Summary:
Proposal to add ETH/ETHx pool on Ethereum to the Gauge Controller. ETHx is a liquid staking token for Ethereum built by StaderLabs, a leading multi-chain liquid staking platform with $130 Mn+ TVL
References/Useful links:
• Website
Communities
• Blog
• Telegram
• Discord
Protocol Description:
Stader Labs is a multi-chain liquid staking platform currently live on 7 blockchains (Ethereum, Polygon, BNB, Hedera, Near etc.) with Ethereum being the latest to launch on the 10th of July. It is currently trusted by 50k+ stakers and a 240K+ strong community across social platforms with a TVL of over $130M. Stader Protocol’s native token is the SD Token
ETHx is Stader’s liquid staking token on Ethereum. ETHx is an ERC20 token and represents users’ staked Eth and accrued staking rewards with Stader i.e. it is a c-token type liquid staking token. Users will be able to obtain ETHx by staking with Stader or by swapping it on DEX pools. ETHx already has a TVL of 16K ETH ($28Mn+) in just a month & half since launch
Safety and security are paramount for Stader and our smart contracts across each of the chains have been audited at least twice to safeguard user’s funds. The ETHx smart contract in particular is triple audited by leading smart contract security partners Sigma Prime, Halborn and Code4rena.
Motivation:
Curve is the ideal DEX for price-correlated swaps, given its stableswap invariant curve. Stader already has a $3.5Mn WETH/ETHx pool on Curve but was not the most optimal pool type resulting in sub-par parameters. Adding incentivization to the new ETH/ETHx pool on Curve will help further boost the liquidity of ETHx while bringing trading volumes to the Curve ecosystem
Liquid staking on Ethereum is a large and growing market. ETHx aims to be one of the leading liquid staking tokens for Ethereum:
- Stader intends to grow deep liquidity for ETHx on Curve via bribing and incentives. Stader plans to migrate the liquidity from the current WETH/ETHx pool and also bring in more liquidity partners to improve the liquidity depth
- As we build more DeFi integrations for Ethx, LST adoption will be further fueled and transaction volumes on Curve will increase thereby benefiting Curve and the overall Ethereum ecosystem
Specifications:
- Governance: Stader’s governance is led by the Stader DAO - a wide variety of $SD holders who have a say in key decisions pertaining to the protocol. Here’s the Stader Governance Forum
- Oracles: rateProvider0 (for ETHx) - 0xA35b1B31Ce002FBF2058D22F30f95D405200A15b
- Audits: Audit Reports
- Centralization vectors: Stader is a non-custodial and decentralized liquid staking solution based on DAO governance. $SD is Stader’s native governance token. ETHx will be based on the foundation of decentralization with permissionless node operators getting majority of the ETHx TVL as demand scales, starting with an initial allocation of 70%. The ETHx contract upgrades are managed by an Admin time-lock contract with a 6 on 9 Multi sig (2 Stader members and 7 external members) as the proposer. Learn more about how Stader envisions embracing the path of decentralization
- Market History: ETHx is relatively new and has not seen any depegs
Other Specifications:
• Curve Pool : 0x59ab5a5b5d617e478a2479b0cad80da7e2831492
• Curve Gauge: 0x7671299ea7b4bbe4f3fd305a994e6443b4be680e
We would like to hear the feedback and update any specific information/ parameters suggested by the Ethereum and Curve community