Migrating from Minipools to Megapool Validators
If you're a returning node operator looking to migrate their minipool stake to a megapool, this page will offer a step-by-step guide on how to do so. Migration involves exiting your minipool, creating new megapool validators, unstaking legacy RPL, then restaking the RPL on your megapool. The megapool validator bond is 4 ETH, which means you'll be able to create two megapool validators for every 8 ETH minipool validator you have.
9% of protocol ETH revenue is distributed proportionally to RPL stakers with megapool validators in the form of voter share rewards. This is in addition to the previously standard RPL inflation rewards.
There are a handful of separate steps:
- Exiting your minipool. That means finializing your minipool and withdrawing its full balance from the Beacon Chain.
- Creating a new megapool validator
- [Optional] Unstaking and withdrawing your legacy RPL
- [Optional] Restake the RPL on a megapool. Doing so will earn voter share rewards from ETH revenue in addition to RPL inflation rewards.
Before you commit to migrating your minipool stake to a megapool, you'll want to consider the status of the Rocket Pool deposit queue and the Beacon Chain queue. Both of which are variable in wait time and independent of each other. The Rocket Pool deposit queue governs the creation of new megapool validators and when they get matched with ETH from rETH stakers. Meanwhile, the Beacon Chain queue determines how soon your minipool validator can exit. More importantly it also determines when your new megapool validator can begin participating in attestation duties.
saturn-1.net/queue is a community supported dashboard created by Steely! This page can give you an idea of how long the Rocket Pool deposit queue is.
validatorqueue.com is a helpful site for checking the length of the Beacon Chain queue. This queue is contingent on the amount of ETH
entering and leaving the Beacon Chain. It's processed at a rate of 256 ETH per epoch.
rocketpool.net/node-staking/rpl-fee-switch models the impact of Saturn 1's fee switch on your staking rewards.
There are two things to consider with respect to earning rewards:
A. Your node won't earn RPL inflation rewards unless you have at least one active minipool or megapool validator.
B. Once your minipool has fully exited from the Beacon Chain, you won't be earning ETH rewards (commission or voter share) until your megapool validator is actively validating. It needs to be processed by the Rocket Pool deposit queue and the Beacon Chain deposit queue before it can begin its attestation duties. You'll want to monitor the length of the queue to decide when to migrate.
Megapool validators need to clear the Beacon Chain queue twice.
- Prestake (1 ETH). When ETH is assigned to your megapool validator from the deposit pool, only 1 ETH is sent to the Beacon Chain. At this point, your validator enters the Beacon Chain queue.
- Stake (31 ETH). After the validator is processed by the Beacon Chain, the Rocket Pool protocol will verify the withdrawal credentials for the validator then stake the remaining 31 ETH on the Beacon Chain. At this point, the validator enters the Beacon Chain queue a second and final time.
Previously with minipools, the Oracle DAO (oDAO) was responsible for verifying the withdrawal credentials for every minipool validator. This new system extends the queue time but removes a trust requirement enforced by the oDAO.
validatorqueue.com is a helpful tool for monitoring the length of the Beacon Chain queue. Please consider this factor when migrating your minipool stake to a megapool.
Step 1: Exiting your Minipool
Exiting your minipool is the first step for migrating stake to a megapool. Follow the link below for a handy guide on how to exit your minipool and withdraw funds from the Beacon Chain:
https://docs.rocketpool.net/node-staking/withdraw
This process typically takes a few days depending on the Beacon Chain exit queue. Feel free to bookmark this page and revisit when it's complete.
Don't forget to finalize your minipool by distributing full rewards. This will claim any rewards earned on the minipool and allow you to unstake your full balance of legacy RPL.
Step 2: Creating a Megapool Validator
Once your minipool is closed and the ETH funds are fully accessible, you're ready to create a megapool validator!
The following page will walk you through all the steps for creating a new megapool validator:
https://docs.rocketpool.net/node-staking/megapools/create-megapool-validator
As a returning node operator, you'll receive one express queue ticket per 4 ETH bonded in minipools. That's 2 tickets per 8 ETH minipool. These tickets are available to you automatically.
The Rocket Pool deposit queue processes deposits at a rate of 4 express queue validators for each standard queue validator. Please read Rocket Pool Deposit Queue and Express Queue to learn more about how ETH is assigned to new megapool validators.
Step 3: Unstaking and Withdrawing Legacy RPL
The minimum legacy RPL stake requirement is 15% of minipool borrowed ETH. If you wish to unstake your full balance of legacy RPL, you need to close all of your minipools first (bringing borrowed ETH to 0).
When you're ready, you can use the following command to unstake and withdraw Legacy RPL:
There is a 28-day unstaking period before you can withdraw your Legacy RPL. Please follow this link for detailed instructions on how to unstake and withdraw legacy RPL.
Step 4: Staking RPL on your megapool
Click on the following link for instructions on how to stake your RPL on a megapool:
https://docs.rocketpool.net/node-staking/megapools/staking-and-claiming-rewards#staking
This step is totally optional as RPL staking is not required to create a megapool validator. You won't want to miss out on this step if you want to earn voter share rewards, RPL inflation rewards (same as previous RPL inflation rewards), and have voting power in Protocol Dao (pDAO) governance.
- The voter share (9% of protocol revenue) is distributed proportionally among all node operators based on their share of total megapool RPL staked.
For more detailed information on how voter share is distributed to RPL stakers with megapool validators, read this guide: How Voter Share is Distributed to Megapool RPL stakers
And there you have it! As always, don't forget to brush up on the Monitoring and Maintenance guide if needed. This section covers all the related topics to keeping your node in tip top shape, including software updates and how to monitor the health of your node.