Fun

News Feed - 2023-07-05 04:07:44

Tom Blackstone4 hours agoLido, Rocket Pool team members argue over decentralizationA Lido team member claimed Rocket Pool is not really governed by its DAO, but Rocket Pool community members pushed back, claiming the protocol is becoming more decentralized.1000 Total viewsListen to article 0:00NewsJoin us on social networksA team member for Lido has accused competitor Rocket Pool of being too centralized in a July 4 social media post. Both Lido and Rocket Pool are liquid staking protocols that allow users to delegate their cryptocurrency to validators and receive derivative tokens in exchange.


According to the post from Lido’s community staking lead Dmitry Gusakov, the Rocket Pool contracts are controlled by the Rocket Pool team, allowing the team to change any parameters and call any method. This means that Rocket Pool developers can increase the inflation rate to an arbitrarily large percentage or increase fees to up to 100%.


Gusakov claimed this vulnerability does not exist in Lido’s contracts, as in Lido, these actions are “fully controlled by [decentralized autonomous organization] LidoDAO.”


Rocket Pool grants management committee member Waq responded to the accusation, stating that the vulnerability was already known to the team and will be fixed in the future. Waq accused the Lido team of trying to take credit for discovering an issue that was already known.Here we go again with the "brand new" discoveries of @Rocket_Pool being super malicious again Not a single word of how the community has been working for over a year on fixing this and the progress we"re making. Once we fix this, they"ll rush to take the credit like always.— Waq | Rocket Fuel (@waqwaqattack) July 4, 2023


According to Gusakov’s post, the RocketStorage contract at Ethereum address 0x1d8f8f00cfa6758d7bE78336684788Fb0ee0Fa46 contains a parameter called “guardian.” Many functions in Rocket Pool contracts are also labeled as “onlyGuardian,” meaning they can only be called by the account listed in this parameter, which is currently set to the RocketPool deployer account at 0x0cCF14983364A7735d369879603930Afe10df21e.


Actions that can be performed by the “guardian” include changing the “RPL InflationIntervalRate” and the “ETH DepositFee,” implying that the team can increase the inflation rate of the Rocket Pool governance token (RPL) or remove users’ deposits by setting the fee to 100%, Gusakov stated.


Content creator Chris Blec shared the post, claiming that it proves “‘pDAO is not a DAO” or that RPL tokenholders are not actually in control of Rocket Pool’s governance.


In response, Rocket Pool community advocate Jasper.lens stated that the community is already aware of this centralization issue, which will be patched in the upcoming Saturn upgrade. According to Jasper, the centralization occurred during a period when voting systems for Rocket Pool’s DAO were still being designed and tested. The team decided not to allow the DAO to practice on-chain voting in the initial testing phase. However, testing has now been completed, and the upcoming Saturn upgrade “is all about patching the decentralization holes.”


In a comment agreeing with Jasper.lens’ post, Waq claimed that the Rocket Pool community “has been working for over a year on fixing this” and predicted the Lido team would “rush to take the credit like always” once the problem is fixed.


Liquid staking protocols have been growing in popularity over the past few months. On May 1, blockchain analytics platform DefiLlama stated that these protocols had surpassed decentralized exchanges as the top decentralized finance category in terms of total value locked. On May 30, Tenet partnered with LayerZero to implement liquid staking on more blockchains in the future.# Decentralization# Ethereum# DeFi# StakingAdd reactionAdd reactionRelated NewsHow to use a crypto hardware walletBinance caves to pressure over coin listings, scoring a win for privacyChibi Finance $1M alleged rug pull: How it happenedStaked ETH surpasses 23 million in June — NansenMaple Finance announces direct lending to fill the void left by BlockFi, CelsiusItaly’s central bank calls for framework to prevent stablecoin runs

News Feed

Bitcoin Resets With 14% Deleveraging—Here’s What Past Events Led To
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Global Conglomerate Adds 580 $BTC Amid Unprecedented Crypto Popularity. Here’s Why BTC Bull Token Could 100x
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
PEPE Rising Trendline Holds Firm: A Reliable Launchpad For Price Rally
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Malaysian Thieves Drill Through Wall to Steal 85 Crypto Machines
Malaysian authorities have apprehended five men charged with stealing 85 bitcoin machines. The police captured the men in a police raid on Nov. 2. The Sun Daily reports that four me
Kadena Launches $100 Million Grant Fund to Develop Web3 Experiences
Kadena Launches $100 Million Grant Fund to Develop Web3 Experiences Kadena, a proof-of-work-based cryptocurrency that also has the possibility of supporting smart contracts, has an
Bitcoin Mining Markets Heat Up: Ebang’s $41M Deficit, Bitmain’s Alleged 2020 Revenue
Bitcoin Mining Markets Heat Up: Ebang"s $41M Deficit, Bitmain"s Alleged 2020 RevenueThe Chinese ASIC mining rig manufacturer Bitmain reportedly pulled in $300 million in revenue dur
Introducing Civilization Network, the Gate to DEFI – Presale Live Token Listing January 23
Introducing Civilization Network, the Gate to DEFI - Presale Live Token Listing January 23 press release PRESS RELEASE. In the crypto world, 2022 was one of the most challenging yea
Recent Poll Shows Citizens of El Salvador Still Not Sold on Bitcoin
Recent Poll Shows Citizens of El Salvador Still Not Sold on Bitcoin A recent poll completed by the Public Opinion University Institute, part of the Simeon Canas Centroamerican Univ
Biggest Movers: LINK Climbs Above $7.00, as DOGE Rebounds From Recent Decline
Biggest Movers: LINK Climbs Above $7.00, as DOGE Rebounds From Recent Decline Dogecoin rebounded from a recent decline on Friday, as cryptocurrency markets shook off yesterday’s
Indian Central Bank Chief: US Banking Crisis Clearly Shows Risks Crypto Poses to the Financial System
Indian Central Bank Chief: US Banking Crisis Clearly Shows Risks Crypto Poses to the Financial System The governor of India’s central bank, the Reserve Bank of India (RBI), says
William Suberg10 hours agoBitcoin bids move to lowest since March as BTC price dips under $25.7KBTC price action reflects a tug-of-war between weak bulls and bears, but Bitcoin breaking down is firmly on the cards.3014 T
Craig Wright and Ira Kleiman Enter Settlement Discussions
Craig Wright and Ira Kleiman have entered settlement discussions, with both parties requesting a 30-day extension of all case deadlines to facilitate negotiations. According to a jo