Rocket Pool Pledges Towards Full Decentralization in Response to Governance Concerns
Rocket Pool, a popular liquid staking project, has committed to achieving full decentralization following concerns raised by Dmitry Gusakov from competitor project Lido Finance. Here are the key points:
– Rocket Pool operates under the governance of two primary units: the Oracle DAO (oDAO) and the Protocol DAO (pDAO).
– Gusakov flagged issues with Rocket Pool’s smart contracts managed under the pDAO, highlighting the centralized control of these contracts by a single Externally Owned Account (EOA).
– The centralized approach of the EOA contradicts the desired fully decentralized autonomous organization (DAO) model.
– Gusakov specifically expressed concerns about the centralized control of the “guardian” parameter, which allows the EOA to alter critical variables without a governance vote.
– The bootstrapMode in Rocket Pool’s operations, which offers more centralized control, was also criticized.
Rocket Pool’s response includes:
– Jaspreet Kalsi, Rocket Pool’s community advocate, emphasized the protocol’s commitment to a more decentralized model.
– The forthcoming Saturn upgrade in Q4 2023 aims to address decentralization gaps and reduce the EOA’s authority.
– Rocket Pool is developing a fully decentralized on-chain voting system for the pDAO.
– Rocket Pool aims to transition to being “100% decentralized” in the future.
Gusakov compared Rocket Pool to Lido, highlighting Lido’s fully controlled decentralized autonomous organization (DAO) through on-chain voting. Gusakov hopes that Rocket Pool will phase out the bootstrapMode as the project matures.
Hot Take
Rocket Pool’s commitment to full decentralization in response to governance concerns is a positive step towards achieving a more democratic and decentralized model. By addressing the criticisms raised by Gusakov and developing a decentralized on-chain voting system, Rocket Pool is working towards a more transparent and community-driven governance structure. This commitment should instill confidence in Lolacoin readers and help Rocket Pool solidify its position as a prominent player in the liquid staking space.
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