Delete the Deposit Pool Campaign
Last updated
Last updated
We’ve watched the rETH deposit pool grow over the last few months and frankly, we’re sick and tired of it! It’s time to deploy validators en masse, eliminate unproductive ETH, and grow the Rocket Pool ecosystem! To get the Rocket Pool, Ethereum staking, and DeFi communities excited for the launch of Constellation, we’ll be distributing rewards to early xrETH holders and DeFi users. xrETH is already one of the most decentralised and highest earning LSTs, as shown below.
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Users who mint xrETH in the first four weeks after Constellation’s launch will be eligible to receive rewards at the end of the promotional period. The four week cut-off date will trigger a snapshot of all eligible wallets. Once you’ve minted xrETH, you can participate in any of the following activities over the vesting period:
Hold xrETH in your wallet
Utilize xrETH across a number of DeFi venues (coming soon!)
We require that you hold xrETH in one or more of the above venues for 6 months after the initial cut-off date to claim rewards. You may shift your xrETH between the approved venues at will and not risk losing rewards. We will update the program over time as we bring new integrations online. You can learn about new integrations in the #updates channel in Gravita’s Discord.
Gravita charges xRPL holders a fee every month, currently set at 35%. A large percentage of the fees accrue to a reward pool over the vesting period. At the end of the vesting period, eligible xrETH holders will receive their addresses’ proportional share of the final pool (e.g, if 1000 ETH was eligible and you deposited 200 ETH, you would receive 20% of the xRPL reward pool at the end of the vesting period).
NOTE: IF YOU FAIL TO HOLD YOUR XRETH FOR THE ENTIRE VESTING PERIOD, YOU WILL BE REMOVED FROM THE REWARD POOL.
The Gravita team has not yet decided on the exact mechanism of distribution. Expect updates on this topic as we get closer to the conclusion of the program.
We have set a number of TVL (Total Value Locked) milestones that unlock additional rewards for early adopters. The system is straightforward and should encourage the ongoing evangelization of xrETH.
In the event Constellation hits specific xrETH minting milestones during the vesting period, Gravita increments the reward share by 5%. See the table below for each milestone, and total reward share.
This means that if you hit the 10,000 xrETH threshold with a 30% revenue share, you’ll now enjoy a 35% share—exclusively for early minters. Seize this opportunity before the deadline to maximize your returns!
After the 28th of Octtober, the regular program will resume: In the case of a modest launch, early xrETH minters will receive 25% of the total xRPL fees from the system! In our view, as Constellation becomes more successful, the earliest protocol supporters deserve to share in that success. In a runaway scenario, xrETH minters will share in 40% of the system’s RPL fees over the vesting period.
Rewards will be distributed to xrETH holders in the form of xRPL. Setting aside the rewards in the form of xRPL unlocks the assets to be put to work in Constellation, growing the system and generating additional rewards from RPL emissions over the vesting period!
Regarding the allocation of remaining RPL fees, the fee share will be distributed flexibly each period based on the team’s strategic priorities. That may include incentivizing liquidity for xrETH, xRPL, or even rETH in the event of a depleted rETH deposit pool. A portion of fees may also be used to support the Gravita team’s operating expenses.
Gravita has invested in building on-chain tracking features for our existing Ascend points system. The same system will track your wallet’s xrETH activity and calculate your rewards. As long as you stick to approved venues, we should have no trouble giving you the credit!
Alongside the Delete the Deposit Pool incentive program, we will have a rewards program for individuals who can refer us to large xrETH depositors. While the details of the program are not yet public, keep your eyes peeled!. The minimum TVL referral required to participate in the program is 500 ETH.
If you have questions, concerns, or need to let us know about something urgently regarding your participation in the program, please feel free to join our Discord and let us know directly.
