We made it! After the initial set of six intrepid delegates stepped forward and self-coordinated to distribute the four relevant DTFs among them for top notch coverage, we now also confirmed the delegation amounts.
Which means: We’re ready to go!
What is the Reserve Recognized Delegate Program
The initial three month run will start on April 1 and run through June 30.
ABC Labs and Confusion Capital will delegate 60% of their stRSR on four DTFs:
- bsdETH
- ETH+
- eUSD
- USD3
The initial set of Recognized Delegates are, in alphabetical order:
- 0xd15co - covering eUSD and USD3
- Braden - covering ETH+ and bsdETH
- Eureka - covering USD3 and bsdETH
- Ham - covering ETH+ and eUSD
- R72 - covering USD3 and eUSD
- Zeb - covering ETH+ and bsdETH
Each DTF is covered by three delegates, which will help ensure a diversity of opinions and high governance security through more watchful eyes.
While these six are the first delegates in Reserve, there is no barrier to entry for further delegates, and nothing stopping stakers from delegating their voting power to one of the six or others. Quite to the contrary this is highly encouraged.
How much stRSR will be delegated?
Delegation amounts are set at 60% of the total holdings of ABC Labs and Confusion Capital combined, which greatly reduces the voting power of these two organizations while allowing them to meaningfully articulate their positions.
The amounts are:
eUSD
- Total ABC/CC voting power (percent of staked RSR) = 18%
- Average quorum multiple reached = ~130%
- Percent to delegate = 10.6% (=60% of ABC/CC staked RSR)
- Tokens to delegate = 239.6M steUsdRSR (79.87M per delegate covering)
ETH+
- Total ABC/CC voting power (percent of staked RSR) = 9%
- Average quorum multiple reached = ~187%
- Percent to delegate = 5.4% (=60% of ABC/CC staked RSR)
- Tokens to delegate = 47.5M stEth+RSR (15.83M per delegate covering)
bsdETH
- Total ABC/CC voting power (percent of staked RSR) = 7%
- Average quorum multiple reached = ~252%
- Percent to delegate = 4.2% (=60% of ABC/CC staked RSR)
- Tokens to delegate = 5.8M stbsdEthRSR (1.93M per delegate covering)
USD3
- Total ABC/CC voting power (percent of staked RSR) = 19%
- Average quorum multiple reached = ~197%
- Percent to delegate = 11.4% (=60% of ABC/CC staked RSR)
- Tokens to delegate = 57.3M stusd3RSR (19.1M per delegate covering)
Or as a table:
One thing to point out here is just how little voting power ABC Labs and Confusion Capital actually hold when compared to some of the top DeFi protocols out there. (Not naming any names, but look for an A and a U)
Delegate compensation and evaluation
Delegate compensation will be $250 / month in $RSR. A token of appreciation, but not enough to fight over.
Performance requirements to receive compensation:
- Minimum 90% vote participation across all proposals on delegated products.
- 100% of votes cast must include a posted rationale in the delegate’s forum thread.
- Meaningful forum engagement, measured by read time and likes received.
Consequences for underperformance:
- After one month of failing to meet requirements: a warning.
- After two consecutive months: undelegation and removal from the recognized delegates tier.
Performance analytics
Anode will publish the first performance analytics post shortly before May 1, and analyze if delegate are eligible for compensation.
A new era of Reserve Governance has just begun, and with a team of delegates like that, we’re off to a really good start.