Polkadot, one of the leading blockchain networks, is considering a major change to its staked DOT token un bonding process. This proposal, introduced by researchers from the Web3 Foundation, aims to shorten theun bonding period significantly, a move that could enhance user experience but has also raised concerns about potential centralization risks.

The Proposal

On June 19, Alistair Stewart, the head of research at the Web3 Foundation, and Jonas Gehrlein, another researcher at the foundation, submitted a proposal to the Polkadot Fellowship committee. The proposed changes center on introducing a flexible un bonding mechanism for Polkadot’s native DOT token and its canary network, Kusama’s KSM token.

The core of the proposal is to reduce the minimum un bonding period from the current 28 days to just 2 days. According to the proposal’s GitHub document:

“New requests are executed with a minimum of 2 days, when the queue is comparatively empty, to the conventional 28 days, if the sum of requests (in terms of stake) exceeds some threshold.”

The researchers explained that while theun bonding durations will scale based on the number of requests in the queue, they will not exceed the current 28-day maximum. This means that the process of un bonding staked tokens could be significantly expedited while ensuring network security is maintained.

Enhancing User Experience

If approved, this proposal promises to make the un bonding process faster without compromising Polkadot’s ability to slash tokens backing malicious validators. This adjustment would solely affect staking locks, leaving other types of locks, such as governance locks, unchanged. Additionally, the researchers proposed piloting the model on Kusama before implementing it on Polkadot to ensure its effectiveness and security.

Gehrlein emphasized the goal of the proposal: “Our aim is to improve the user experience by providing a more flexible and quicker un bonding process. This change would allow stakeholders to access their funds more rapidly, thus enhancing overall user satisfaction.”

Community Concerns

Despite the potential benefits, the proposal has concerns within the Polkadot community, particularly regarding centralization risks. Lurpis Wang, co-founder of the Polkadot-based Liquid Staking protocol Bifrost, expressed his apprehensions, arguing that reducing the un bonding time might not address the centralization issues linked with the liquid staking protocol.

Gregus Jakub, co-founder of Hydration, echoed these concerns. He pointed out that the current set of validators is already quite centralized, with significant stakes controlled by a few entities. He stated:

“Liquid staking didn’t proliferate on Polkadot more than anywhere else, actually its dramatically lower than on other networks. I would argue that the current set is centralized already a lot but without any involvement of LST providers. P2P ~ 10% of stake, then Jaco, Zug Capital, maybe some other and we might be easily around 33% of PoS security threshold.”

In response to these concerns, Gehrlein reassured that the proposal is designed to enhance the user experience without undermining liquid staking providers. He highlighted that the primary objective is to make staking more user-friendly while maintaining the network’s security and decentralization principles.

Moving Forward

The proposal is currently open for community feedback, and stakeholders are encouraged to share their thoughts and concerns. The next steps involve a thorough review of community input and further discussions within the Polkadot Fellowship committee. If the proposal gains sufficient support, it will be piloted on Kusama before a potential rollout on the Polkadot network.

This proposed change comes at a crucial time for Polkadot, as the network continues to evolve and strive for improved usability and security. The feedback from the community will play a pivotal role in shaping the final outcome of this proposal.

Conclusion

Polkadot’s proposed reduction in the un bonding period for staked DOT tokens marks a significant step towards enhancing user experience on the network. While the potential benefits are clear, the concerns about centralization highlight the need for careful consideration and community involvement. As the proposal undergoes review and potential implementation, the balance between user convenience and network security will be paramount.