Research on models of operating

[eth-r]

The main possibilities are "leveraged" and "fully backed" operation. Analyze both and their vulnerability to various attacks and problems, investigate mitigations.

(Could probably use a bit more polish especially at the end.)

[eth-r]

Interesting that you don't consider the mixed leverage model that we're currently building (leveraged work token, fully backed secondary bonds)

This is older work, the mixed model has its own implications, including but not limited to:

• making the system a game of ETH/etc staking in proportion to how much it reduces overleverage
• giving the annoying redelegation limits of leveraged operation while still constraining the total network throughput by the amount of resources available
• diminishing the ability of token appreciation to keep up with demands for higher fully backed stakes so stakers need to pour in external capital
• permitting a less complex staking contract without overleverage risks or inherent limits to throughput
• creating higher deterrent to misbehavior even if KEEP price is low
• diminishing the secondary deterrent of price impact from misbehavior that can't be directly detected and punished on-chain