Profile of Jaf in Rari Foundation
Posts by Jaf
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[RRC-XX] Rari Staking Incentives
by Jaf - No Role
Posted on: Oct. 16, 2024, 10:24 p.m.
Content: Thank you all for your feedback.
Will review your comments and refine this proposal to ensure it maximizes benefits and participation for everyone within the Rari ecosystem.
Likes: 3
Replies: 0
No replies yet.
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Adding Temperature Check to Governance Process
by Jaf - No Role
Posted on: Oct. 10, 2024, 12:50 p.m.
Content: I love the idea of doing a temperature check!
My only worry is that polls on Discourse are open to anyone who signs up, and that can be a problem if people vote without really getting the topic. Uninformed voters might end up slowing down or even blocking good proposals from moving forward.
Have you come across any ideas on how to deal with this?
Likes: 5
Replies: 0
No replies yet.
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[RRC-XX] Rari Staking Incentives
by Jaf - No Role
Posted on: Oct. 8, 2024, 2:30 p.m.
Content: Authors: @Jaf
Reviewers: Governance Working Group members @jengajojo
Requesting Community Feedback
This post is meant to start a community discussion regarding how to add Staking Incentives contingent upon Rari Staking proposal’s approval first.
Important questions to consider.
Where the incentives will come from?
What are the mechanics for the incentives?
Abstract:
Following the approval of RRC- 30 3 , Rari DAO began transitioning the $RARI token and governance to the Arbitrum ecosystem.
Shortly after, the proposal to enable RARI staking 4 gained significant attention, as it aims to enhance the governance and security of the RARI protocol by introducing staking.
After gauging community sentiment, we now propose implementing staking incentives alongside this initiative to maximize its impact on the DAO.
Motivation:
Two of Rari DAO’s most important goals are to improve governance participation and increase the value of the $RARI token—both of which are significantly advanced by the introduction of RARI staking. However, adding staking rewards will further motivate token holders to participate, ensuring stronger alignment with the DAO’s overall objectives.
Rationale:
Implementing staking rewards will provide an additional incentive for $RARI token holders to participate in staking, which in turn will enhance governance participation.
Key Terms:
RARI token: RARI DAO governance token ( token_Addr in Arb/Rari )
RARI DAO: body governing the Rarible Protocol and RARI chain
Arbitrum ecosystem: Arbitrum One and RARI chain L 3
Specification
To develop a clear plan of action for determining the source and mechanics of staking incentives, the DAO must engage in several discussions to address outstanding questions.
Where can the incentives come from?
With the GWG we have been brainstorming several ideas:
From the treasury: Request 200 K RARI from the DAO to pay incentives for up to 1 M RARI to be staked. Incentive formula will be adjusted so that max reward hits 4 % at 1 M stake and increases for lower stake amounts. All unused incentives will be sent back to the treasury
From fees collected by the Rari Protocol: This doesn’t seem viable at the moment, as current revenue is low, which could negatively affect the strategy and the DAO.
RARI inflation: Another option is to first switch on token inflation and allocate that towards incentives. These can be dynamically tuned, the rewards can be inversely proportional to the amount of RARI staked.
Staking Rewards Mechanics:
This section of the proposal will be addressed once we have identified the most viable source for the staking rewards.
Steps to Implement
Gather feedback from the community
Modify this proposal as needed (based on feedback)
Post onchain for voting
Overall Cost:
TBD after discussions within the community and RARI foundation
Likes: 9
Replies: 0
No replies yet.
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Enable RARI Staking
by Jaf - No Role
Posted on: Oct. 5, 2024, 11:54 a.m.
Content:
bitblondy:
Regarding possible staking rewards, is this something the foundation has dedicated funds for, or would you be in favor of inflating the token (if this is possible at all with the current setup) @addie?
I’m working together with the GWG to initiate a separate discussion on this topic.
We’ll likely share it here in the forum early next week.
Likes: 3
Replies: 0
No replies yet.
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Enable RARI Staking
by Jaf - No Role
Posted on: Oct. 3, 2024, 10:32 a.m.
Content:
coolhorsegirl:
Governance enablement on Rari Chain is dependent on Wormhole integrating with Rari Chain (so that MultiGov can be activated).
is this in the works currently?
more a question for Rari fdn - @addie maybe?
Likes: 0
Replies: 1
No likes yet.
Replies:
- addie: Wormhole said Q4, fdn checked in earlier this week but the contact is OOO so expecting an update next week. Will also provide an update of the next steps in the upcoming October 8 community call!
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Enable RARI Staking
by Jaf - No Role
Posted on: Sept. 30, 2024, 9:55 p.m.
Content: I have one more question @coolhorsegirl
Currently, there’s a minimum $RARI lock-up period before delegation is allowed = 1 month.
Once we move forward with this initiative, will there still be any lock-up requirements?
Or will users be able to freely stake/unstake and delegate/undelegate, similar to many DeFi platforms?
Likes: 2
Replies: 1
Replies:
- coolhorsegirl: Users be able to freely stake/unstake and delegate/undelegate.
Technically, you could have an LST with with a lockup—this would require significant customisation—but it greatly increases the likelihood of a price spread if the arbitrage takes days or weeks to execute. We would highly recommend against this.
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Enable RARI Staking
by Jaf - No Role
Posted on: Sept. 27, 2024, 12:05 a.m.
Content:
andreitr:
Has anyone on Tally already implemented this? Do you have a case study you could link to?
you can look into this one
Arbitrum – 21 Jun 24
ARB Staking: Unlock ARB Utility and Align Governance 2
Thanks for your thoughtful comments (as always) JoJo. Good question. It depends on the delegate and how high their score was prior to the inactivity. We could try to model out different scenarios using the Karma Score formula. (( 100 ) * ((Forum...
Likes: 2
Replies: 0
No replies yet.
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RRC-xx: Continuation of RARI DAO Security Council
by Jaf - No Role
Posted on: Sept. 18, 2024, 11:14 p.m.
Content: As for me
When it comes to my technical background:
I’ve been in the software game for over 20 years now, playing different roles. And I’ve been in the web 3 space for the past 7 years.
During my time with Push Protocol I led for some time the engineering team at the beginning before transitioning into getting the DAO started.
I can read/write/debug/deploy code, and have done it in Prod environments.
Also, I’m currently building my own project where I play a hands-on technical role and I’m very involved with the infrastructure side of things - among other things.
When it comes to RariDAO:
I’ve been a delegate since cohort 1 . Always staying on top of most discussions, actively engaging in governance, and supporting RariDAO initiatives.
I take my role on the council seriously, always acting promptly and with the responsibility it requires.
Likes: 6
Replies: 0
No replies yet.
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Proposal Overflow Call
by Jaf - No Role
Posted on: Sept. 11, 2024, 11:06 a.m.
Content: If possible, I believe it will be valuable to dedicate a few mins and give a TLDR of the RARI Staking proposal to make sure everyone understands
what it is
what is not
challenges and opportunities
it will continue being discussed in the Proposal Review calls for sure, however discussing in this space will help delegates be ready for a more informed decision.
Likes: 4
Replies: 2
Replies:
- bitblondy: Thanks @jengajojo for the initiative. Agree with the RARI staking proposal @jaf, this is a really big topic.
For future reference, maybe the call could be added to the public RARI google calendar, so it’s easier to find.
- WinVerse: @coolhorsegirl would you be able to make it to the overflow call today, 16 UTC, to talk about RARI Staking?
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Enable RARI Staking
by Jaf - No Role
Posted on: Sept. 9, 2024, 8:20 p.m.
Content: Hi @coolhorsegirl , thanks for putting up this proposal!
Overall, I really like the proposal and the opportunities it presents for Rari DAO. Also, it’s reassuring to see how well the conversation around the ARB staking proposal (similar to this one) went in the Arb forum.
Now, I do have a couple of questions/concerns:
without concrete rewards it sems like there will be not enough immediate incentives for users to stake their $RARI. IMO this strategy should come together with a rewards structure.
Have other DAOs launched staking without rewards? If so, how effective has this strategy been?
Is there a limit on how much voting power one delegate can accumulate? In the past, we’ve seen situations where a single delegate had enough power to significantly influence the outcome of a proposal.
Thx!
Likes: 1
Replies: 2
Replies:
- jengajojo: Thanks for the proposal @coolhorsegirl
Will there be a default Karma score threshold for being eligible for rewards?
Does the DAO have the option to toggle this threshold?
Will tally go out to money markets and enable lending and borrowing of the stRARiI token or does the DAO have to do it?
Jaf:
Is there a limit on how much voting power one delegate can accumulate? In the past, we’ve seen situations where a single delegate had enough power to significantly influence the outcome of a proposal.
This is a legit concern. I strongly recommend ways around this in the default implementation
- coolhorsegirl: Hey @Jaf -
We highly recommend launching staking alongside rewards. Rewards are completely determined by the DAO; Rari DAO would have ~1.5 months to determine rewards before staking via Tally Protocol is ready to determine rewards. The move to staking via Tally Protocol is happening simultaneously elsewhere - for example, see discussion in Arbitrum DAO, so we do not yet, but will soon have, more information on what rewards structures contributors across DAOs are interested in using.
Binding delegation to an upper limit would require an upgrade to governance smart contracts. At the UI layer, there are things the DAO could do to encourage people to delegate to less popular delegates to prevent certain delegates from accumulating too much voting power, like featuring delegates with less voting power in the first 3 stakers see when delegating. Additionally, the DAO will be able to delegate un-delegated voting power for tokens that are staked in the Tally Protocol, so should be able to re-distribute it to prevent certain delegates from accumulating too much voting power.
