Phased launch

SharedStake v2 will follow a phased rollout.

This ensures :

  • a small immutable core

  • time to thoughtfully build and deploy enhancements

  • better, more digestable & frequent updates and marketing

  • lower call cost gas for users

  • smaller attack surface

  • smaller audit area

  • inheritance of v1 features such as

    • audit

    • guarded launch

    • battle tested mainnet endurance

These plans are sucject to change

Phase 1

Phase 0-1 features the core of v2 and the launch

It is:

  • Non-custodial

  • Non-upgradeable

  • Gaurded launch

  • Allows all users to deposit

  • Redeem via a buffer

  • Buffer supports peg on secondary markets

  • Redeem via withdrawals

  • Features only 7 contracts

  • Uses well audited standard contracts from Open Zeppelin and Solmate

  • Inspired by and uses audited code from SharedStake v1, Stakewise and Frax

Future phases will add contracts to this core

Contracts for RC1 have been deployed to Goerli - Jun 8 & 14 / 2023

  1. Boosted yield & trust at the cost of node operator decentralization

Phase 1 features the same node operator we've had for 26 months or 2+ years now for sharedstake.

And a simple gas minimized mechanism to lower operating costs.

This lets us buildup a buffer of high performance returns with verifiable historical performance.

This buffers helps us as we offer permission-less validator creation in later phases which may drop deposit utilization, performance in the hands of novice operators and thus yield.

With the phase 1 yield buffer we expect our yield from staked ETH to be more competitive in later phases.

  1. Lossy peg

In this stage any pegs are directed and managed by community liquidity.

We hope to learn where the community prefers to direct liquidity first to avoid incentivizing suboptimal routes.

Users can provide liquidity in either sgETH or wsgETH.

The loss of interest may have advantages that make up for it:

  • advertise sharedstake as a better option due to higher yield of wsgETH due to less sgETH staked for rewards

  • better yield for sgETH-ETH LPs as stablecoin AMMs like curve are designed for pegged tokens that maintain the pool initial price

Phase 2

Phase 1 increases fees from 6% to 9% of yield.

It features better source attribution for deposits. Allowing trustless partnerships with other frontend operators and referrals. Referees and frontend operators receive 1% of staking yield respectively.

It also introduces the ability for depositers to signal their client preference.

This is facilitated via a deposit helper contract which fires events with the depositers preferences.

The event is used to generate a merkle airdrop using the fees routed to the DAO multisig

Phase 3

Phase 2 introduces other node operators. Decentralized permissionless node operator signups via ERC-6551 account creation using the $STEAK nft and locked SGT

Phase 4

Phase 4 introduces a fee switch and fee redistribution to locked SGT stakers.

With the deprecation of the current veSGT locked liquidity module this will need a new staking scheme.

Phase 5

Phase 5 introduces a multi-chain minter subsystem.

Allowing users on other chains, L1s, L2s to mint sgETH and earn yield.

Last updated