diff --git a/RPIPs/RPIP-10.md b/RPIPs/RPIP-10.md
index 090e5001..edeec582 100644
--- a/RPIPs/RPIP-10.md
+++ b/RPIPs/RPIP-10.md
@@ -199,11 +199,13 @@ Current and historic pDAO Treasurers are recorded in [RPIP-36](RPIP-36#pdao-trea
 
 ## Direct expenses
 
-| Date       | Amount     | Summary                                                      | Link to full description                    |
-|------------|------------|--------------------------------------------------------------|---------------------------------------------|
-| 2023-09-03 | 3584 RPL   | 3 months initial dev funding                                 | [expense_1](../assets/rpip-10/expense_1.md) |
-| TBD        | 4643.69    | Compensate IMC for lower-than-intended split in past periods | [expense_2](../assets/rpip-10/expense_2.md) |
-| TBD        | 2985.22    | Compensate GMC for lower-than-intended split in past periods | [expense_2](../assets/rpip-10/expense_2.md) |
+| Date       | Amount         | Summary                                                                            | Link to full description                        |
+|------------|------------    |------------------------------------------------------------------------------------|---------------------------------------------    |
+| 2023-09-03 | 3584 RPL       | 3 months initial dev funding                                                       | [expense_1](../assets/rpip-10/expense_1.md)     |
+| ~~TBD~~    | ~~0-3909 RPL~~ | ~~Additional dev funding with seat reduction~~                                     | ~~[expense_1](../assets/rpip-10/expense_1.md)~~ |
+| TBD        | 4643.69        | Compensate IMC for lower-than-intended split in past periods                       | [expense_2](../assets/rpip-10/expense_2.md)     |
+| TBD        | 2985.22        | Compensate GMC for lower-than-intended split in past periods                       | [expense_2](../assets/rpip-10/expense_2.md)     |
+| TBD        | 49420.55 RPL  | Protocol development funding (from **2023-10-26** until **2023-10-24** inclusive)   | [expense_3](../assets/rpip-10/expense_3.md)     |
 
 ## Copyright
 Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).
diff --git a/RPIPs/RPIP-37.md b/RPIPs/RPIP-37.md
new file mode 100644
index 00000000..b5afaca2
--- /dev/null
+++ b/RPIPs/RPIP-37.md
@@ -0,0 +1,52 @@
+---
+rpip: TBC 
+title: Protocol Development
+description: Determines the process around core protocol development and funding
+author: Darren Langley (@langers)
+discussions-to: https://dao.rocketpool.net/t/dev-team-funding/2038
+status: Draft
+type: Meta
+created: 2023-10-31
+---
+
+## Abstract
+To ensure the long-term sustainability and continued innovation of the Rocket Pool protocol, this document lays out the high-level roles, responsibilities, processes, and funding for core protocol development.
+
+## Related RPIPs
+- [RPIP-10: pDAO Budget Allocation](https://rpips.rocketpool.net/RPIPs/RPIP-10)
+- [RPIP-24: oDAO Charter](https://rpips.rocketpool.net/RPIPs/RPIP-24)
+- [RPIP-25: RPL Inflation Allocation](https://rpips.rocketpool.net/RPIPs/RPIP-25)
+
+## Specification
+
+### Prioritisation
+
+- Each year, the Core Protocol Team MUST facilitate a prioritisation discussion with the Rocket Pool community.
+- pDAO SHOULD engage in the prioritisation discussion to ensure development team prioritises are aligned with pDAO expectations.
+- The Core Protocol Team MUST summarise findings of prioritisation discussion and communicate them to the pDAO.
+
+### Roadmap
+
+- The Core Protocol Team MUST define an indicative protocol roadmap or release schedule based on the prioritisation findings.
+- The Core Protocol Team MUST provide quarterly updates on the roadmap.
+- The protocol roadmap is expected to evolve over time, the Core Protocol Team SHOULD communicate these changes in the quarterly updates. 
+
+### Governance
+
+- The Core Protocol Team MUST draft Rocket Pool Improvement Proposals (RPIPs) for new protocol features.
+- pDAO SHOULD engage in discussion and co-development of the new protocol features.
+- In order for new protocol features to be included, they MUST be approved by a pDAO vote.
+
+### Funding
+
+- Each year, the pDAO MUST vote to agree a protocol development funding budget.
+- On a successful vote, the pDAO MUST pay a lump-sum payment from the pDAO reserve to cover protocol development costs for the upcoming year.
+- Protocol development funding is initially set to **5%** of RPL inflation.
+
+### Process
+
+- The Core Protocol Team SHOULD engage in continuous process improvement.
+- The Protocol DAO (pDAO) SHOULD engage in providing feedback on the development process. 
+
+## Copyright
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).
\ No newline at end of file
diff --git a/assets/rpip-10/expense_3.md b/assets/rpip-10/expense_3.md
new file mode 100644
index 00000000..01f3d0ce
--- /dev/null
+++ b/assets/rpip-10/expense_3.md
@@ -0,0 +1,35 @@
+This expense funds the core protocol development team from **2023-10-26** until **2023-10-24** (inclusive).
+
+The core protocol development team have formed an indicative [roadmap](https://medium.com/rocket-pool/rocket-pool-houston-upgrade-fa2de86118ad) from community feedback. The roadmap will evolve as more research, analysis, and community direction is incorporated.
+
+The core protocol development team will provide quarterly updates on the roadmap progress before the following dates:
+- 2024-01-26
+- 2024-04-26
+- 2024-07-26
+- 2024-10-24
+
+The amount will be paid in a lump-sum payment of: `49,420.55 RPL`, which is `5%` of RPL inflation over that time.
+
+### Calculation 
+Calculates the amount of RPL inflation to be spent on core protocol development, by calculating the projected RPL inflation 1 year and multiplying by the percentage of inflation allocated to core protocol development.
+
+```math
+$$
+ProtocolFunding = StartSupply * (InflationPerDay^{365}-1) * DevelopmentPercentage
+$$
+```
+
+Where:
+- $ProtocolFunding$ is the lump-sum payment of RPL to be paid for protocol development funding.
+- $StartSupply$ is the RPL supply at the given start block. The core protocol team have been paid up to reward interval 14 (2023-09-28). So the start supply will be calculated from the block after interval 14 (`18232826`). The supply at that block is queried as `19,76,220.1920667 RPL`.
+- $InflationPerDay$ is the standard RPL inflation day rate, queried from the RPL token contract (`getInflationIntervalRate`).
+  https://etherscan.io/token/0xd33526068d116ce69f19a9ee46f0bd304f21a51f#readContract 
+- $DevelopmentPercentage$ is set at `5%` of RPL inflation.
+
+Calculated as:
+
+```python
+>>> 19768220.1920667*(1.000133680617113500**365-1)*0.05
+49420.55048018786
+```
+