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.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon’s work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.