so that we can start testing it on test net um and then eventually you know hitting mainnet and then can we talk just a little bit about once um Saturn zero is

out a couple of things that I think I I saw in trading that maybe not everyone knows is so the commission will change for everyone right whether or not you stake RPL or you don't stake RPL so the once Saturn zero comes the commission goes from what 14% down to 5% plus um um some uh bonus commission that's issued via the rewards tree uh am I am I understanding that correct or can you explain that a little bit more yeah so there's a there's a um uh there's some subtle things there so for existing node operators nothing nothing changes um existing node

operators they uh with with mini pools deployed um uh their their commission stays the same um whatever whatever commission you had locked in uh whether that's 14% or whether that was you know the old school uh 16 20 percenters and all that sort of stuff uh your commission stays same um the the only the only thing it changes for is for new new deposits so uh so new deposits will have a commission of 5% going forward um and uh RPL staking will be optional um again if you're an existing uh if you're an existing node operator

um you'll still have you'll still be kind of um under the the withdrawal limit so uh you you won't you won't be able to withdraw um your RPL um below your the the withdrawal limit which is 60% of the bond Bond um so um that that will still be this exact so basically for current node operators it is it's exactly the same except because the cliff is being removed once V10 comes in uh the the V10 reward tree spec comes in you will will um start re start receiving uh RPL rewards um so that's the the difference for existing node operators um for new

node operators or node operators with new deposits um you'll be able to deposit um uh without any further um RPL take um and you will be you'll get 5% commission until again the V10 um reward tree spec comes in which then your um your commission will be boosted um based on based on your RPL basically and uh in the in the case of let's say a new node operator or an existing node operator that forms um eth only mini pools after Saturn zero so

after October 28th assuming the launch goes off as as expected um do they have to be in the smoothing pool to get that bonus um re to get the bonus out of the rewards tree or will the rewards tree provide that irregardless of smoothing pool or non- smoothing pool no that is a that is a very good point so um you to get the reward tree uh to get the commission boost you need to be in the smoothing pool um that is a that is a a very good point yes and is the bonus boost that you get is that P denominated and paid out in eth or is it paid out in RPL it's paid out in

eth okay and then will there be I know we're you know kind of approaching that launch window but do you expect any more medum articles or kind of some clear instructions I am somewhat envisioning another maybe short uh you know use command from from Valor on uh on kind of these things because I think we're going to get that question over and over again in the coming weeks and uh before and after Saturn zero yeah so depending on so we're working a little bit with the with the GMC um or we're having a chat with um shiffrin um I I don't know whether this necessarily

covers it well we are going to be updating the documentation so we're that's we're working through that or we will be working through that in the next like week or so um dat documentation uh but we're also kind of like working on like a landing page we be working on a landing page for eth only um use so that may well contain a lot of that information again it depends on um what the um the goal of that landing page is um but it would I from from my sense it should probably be a tldr of of Saturn zero so um in which case you know that to kind of like steer people to um pull

the trigger on that so um that's what we're kind of working on as well um with um with the community and MAV as well okay excellent um Langer is anything else from your point of view that we haven't covered I I do want to maybe ping MAV a little bit just about Devcon or maybe you about Devcon but anything else besides Devon that we haven't talked about that you want to bring up with the community today I mean they're they're definitely the most immediate term uh sort of things um as I said uh work on Saturn one is progressing really well um so we

doing a lot of the deposit stuff at the moment um yeah that is going really well um side of things um now to to kind of um so that we can get things working or exercising the code for end to end um I'm working with the team today um and a little bit this week to deter very least the first devet release in terms of includ and like a rough we be a to deliver that um and then uh ideally I'll be able to kind of

scope out the um the the following devet releases as as well I won't necessarily have times for those but um we'll be able to kind of scope out what's going to be in those um because we've got all of the task kind of broken down so I should be able to line that up um yeah so that's that's what we working want yeah two two follow-ups on that I think last time we were talking you were noling about two things one of them was maybe releasing that Trello board or your Milestones um if you want to comment anymore about your thoughts on that and then second you were maybe optimistic or maybe I was just reading too much into it about maybe Saturn one might come earlier than you expected that we were a little bit

farther in that road map um any further thoughts on that uh in terms of like the Milestones I want to try and get out um our plan for the the Milestones um we're still targeting um basically Q2 Q3 next year um as our uh as our goal date um goal timing um or delivery timing um the um in terms of the the the Milestones I'll have kind of like I want to try and put some uh some dates on them but that you know the further they go out the less ass sure I am of them um so um the the main one that we'll be targeting is

devet one which should be the or could be devet zero I don't know um uh to it will be the first devet release um with which will include kind of like MEAP pools and deposits and that sort of thing um I think I think it's too early to say whether Sat one is going to be early or not um we are making significant progress so um you know I'm definitely uh a lot more than I was before um because you know we started get into the work now um but um it's too early to say whether it's going to be early um but I would do want to by the end of the week get out a

little bit of information on what the what the Milestones will look like um and kind of like an idea of when they uh when they will come all right exciting I think that would be really great to kind of see the milestones and uh you know it could be form the basis of a lot of conversation both here and the Discord as well as uh in Thailand and um yeah it'd be really great to actually kind of see I I know it's always so hard to predict when things are going to launch but I'll still be optimistic thinking that we're maybe a little farther ahead and that launch might be sooner in the new year than later in the new year yeah I mean things are things are

going pretty well so far um but with software development It's usually the It's usually the unknown unknowns uh that the that caused the um the time to kind of like expand so but we but as I said things things are going quite well it probably um it probably helps that you know the Saturn work the majority of it there's not really anything really new and funky apart from maybe like the proofing system um that we we've got at the moment um which is um uh is is kind of um Innovative um from that perspective uh the rest of it is is kind of like you know logic it

it's it's kind of like um it's a lot simpler than um you know so it's less less risk from from that perspective um is what I'm saying um so as long as we can make sure that we do risk this this proofing stuff um which we're doing at the moment uh then uh you know we we should be we should be pretty good okay and then uh just to kind of as we start to wrap up here U maybe just a few words about uh Thailand and Devcon I don't know if either you or MAV have any thoughts M I saw you had a poll about doing rocket pool Community meetup on a couple of dates if you want to talk about that and linger I saw that vitalic

is gonna keynote on the the taking Summit conference that you're speaking at so uh hopefully you don't go right after him or right before him but uh uh but that looks pretty exciting yeah I think going straight after would probably be fine because everyone would probably be there um but uh yeah I don't know I'm looking um as I said I think for the staking summit we're going full B in terms of um my presentation is about sat so it's about Saturn zero Saturn 1 Saturn 2 uh what it means to Rocket pool um

and it's awesome so that is that's going to be really good um and again something that we can hopefully Point people at going forward as long as they have the stuff online um but yeah I'm really looking forward to that and Devcon always amazing um and as said it's a good time to check in uh actually it really is a good time to check in uh with cevs and and researchers and that sort of thing to kind of get their their thoughts on where things are going cuz there's a lot of there's a lot of things moving around in in the ethere so we to make sure we're on the on the on the pulse yeah excellent may I have any any

thoughts from your point of view just that yeah I would encourage people to let us know if you're going to be in Thailand there is a poll up in the conferences Channel just double checking there yes and we'll use the information there to coordinate a community meet up that hopefully as many people as possible can attend and uh we'll have a bit more information on next week's call so that's already queued up you can check the event section for that and yes we'll have a another guest on next week and the latest biweekly uh update so

hopefully see you guys there as well yeah perfect I'm uh I'm excited I think uh what we're probably less than uh less than 30 days away from uh a lot of things right I guess we're uh what a week a week away from Saturn zero and then uh uh just uh a little more than three weeks away from the staking Summit lers presentation then the rocket pull Meetup likely somewhere in there and then of course Devcon and uh you know there's just uh so much activity on Twitter regarding some very core changes to the ethereum protocol so I think it's going to be a very busy next 30 days um

so buckle up and it's GNA be a lot of fun all right well I think we've covered pretty much everything here and again congratulations to the no set team and graviton team here it's uh looking like I'm seeing a lot of things being posted here more mini pools being formed more tlv being deposited so everyone go go and enjoy that a little bit here as that happens and I'm looking forward to concluding this call and spinning up one of my notes at mini pools all right thank you Ken all right talk to you all next week

folks all right thanks thanks guys see you pe everybody