Gitcoin's partnership with Rocket Pool as a node operator and member of the Oracle DAO allows for the mutual benefit of securing the Ethereum network while also funding public goods. As an operator of the Oracle DAO node, Gitcoin can participate in earning rewards for staked ETH, commission on pool staked ETH, and RPL rewards. This partnership exemplifies Gitcoin's commitment to being good stewards and partners in the space while also finding sustainable funding models for public goods.
As the Ethereum network continues to grow, the need for efficient and decentralized staking protocols has become increasingly important. Gitcoin has partnered with Rocket Pool to participate as a node operator and join the membership of the Oracle DAO. With this, Gitcoin joins communities such Lighthouse, Ethstakers, Nimbus, Beaconcha.in and CryptoManufaktur in securing the Ethereum network.
Rocket Pool is Ethereum’s most decentralized liquid staking protocol. Its 2,500+ worldwide node operators have staked over 500,000 ETH. Liquid stakers can participate by depositing as little as 0.01 ETH to receive the rETH liquid staking token. Rocket Pool is a fully non-custodial solution, and its node operators are economically-aligned to perform well for stakers. Joining as a node operator is fully permissionless and requires just 8 ETH (instead of 32). Node operators earn a boosted ROI from both operator commission plus RPL rewards.
Ethereum currently operates with two separate chains: the Execution Layer (EL) mainnet chain and the Consensus Layer (CL), also known as the beacon chain. These chains are not yet connected in a way that would allow a smart contract on the EL to know about the state of any validator on the CL. This means that a decentralized staking protocol for Ethereum based on the main chain would need a way to access this information.
Rocket Pool’s solution to this problem is the Oracle DAO (oDAO), which acts as a bridge between the two chains and provides valuable oracle services for the protocol and its users. By utilizing the Oracle DAO, stakers and node operators can access real-time information about the performance of validators on the CL, such as whether they are online and earning rewards or offline and not contributing to the network.
Gitcoin was invited to run an Oracle node, and join the oDAO.
Finding recurring and sustainable funding models for funding public goods is high on Gitcoin’s priority list. At the same time, growing and continuing to be good stewards and partners to other protocols in the space has long been in Gitcoin’s ethos.
"We are excited to support a fellow protocol and secure the Beacon chain while earning rewards for doing so," said Kyle Weiss, Executive Director at Gitcoin Foundation. "By participating in Rocket Pool's oDAO, we can broaden our participation in securing the Ethereum Network and help fund public goods."
Partnering with Rocket Pool offers a three-way benefit for Gitcoin:
In conclusion, Gitcoin's partnership with Rocket Pool as a node operator and member of the Oracle DAO allows for the mutual benefit of securing the Ethereum network while also funding public goods. As an operator of the Oracle DAO node, Gitcoin can participate in earning rewards for staked ETH, commission on pool staked ETH, and RPL rewards. This partnership exemplifies Gitcoin's commitment to being good stewards and partners in the space while also finding sustainable funding models for public goods.