A crew member for Lido has accused competitor Rocket Pool of being too centralized in a July 4 social media submit. Each Lido and Rocket Pool are liquid staking protocols that enable customers to delegate their cryptocurrency to validators and obtain by-product tokens in alternate.
Based on the submit from Lido’s group staking lead Dmitry Gusakov, the Rocket Pool contracts are managed by the Rocket Pool crew, permitting the crew to vary any parameters and name any methodology. Which means that Rocket Pool builders can enhance the inflation price to an arbitrarily massive share or enhance charges to as much as 100%.
Gusakov claimed this vulnerability doesn’t exist in Lido’s contracts, as in Lido, these actions are “totally managed by [decentralized autonomous organization] LidoDAO.”
Rocket Pool Grants Administration Committee member Waq responded to the accusation, stating that the vulnerability was already recognized to the crew and might be fastened sooner or later. Waq accused the Lido crew of attempting to take credit score for locating a problem that was already recognized.
Right here we go once more with the “model new” discoveries of @Rocket_Pool being tremendous malicious once more Not a single phrase of how the group has been working for over a yr on fixing this and the progress we’re making. As soon as we repair this, they’re going to rush to take the credit score like all the time.
— Waq | Rocket Gasoline (@waqwaqattack) July 4, 2023
Based on Gusakov’s submit, the RocketStorage contract at Ethereum handle 0x1d8f8f00cfa6758d7bE78336684788Fb0ee0Fa46 incorporates a parameter known as “guardian.” Many features in Rocket Pool contracts are additionally labeled as “onlyGuardian,” which means they will solely be known as by the account listed on this parameter, which is at the moment set to the RocketPool deployer account at 0x0cCF14983364A7735d369879603930Afe10df21e.
Actions that may be carried out by the “guardian” embody altering the “RPL InflationIntervalRate” and the “ETH DepositFee,” implying that the crew can enhance the inflation price of the Rocket Pool governance token (RPL) or take away customers’ deposits by setting the payment to 100%, Gusakov acknowledged.
Content material creator Chris Blec shared the submit, claiming that it proves “‘pDAO just isn’t a DAO” or that RPL token-holders aren’t really in command of Rocket Pool’s governance.
In response, RocketPool group advocate Jasper.lens acknowledged that the group is already conscious of this centralization situation, which might be patched within the upcoming Saturn improve. Based on Jasper, the centralization occurred throughout a interval when voting techniques for Rocket Pool’s DAO had been nonetheless being designed and examined. The crew determined to not enable the DAO to follow on-chain voting within the preliminary testing part. Nonetheless, testing has now been accomplished, and the upcoming Saturn improve “is all about patching the decentralization holes.”
In a remark agreeing with Jasper.lens’ submit, Waq claimed that the Rocket Pool group “has been working for over a yr on fixing this” and predicted the Lido crew would “rush to take the credit score like all the time” as soon as the issue is fastened.
Liquid staking protocols have been rising in recognition over the previous few months. On Might 1, blockchain analytics platform DefiLlama acknowledged that these protocols have surpassed decentralized exchanges as the highest DeFi class by way of complete worth locked. On Might 30, Tenet partnered with LayerZero to implement liquid staking on extra blockchains sooner or later.
