jasperthefriendlyghost.eth Profile picture
May 20 1 tweets 1 min read Read on X
The #RPL token with new tokenomics is the best long term risk adjsuted bet on #ETH

100% driven by #ETH fees from #ETH staking with no permissioned control.

Fee switch soon. 2x normal staking yield as a node soon.


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More from @drjasper_eth

Jun 29
The SEC filings today, filled with factual errors and misleading statements, show concretely that the agency's incompetence is endangering investors.

The most decentralized dApp on Ethereum is Rocket Pool - it has more home stakers than Solana, Gnosis, Polygon, Avax, everything but Ethereum itself.

In a sea of charlatans, Rocket Pool has pioneered true decentralization.

In this post, I will first explain why I believe $rETH is NOT a security by analyzing all of Howey, Reves, and the FIT21 criteria. Next, I will explain several factual errors that the SEC has made in its lawsuit against @Consensys with evidence. After this I will say why Consensys will likely win on summary judgment by analysing the Coinbase victory.

Finally, I will explain how, just like tornado cash, Rocket Pool is unstoppable. Neither the Rocket Pool DAO, nor Rocket Pool LTD., nor the SEC, nor any US or international court has the power to stop people from running nodes at home or holding $rETH in their wallet.

Permisionless. Decentralized. Censorship resistant.

By the end of this thread, I hope you walk away with the knowledge that the SEC is hollow, Ethereum is the future, and Rocket Pool is enabling it.

If you prefer a single long article, check it out -

Let's start with the elephant in the room. The SEC has alleged in its complaint against @Consensys that the $rETH token is an unregistered security.

Before diving into why I think the lawsuit will be dismissed before it ever gets evaluated on its merits, I want to defend the tougher position and establish why $rETH ought not to be a security. This analysis will be broken into 3 sections: an analysis through the Howey test and each prong, an analysis through the Reves test and its prongs, then finally an analysis through the yet hypothetical FIT21 for good measure.

I will be using @TeamPOSA's analysis for the below section and will link to their full report. I highly recommend reading it.

Disclaimer: I'm a full-time medical student. I am not a lawyer and I have never studied law. The people who wrote the report are, and you should read the real report. This is just my interpretation of their arguments.

Prong 1 of Howey: Investment of Money

Liquid staking tokens operate akin to titles on staked assets such that "the holder possesses legal and beneficial ownership of the staked cryptoassets and any Network Rewards generated from (or slashing penalties deducted from) such cryptoassets."

Rocket Pool is fully noncustodial -- ETH is automatically allocated to a pool where it is used to launch validators across a many thousand strong node operator set.

In the context of Rocket Pool, the protocol does not "have any discretion as to how to use the funds, but instead the cryptoassets are required to be staked until the Liquid Staker makes the decision to redeem the underlying cryptoassets"

Read 16 tweets
Jun 16
Fully diluted value is not a meme.

Let’s look at some tokens that recently had large unlocks.

$STRK MCAP almost back to launch values despite half the token value.
On $AEVO, MCAP is near ATH and token price ATLs.

Almost 2x launch MCAP but 1/3 the token price.
The graph token.

Not as bad as AEVO but honestly why does this token inflate so much?
Read 6 tweets
May 23
Short thread on the most important aspect of the FIT 21 bill - the five prong decentralization test to determine whether or not an asset is a digital commodity.

Expect all protocols with goals of decentralizing to be paying very close attention to this test.

Bill text below 👇 Image
Prong 1 - Power Rule

Prong 1 has two subdivisions concerning the previous 12 month period.

(I) - no person* can change the code

*more on what a person is at the end of the thread Image
(ii) - no person can prohibit any other person from using the system in any way

Prong 1 thus requires protocols not to have admin censorship powers! Image
Read 16 tweets
Feb 8
The greatest partnership in restaking is about to be born.

Rocket Pool x @Eigenlayer

The biggest union of node operators and the biggest marketplace for security, united...with no added risk to $rETH.

My essay on why this is THE endgame explained.

I will describe how Eigenlayer can be used without adding existential risk to a protocol. I suggest a unique collaboration between Rocket Pool and @Eigenlayer

The RP GMC has approved a $60,000 bounty for the completion of the RP x @Eigenlayer integration, pending pDAO vote.

Rocket Pool will hold senior debt so that in case of disaster, rETH is always made whole first.

The Ethereum withdrawal address will go to the Rocket Pool contract *before* it touches Eigenlayer.

This is a key differentiator from LRTs.
3/31 Image
Read 31 tweets
Jan 6
Once upon a time, I wrote about the @Rocket_Pool layer zero bull case.

Rocket Pool has a bonafide army of node operators with huge capital at stake - the perfect partner to turn @eigenlayer into a decentralized powerhouse.

Time to bring yield to decentralization, a thread 👇 Image
With over 3,000 node operators and no foundation-based delegation, @Rocket_Pool is a more decentralized protocol than almost any L1.

All this decentralized trust plus >$2 billion in locked economic security.

Technical, capitalized, aligned.

All that's missing is a marketplace.
With only 100 nodes, @eigenlayer is targeting 10 MB/s data throughput.

Imagine what would be possible with 30x that number of nodes. Perhaps 1 GBps is not so far away after all 🤔 Image
Read 12 tweets
Nov 5, 2023
Did you know that a @Rocket_Pool tokenomics overhaul is currently being voted on?

There are 4(!!) major votes to be decided.

13% $RPL APR??

Inflation allocation, grants committee membership, reward AND collateral system - all being voted on.

Let's dive in.
@Rocket_Pool #1 RPL Staking Rework - RPIP-30

This is a behemoth, the product of many in the community iterating for months before the proposal being voted on now.

At a high level, this vote changes $RPL rewards from a linear scale to one that more directly rewards creating rETH supply Image
@Rocket_Pool Currently, a large amount of inflation is directed to node operators that have 150% of their ETH stake as $RPL staked. These $RPL whales enjoy the most rewards.

Further, the incentive to join the network or to top up collateral at 10% is getting weaker as more RPL gets staked.
Read 21 tweets

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