đź‘ľ GmGm

Notes Working Group Call October 27 2992938fe504803aa19cf5e658d985b8

4 min read

Notes: Working Group Call October 27

Notes Transcript: https://docs.google.com/document/d/1fbdmq-YxZnM9fp7DvBEj6nzg_gKeiuaggG5nrwmEQrU/edit?tab=t.uabzxjsfarik

Summary

Rika Goldberg noted that approximately 41% of validators have voted to upgrade the software. Maxwell Saal discussed the growth of stake in the system, aiming for 10% of the existing stake by the end of the year, and explained the tax advantages of liquid staking tokens (LSTs) for large delegators. Maxwell Saal observed that the Near ecosystem’s DeFi sophistication is relatively low due to attractive risk-free yield and a shift in focus from NFTs to general AI products. Rika Goldberg and Maxwell Saal committed to discussing the endorsed delegate program with Lane to provide more clarity, and Maxwell Saal confirmed that the “house of stake” gov lead hire is essentially complete.

Details

  • Validator Vote Status Rika Goldberg noted that approximately 41% of validators have voted to upgrade the software, indicating a “yes” vote. Maxwell Saal confirmed that this information was accurate. Maxwell Saal also mentioned that there are ongoing efforts to determine the software version of some validators to get a more precise percentage, and the NF plans to address this (00:00:00).
  • Stake Growth and Ambitions Maxwell Saal provided an update on the growth of stake in the system, aiming for 10% of the existing stake, or 60 million, by the end of the year. He noted that significant stake from at least four ecosystem organizations is expected in the coming weeks, contributing to this ambitious goal (00:01:32) (00:04:08). Maxwell Saal also highlighted that a method allowing people to lock their Near into “house of stake” without unstaking from their normal path could be a major facilitator for growth, as unstaking can be considered a taxable event in some jurisdictions (00:04:08).
  • Delegation and Tax Implications Rika Goldberg and Maxwell Saal discussed large delegators within the system, with Maxwell Saal clarifying that some large numbers represent delegated amounts rather than direct ownership (00:02:43). Maxwell Saal further explained that liquid staking tokens (LSTs) offer tax advantages by converting staking income into capital gains, which can be taxed at a lower rate in certain jurisdictions (00:10:40). Maxwell Saal also shared that Agora is exploring options to enable staking without requiring unstaking, aiming to reduce friction for participants (00:08:11).
  • DeFi Engagement and Ecosystem Focus Maxwell Saal observed that the Near ecosystem’s DeFi sophistication is relatively low compared to other chains, partly due to the attractive risk-free yield available, which disincentivizes exploring more complex strategies (00:13:00). He explained that the ecosystem’s interest has shifted from NFTs to general AI products, and there is a current focus on using Near to pay for AI usage by selling compute tied to Near tokens (00:14:11) (00:16:30). Rika Goldberg suggested leveraging the strong validator community as a unique strength of Near, as validators are generally more active participants compared to other ecosystems (00:17:38).
  • Working Group Mandate and Future Plans Takeshi Ohishi inquired about the working group’s future focus, expressing concerns about the clarity of endorsed delegates’ roles and community recognition (00:18:51) (00:23:58). Rika Goldberg shared that the working group’s objectives include a validator support program and ongoing discussions to identify opportunities for contribution, referencing their Notion page as a source of information (00:21:23). Maxwell Saal acknowledged the need for more formal processes for proposals and clearer paths for getting things done, and he committed to discussing the endorsed delegate program with Lane to provide more clarity (00:22:31) (00:25:46).
  • Gov Lead Hire Update Rika Goldberg inquired about the status of the “house of stake” gov lead hire. Maxwell Saal confirmed that the hire is essentially complete, with only paperwork pending, and expressed excitement for the chosen individual, highlighting that both potential candidates are highly capable (00:27:07).

Suggested next steps

[unchecked](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAEgAAABICAYAAABV7bNHAAAA1ElEQVR4Ae3bMQ4BURSFYY2xBuwQ7BIkTGxFRj9Oo9RdkXn5TvL3L19u+2ZmZmZmZhVbpH26pFcaJ9IrndMudb/CWadHGiden1bll9MIzqd79SUd0thY20qga4NA50qgoUGgoRJo/NL/V/N+QIAAAQIECBAgQIAAAQIECBAgQIAAAQIECBAgQIAAAQIECBAgQIAAAQIECBAgQIAAAQIEyFeEZyXQpUGgUyXQrkGgTSVQl/qGcG5pnkq3Sn0jOMv0k3Vpm05pmNjfsGPalFyOmZmZmdkbSS9cKbtzhxMAAAAASUVORK5CYII=)

Maxwell Saal will ask Lane about the endorsed delegates' role at the standup tomorrow and circle back to the group with an update on the endorsed elegant program.

-

[unchecked](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAEgAAABICAYAAABV7bNHAAAA1ElEQVR4Ae3bMQ4BURSFYY2xBuwQ7BIkTGxFRj9Oo9RdkXn5TvL3L19u+2ZmZmZmZhVbpH26pFcaJ9IrndMudb/CWadHGiden1bll9MIzqd79SUd0thY20qga4NA50qgoUGgoRJo/NL/V/N+QIAAAQIECBAgQIAAAQIECBAgQIAAAQIECBAgQIAAAQIECBAgQIAAAQIECBAgQIAAAQIEyFeEZyXQpUGgUyXQrkGgTSVQl/qGcG5pnkq3Sn0jOMv0k3Vpm05pmNjfsGPalFyOmZmZmdkbSS9cKbtzhxMAAAAASUVORK5CYII=)

Rika Goldberg will check out what the DeFi education fund wrote about staking.

Graph View