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0xb0f43ab7…8377sent to0xec17aaba…5b39·#18,478,155·0x9d6029bb…cb0178
<h1><strong>StakeWise x EigenLayer = The Ultimate Restaking Stack</strong></h1><h2>Executive summary</h2><p>StakeWise is one of the longest-standing liquid staking protocols on Ethereum and has a track record of <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/aws-samples/amazon-eks-ethereum-staking#install-the-ethereum-clients-and-prometheus-monitoring">technical</a> and <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/stakewise_io/status/1445475001696620550?s=20">security</a> contributions to the staking community. </p><p></p><p>Our liquid staking tokens, <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/token/0xFe2e637202056d30016725477c5da089Ab0A043A">sETH2</a> and <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/token/0x20bc832ca081b91433ff6c17f85701b6e92486c5">rETH2</a>, represent ETH staked in the StakeWise Pool and have a combined supply worth 93,556 ETH that will be eligible to vote in this contest.&nbsp;</p><p></p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://youtu.be/156ntUS5Ob0">Watch our video about StakeWise x EigenLayer</a></p><p></p><p>We are <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/stakewise_io/status/1714671799298896074?s=20">very excited</a> about the prospect of using ETH staked through StakeWise to secure EigenLayer AVs.</p><p></p><p>When used together, the two protocols can form the ultimate restaking stack that lets Ethereans participate in selected EigenLayer AVs from the comfort of any Ethereum node <em>and</em> keep their assets liquid with osETH, the new StakeWise LST. Adding osETH restaking into EigenLayer is the first step towards unlocking this synergy.&nbsp;</p><img src="https://i.imgur.com/mSa84MG.jpg"><p>Thanks to the ability of osETH to make any stake on Ethereum liquid (including solo stakes and ETH staked natively with third-party nodes), integrating the new StakeWise LST into EigenLayer will unlock broad-based participation in restaking and offer a robust, decentralized, Ethereum-based node operator set to any EigenLayer AV that is secured by restaked osETH. We are fully committed to executing this vision in the coming months.&nbsp;</p><p></p><p>We encourage all the eligible LST holders as well as existing restakers from the solo staker and Lido / Rocket Pool / Coinbase cohorts to support the integration of StakeWise LST in this contest.&nbsp;</p><h2>1. Links</h2><p>Website: <a target="_blank" rel="noopener noreferrer nofollow" href="https://stakewise.io/">https://stakewise.io/</a></p><p>Blog: <a target="_blank" rel="noopener noreferrer nofollow" href="https://stakewise.medium.com/earn-more-eth-with-bespoke-staking-stakewise-v3-fec0ade1bda6">https://stakewise.medium.com</a></p><p>V3 docs: <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs-v3.stakewise.io/">https://docs-v3.stakewise.io/</a></p><p>V3 Github: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/stakewise/v3-core">https://github.com/stakewise/v3-core</a></p><p>V3 Audits: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/stakewise/v3-core/tree/main/audits">https://github.com/stakewise/v3-core/tree/main/audits</a></p><p>Twitter: <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/stakewise_io">https://twitter.com/stakewise_io</a></p><p>Discord: <a target="_blank" rel="noopener noreferrer nofollow" href="https://discord.com/invite/8Zf7tKyXeZ">https://discord.com/invite/8Zf7tKyXe</a></p><p>Telegram: <a target="_blank" rel="noopener noreferrer nofollow" href="https://t.me/stakewise_io">https://t.me/stakewise_io</a></p><h2>2. About StakeWise&nbsp;</h2><h3>2.1 TVL chart</h3><img src="https://i.imgur.com/5c5ZFyp.png"><p>Since its launch in early 2021, StakeWise has accumulated over 100K ETH in staked assets across its two products: StakeWise Pool (~94K ETH) and StakeWise Solo (~8K ETH). </p><h3>2.2 Current protocol setup</h3><img src="https://i.imgur.com/tT7Q6W9.png"><p>StakeWise Pool is currently running a staking setup with 4 node operators - StakeWise Labs, Cryptomanufaktur, Telekom MMS (division of Deutsche Telekom), and Finoa Consensus Services - where all ETH staked through a single Pool contract is distributed between participating node operators.&nbsp;</p><p></p><p>Upon deposit, users receive sETH2 tokens that represent their initial stake. When holding sETH2 or using it in DeFi, stakers accrue rETH2 tokens that represent earned ETH rewards. Together, sETH2 and rETH2 tokens represent the entirety of the user’s stake.&nbsp;</p><p></p><p>Both tokens can be traded back to ETH via Uniswap V3 pools, which have <a target="_blank" rel="noopener noreferrer nofollow" href="https://info.uniswap.org/#/tokens/0xfe2e637202056d30016725477c5da089ab0a043a">a total $72M in liquidity</a>. With the upcoming StakeWise V3 upgrade, they can also be redeemed for ETH natively.&nbsp;<br></p><p>The protocol charges a 10% fee on staking rewards, split 50:50 between the Treasury and the node operators.&nbsp;</p><p></p><p>Current version of StakeWise has been <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/stakewise/contracts/tree/master/audits">audited numerous times</a> over the years by Runtime Verification, Omniscia, Pessimistic, and most recently by Quantstamp.&nbsp;</p><h3>2.3 StakeWise V3 upgrade</h3><p>The upcoming StakeWise V3 upgrade represents a complete rethink of the traditional liquid staking model.&nbsp;</p><img src="https://i.imgur.com/nGuecr1.jpg"><p>Instead of collecting deposits through a single contract and distributing validators among the participating operators, StakeWise V3 allows anyone to set up a Pool contract (known as a Vault) and collect ETH deposits of any size for staking from the broader Ethereum community. The terms for staking in Vaults are customized by their deployers, who also specify the operators, fees, and other parameters.&nbsp;</p><p><br><a target="_blank" rel="noopener noreferrer nofollow" href="https://youtu.be/Y_jqEqqw1kQ">Watch our video about StakeWise Vaults</a></p><p></p><p>Neither Vault deployers nor operators have access to ETH staked through the Vault. Stakers can unstake ETH from Vaults at any time, as validators are exited automatically based on withdrawal requests. This makes staking through Vaults completely non-custodial.&nbsp;</p><img src="https://i.imgur.com/JOt2uUz.jpg"><p>All ETH staked through Vaults can be made liquid by minting osETH, the new liquid staking token of StakeWise V3. This effectively allows any stake on Ethereum to be made liquid, provided Vault contracts are used to facilitate staking.&nbsp;</p><p></p><p>Stakers who pool ETH with others, solo stakers, staking companies, wallets, and other organizations can leverage Vaults to access liquid staking from any node with osETH.&nbsp;<br></p><p>The total fee a staker pays depends on their Vault fee, and on whether they have minted osETH to make their stake liquid (optional).&nbsp; The protocol will charge a 5% fee on the staking rewards accrued by minted osETH, while Vaults each charge their own fee.&nbsp;<br></p><p>The protocol <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/stakewise/v3-core/tree/main/audits">has been audited</a> by Sigma Prime, Halborn, and Hats auditors.&nbsp;</p><h3>2.4 StakeWise DAO</h3><p>Upgradeability of certain smart contracts as well as management of the protocol Treasury is controlled by the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/stakewise">StakeWise token ($SWISE)</a> holders through a DAO structure.&nbsp;</p><img src="https://i.imgur.com/3T87bug.png"><p>StakeWise DAO uses a 1 coin = 1 vote system to vote on protocol matters. Voting is facilitated using a <a target="_blank" rel="noopener noreferrer nofollow" href="https://vote.stakewise.io">Snapshot module</a>.&nbsp;<br></p><h2>3. osETH x EigenLayer</h2><h3>3.1 osETH features</h3><p>osETH is a new StakeWise LST, to be introduced with the upcoming StakeWise V3 upgrade. It is a value-accruing LST that users can mint to make their stake in Vaults liquid. Over time it can be redeemed for an increasing amount of ETH to reflect the accrual of staking rewards earned by StakeWise validators.&nbsp;<br></p><img src="https://i.imgur.com/DPW7IU4.png"><p>osETH can be minted from any node, provided its validators have been launched via a Vault contract. This enables solo stakers, staking pools, DAOs, wallets, custodians, and other organizations to access DeFi opportunities from their own nodes, offering a diverse backing to osETH. This makes the token decentralized by design.&nbsp;</p><p></p><p>Minting of osETH from any node is uniquely possible thanks to overcollateralization. Stakers who mint osETH commit at least 111% of their staked ETH as backing for the LST when they mint it. Any penalties or slashing experienced on the level of StakeWise validators are absorbed by the excess backing, making osETH slashing-resistant and safe to use in DeFi.&nbsp;</p><img src="https://i.imgur.com/Z7jkDZX.jpg"><p>To help osETH maintain peg in DeFi, the token can be redemeed for its underlying amount of ETH at any time. Overcollateralization is maintained using a liquidation mechanism for osETH positions that run low on collateral.&nbsp;</p><h3>3.2 osETH liquidity</h3><p>StakeWise DAO has voted in favour of a plan to deploy incentives for attracting liquidity to osETH token pairs on three DEXs: Uniswap V3, Balancer, and Curve.&nbsp;</p><img src="https://i.imgur.com/oApDMcM.png"><p>It is expected that the migration of existing StakeWise users to osETH and the deployment of incentives for osETH liquidity will quickly give the new LST a robust liquidity profile akin to the existing sETH2 &amp; rETH2 tokens.&nbsp;</p><p></p><p>The migration plans are outlined here: <a target="_blank" rel="noopener noreferrer nofollow" href="https://stakewise.medium.com/transitioning-to-stakewise-v3-the-migration-plan-f44d7602e955">https://stakewise.medium.com/transitioning-to-stakewise-v3-the-migration-plan-f44d7602e955</a></p><p></p><p>The liquidity strategy is outlined here:&nbsp;<a target="_blank" rel="noopener noreferrer nofollow" href="https://forum.stakewise.io/t/stakewise-v3-liquidity-oseth/1203"><strong>https://forum.stakewise.io/t/stakewise-v3-liquidity-oseth/1203</strong></a></p><h3>3.3 osETH in EigenLayer</h3><p>Allowing osETH restaking in EigenLayer will enable EigenLayer AVs to tap into a highly diverse node operator set on the Ethereum side, making them robust and highly censorship-resistant.&nbsp;</p><p></p><p>They can also leverage support from both the institutional and retail stakers within the StakeWise community to quickly bootstrap their networks to a significant size thanks to nearly 100K ETH staked in the StakeWise Pool to date.&nbsp;<br></p><p>DAOs, solo and pool stakers, staking companies, DeFi users, custodians and wallets will be able to make restaking a part of their portfolio of strategies, accessible from the comfort of their own nodes.&nbsp;</p><h3>3.4 Native integration with EigenLayer</h3><p>The flexibility offered by Vaults, permissionless minting of osETH and EigenLayer AVs can be combined into what we like to call <strong>the ultimate restaking stack</strong>.&nbsp;</p><p></p><p>Our vision is to enable native restaking from Vaults and allow minting of osETH based on restaked positions. The goal is to offer stakers the tools to easily access restaking through Vaults via a choice of EigenLayer AVs to support, operators to host validators, and parameters like fees, MEV, DVT and insurance. With permissionless osETH minting from any Vault, these restaked positions can be made liquid and used in DeFi while they secure other networks. This increases the attractiveness of restaking, lending more security to EigenLayer AVs, and creating a virtuous feedback loop where all stakeholders benefit.&nbsp;</p><p></p><p>Such re-use of capital requires careful management of collateral ratios and thoughtful selection of supported EigenLayer AVs, but ultimately offers them maximum security while benefiting restakers in the process. Like we said, the ultimate restaking stack.</p><h2>4. StakeWise roadmap</h2><ul><li><p>StakeWise V3 upgrade</p></li><li><p>StakeWise V2 migration</p></li><li><p>Deployment of osETH liquidity pools</p></li><li><p>Redstone oracle deployment</p></li><li><p>Deployment of osETH redemption functionality</p></li><li><p>Integrations of osETH into lending protocols, wallets, exchanges</p></li><li><p>Deployment of osETH on L2s</p><p></p></li></ul>
0x740e2e5f…85d3sent to0xec17aaba…5b39·#18,477,068·0xdf332b86…882939
<p>Proposal to Integrate AnkrETH with EigenLayer</p><p><strong>Abstract:</strong></p><p>This proposal outlines Ankr's plan to integrate ankrETH with EigenLayer, a decentralized liquid staking protocol. The integration would allow ankrETH users to restake this Ankr’s LST within the EigenLayer ecosystem, which would benefit both Ankr's and EigenLayer's communities by increasing total restaked assets on EigenLayer and offering ankrETH users to enhance their rewards thanks to EigenLayer.</p><p><strong>Background:</strong></p><p>AnkrETH is a liquid staking solution that allows users to stake their ETH and receive in exchange a liquid staking token.</p><p>Ankr Staking is a pioneer in liquid staking being the first LST protocol to launch ETH LST in December 2020. Today, Ankr Staking has a TVL of over $75 million and more than 17,000 stakers.</p><p><strong>Security:</strong></p><p>Ankr is committed to providing its users with the most secure liquid staking experience possible. We take a number of steps to protect your assets, including:</p><ul><li><p>Using ankrETH, the first ETH LST solution on Ethereum, successful and market-tested since December 2020.</p></li><li><p>Undergoing multiple security audits from reputable independent third-party auditors: <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.ankr.com/docs/staking-extra/audit-reports/">https://www.ankr.com/docs/staking-extra/audit-reports/</a></p></li><li><p>Launching a bug bounty program to incentivize the security research community to help us identify and fix security vulnerabilities: <a target="_blank" rel="noopener noreferrer nofollow" href="https://immunefi.com/bounty/ankr/">https://immunefi.com/bounty/ankr/</a></p></li><li><p>Using an enhanced key-management solution from Cubist to make our validators trustless and provide additional slashing protection:&nbsp; <a target="_blank" rel="noopener noreferrer nofollow" href="https://cubist.dev/case-study-ankr-secure-key-management-for-ethereum-liquid-staking">https://cubist.dev/case-study-ankr-secure-key-management-for-ethereum-liquid-staking</a></p></li><li><p>Using distributed validator technology (DVT) from the SSV Network to further diminish the risk of slashing: <a target="_blank" rel="noopener noreferrer nofollow" href="https://ssv.network/">https://ssv.network/</a></p></li></ul><p>These security measures fuse together to create a robust and secure platform for liquid staking.&nbsp;</p><p><strong>Motivation:</strong></p><p>Ankr believes that EigenLayer is a real game changer for the liquid staking industry. By integrating ankrETH with EigenLayer, Ankr would provide additional options to its community to boost rewards on top of ankrETH in exchange for providing crypto economic security and trust to EigenLayer’s AVS. This would benefit both the Ankr and EigenLayer communities.</p><p><strong>Proposal:</strong></p><p>Ankr proposes to integrate ankrETH LST token with EigenLayer. This would allow ankrETH users to restake on EigenLayer with low barriers to entry to our community to integrate with EigenLayer.</p><p><strong>Benefits:</strong></p><p>The integration of AnkrETH with EigenLayer provides the following benefits:</p><ul><li><p>Increased restaked assets: By integrating with EigenLayer, Ankr enables its ankrETH users to easily restake on EigenLayer and benefit from additional rewards from AVS.</p></li><li><p>Liquid Restaking: Ankr Staking has been exploring the possibility of enabling liquid staking on top of EigenLayer (rankrETH). The architectural options have been defined, and voting will decide which option will be selected to enable rankrETH in 2024 Q1.</p></li><li><p>Reduced complexity: With ankrETH integrated on EigenLayer, creating rankrETH on top of restaked ankrETH is substantially easier than choosing a different architecture, which would result in increased risks, complexity, and interoperability problems with the ankrETH.</p></li></ul><p><strong>Timeline:</strong></p><p>Votes in favor of this proposal will enable Ankr restaked ETH (rankrETH) to be integrated over-the-top (restake ankrETH on EigenLayer) by early 2024 Q1.</p><p>Votes against this proposal will increase the complexity, cost, and risks because of &nbsp; the “under the hood” integration of the liquid staking solution, which will delay the implementation of Ankr restaked ETH (rankrETH) by late 2024 Q1.</p><p><strong>Conclusion:</strong></p><p>Ankr is a pioneer in liquid staking, and we are committed to continuous innovation in this field. Integrating ankrETH with EigenLayer will provide all the conditions for Ankr to create a liquid restaking solution with reduced complexity and cost, and ensure optimal interoperability with Ankr’s existing ankrETH LST offering. This integration will facilitate restaking on EigenLayer, while Liquid Restaking will ensure that restaked ankrETH remains liquid and composable within DeFi. All of that will make restaking ETH/ETH LST highly competitive within the LSTfi ecosystem.&nbsp;</p><p><br></p>
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<h1>MEV Protocol Listing for EigenLayer</h1><p>MEV Protocol is proposing to whitelist mevETH as one of the restaking assets on EigenLayer.</p><h3><strong>About MEV Protocol</strong></h3><p>MEV Protocol’s LST mevETH, is the acknowledgement that MEV <strong><em>is</em></strong> the block reward in Ethereum. MEV Protocol brings a new approach to capturing MEV opportunities through novel practices.</p><p>Bootstrapped by the first LST in existence, crETH2, along with the infrastructure specialists at Manifold Finance, mevETH already contains over $50M in TVL after launching at the beginning of October 2023. The majority of crETH2 has migrated already, and users can mint new mevETH simply from the main website. mevETH utilizes the ERC-4246 vault standard, so it is non-rebasing, allowing for ease with use in other protocols.</p><p>MEV Protocol adopts a vertically integrated approach to the Ethereum stack, harnessing the potential of relayers, block proposers, and block builders to enhance the MEV supply chain. This strategic approach aims to provide the most efficient means of capturing value within the system. In this innovative framework, the avenues for rewards multiply, encompassing not only the validator base fee and liquidity provider incentives, but also a groundbreaking MEV concept that allows for multiple auction winners during block building.</p><p>Currently there is an implementation which allows for more than one block winner in block auctions simply by using the MEV Protocol relay. This mean more rewards from more searchers, as compared to a one-winner-takes-all auction system like mev-boost.</p><p>Also under development is a MEV Options Auction Market (MOAM). This will create a futures market for forward proposed blockspace. This will split the block in two parts which will be auctioned separately. Splitting the auction enables backward compatibility with mev-boost, and it will implement a future market for blockspace inclusion using a call market.</p><p>More on that here: <a target="_blank" rel="noopener noreferrer nofollow" href="https://forums.manifoldfinance.com/t/manifold-mev-options-auction-market/">https://forums.manifoldfinance.com/t/manifold-mev-options-auction-market/</a></p><p>mevETH is currently engaged with DeFi protocols, notably Yearn, Curve, Convex, Frax, Balancer, and Aura. Votes for inclusion into Yearn’s yETH, and Convex gauges are currently underway. Further utility within these protocols is currently in the works.</p><p>mevETH currently is live across major liquidity pools: mevETH/ETH and mevETH/frxETH on Curve, and mevETH/WETH on Balancer.</p><h3>Synergy with EigenLayer</h3><p>mevETH is a great synergy for EigenLayer, as more and more protocols get involved in the MEV Protocol ecosystem due to its attractive vertical integration structure, this will provide greater utility and exposure, which in turn can be restaked with EigenLayer for further utilization. EigenLayer shares that same vision as as MEV Protocol, as it aims to make things as simple as possible for users to opt into, while gaining exposure to additional rewards.</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/mevdotio/status/1719633886949593259">https://twitter.com/mevdotio/status/1719633886949593259</a><br><a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/mevdotio/status/1719633888409239748">https://twitter.com/mevdotio/status/1719633888409239748</a> </p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/mevdotio/status/1719633889860460959">https://twitter.com/mevdotio/status/1719633889860460959</a></p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/mevdotio/status/1719635441618657738">https://twitter.com/mevdotio/status/1719635441618657738</a></p><h3><strong>Roadmap</strong></h3><p>MEV Protocol has a very ambitious roadmap, and with an approach different than other LST’s:</p><ul><li><p>Implement the multiple winner per block auction system.</p></li><li><p>Provide the coverage system to cover potential slashing.</p></li><li><p>Implement the MEV Options Auction Market (MOAM), which creates a futures market for forward proposed block space.</p></li><li><p>Enable rewards claiming for mevETH holders.</p></li><li><p>Enable exiting from mevETH to ETH</p></li><li><p>Expand DeFi utility through protocols like Yearn, Curve, Convex, Frax, Balancer, Aura, and other notable projects.</p></li></ul><h3>Links for MEV Protocol</h3><p><strong><em>Website:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://mev.io">https://mev.io</a></p><p><strong><em>X (Twitter):</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/mevdotio">https://x.com/mevdotio</a></p><p><strong><em>Discord:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://discord.gg/mevprotocol">https://discord.gg/mevprotocol</a></p><p><strong><em>Telegram:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://t.me/meveth">https://t.me/meveth</a></p><p><strong><em>Forums:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://forums.mev.io">https://forums.mev.io</a></p><p><strong><em>Medium:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://t.me/meveth">https://t.me/meveth</a></p><p><strong><em>GitHub:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/manifoldfinance/mevETH2">https://github.com/manifoldfinance/mevETH2</a></p><p><strong><em>Docs:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.mev.io/">https://docs.mev.io/</a></p><p><strong><em>Audits:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/manifoldfinance/mevETH2/issues/187">https://github.com/manifoldfinance/mevETH2/issues/187</a></p><p><strong><em>Manifold Finance:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.manifoldfinance.com/">https://www.manifoldfinance.com/</a></p><p><strong><em>C.R.E.A.M. Finance:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://cream.finance/">https://cream.finance/</a></p><p><strong><em>mevETH Token Address:</em></strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/address/0x24ae2da0f361aa4be46b48eb19c91e02c5e4f27e">https://etherscan.io/address/0x24ae2da0f361aa4be46b48eb19c91e02c5e4f27e</a></p>
0x5180db02…621csent to0xec17aaba…5b39·#18,475,411·0x85b4d12c…0fdd45
]<p>Dear EigenLayer Community,<br>We are enthusiastic supporters of sfrxETH and firmly believe it should be included in the voting contest. sfrxETH (TVL of $507.95m, source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/lsd">https://defillama.com/lsd</a> ) is an innovative staking vault offered by the Frax Finance ecosystem, and it has the potential to significantly benefit the EigenLayer community.<br></p><h2>Synergy Between EigenLayer and sfrxETH</h2><p>Frax Ether is a liquid ETH staking derivative and stablecoin system designed to uniquely leverage the Frax Finance ecosystem to maximize staking yield and smoothen the Ethereum staking process for a simplified, secure, and DeFi-native way to earn interest on ETH. One of its key strengths lies in its two-token system, comprising frxETH (an ERC-20 wrapper equivalent to WETH) and sfrxETH (an ERC-4626 vault that earns validator yield). By integrating with EigenLayer, sfrxETH stakers can unlock additional yield possibilities.&nbsp;</p><p></p><p>sfrxETH aligns perfectly with EigenLayer's mission of creating a restaking protocol. It empowers users to stake their Ethereum to earn rewards with 2 token mechanisms. Frax Finance, the creator of sfrxETH, has a strong track record in DeFi and ETH staking. Leveraging the expertise of Frax Finance and its proactive community could be highly beneficial for EigenLayer.</p><p></p><p>In fact, Frax Finance's most active advocate group, <a target="_blank" rel="noopener noreferrer nofollow" href="https://flywheeldefi.com/">Flywheel</a>, published multiple articles related to Frax and EigenLayer potential collaborations (e.g., <a target="_blank" rel="noopener noreferrer nofollow" href="https://flywheeldefi.com/article/eigenlayer-and-frax-the-next-generation">EigenLayer and Frax: The Next Generation of Cryptoeconomic Security</a>)&nbsp;&nbsp;&nbsp;</p><p>See here for the latest frxETH twitter update from this week:<br><a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/FlywheelDeFi/status/1719398938317558176">https://twitter.com/FlywheelDeFi/status/1719398938317558176</a></p><h2>Use Cases of sfrxETH</h2><p>sfrxETH offers users a unique way to earn a yield on their Ethereum holdings. sfrxETH provides diverse use cases in the Defi world, such as spot trading, liquidity farming on popular DEXes, participating in renowned lending and borrowing protocols, etc. All these options enrich WBETH's position as a versatile and rewarding asset in the DeFi landscape.</p><p></p><h2>Conclusion</h2><p>The inclusion of sfrxETH in EigenLayer's voting contest holds immense potential for both communities. It aligns with EigenLayer's vision of enhancing cryptoeconomic security and offers sfrxETH stakers the opportunity to supercharge their earnings. We look forward to a fruitful partnership that benefits all stakeholders.</p><p><br></p><h2>Links</h2><p>Website: <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.frax.finance/frxeth/mint">https://app.frax.finance/frxeth/mint</a></p><p>Documentation: <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.frax.finance/frax-ether/overview">https://docs.frax.finance/frax-ether/overview</a></p><p>Contract:&nbsp;&nbsp;</p><ul><li><p>frxETH: 0x5E8422345238F34275888049021821E8E08CAa1f</p></li><li><p>sfrxETH: 0xac3E018457B222d93114458476f3E3416Abbe38F</p></li></ul>
0x0546af2f…ef0csent to0xec17aaba…5b39·#18,473,248·0xcdb2edbc…4aa607
<h1><strong>New Eigenlayer LST: OETH by Origin Protocol </strong></h1><p></p><p><strong>References/Useful links</strong></p><ul><li><p><strong>Website:</strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://oeth.com/">https://oeth.com/</a>&nbsp;</p></li><li><p><strong>OETH Dapp: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://app.oeth.com/"><strong>https://app.oeth.com/</strong></a><strong>&nbsp;</strong></p></li><li><p><strong>OETH Docs/Litepaper: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.oeth.com/"><strong>https://docs.oeth.com/</strong></a><strong>&nbsp;</strong></p></li><li><p><strong>OETH Contract</strong>: <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/address/0x856c4Efb76C1D1AE02e20CEB03A2A6a08b0b8dC3">https://etherscan.io/address/0x856c4Efb76C1D1AE02e20CEB03A2A6a08b0b8dC3</a>&nbsp;</p></li><li><p><strong>Github: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/originprotocol"><strong>https://github.com/originprotocol</strong></a><strong>&nbsp;</strong></p></li><li><p><strong>Audits: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.oeth.com/security-and-risks/audits"><strong>https://docs.oeth.com/security-and-risks/audits</strong></a><strong>&nbsp;</strong></p></li><li><p><strong>Bug Bounty: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://immunefi.com/bounty/origindefi/">https://immunefi.com/bounty/origindefi/</a>&nbsp;</p></li><li><p><strong>Dune: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/rugolini/oeth"><strong>https://dune.com/rugolini/oeth</strong></a><strong>&nbsp;</strong></p></li><li><p><strong>CoinGecko: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/origin-ether">https://www.coingecko.com/en/coins/origin-ether</a>&nbsp;</p></li><li><p><strong>Communities</strong></p><ul><li><p><strong>Twitter:</strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/OriginProtocol">https://twitter.com/OriginProtocol</a></p></li><li><p><strong>Twitter: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/OriginDeFi"><strong>https://twitter.com/OriginDeFi</strong></a></p></li><li><p><strong>Telegram: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://t.me/originprotocol">https://t.me/originprotocol</a></p></li><li><p><strong>Discord: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://discord.com/invite/ogn">https://discord.com/invite/ogn</a></p></li><li><p><strong>Medium (blog): </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://blog.originprotocol.com/">https://blog.originprotocol.com/</a></p></li><li><p><strong>Facebook: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.facebook.com/originprotocol/">https://www.facebook.com/originprotocol/</a></p></li><li><p><strong>Youtube: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/c/originprotocol">https://www.youtube.com/c/originprotocol</a></p></li><li><p><strong>Reddit: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.reddit.com/r/originprotocol/">https://www.reddit.com/r/originprotocol/</a></p></li><li><p><strong>LinkedIn: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.linkedin.com/company/originprotocol/">https://www.linkedin.com/company/originprotocol/</a></p></li><li><p><strong>Tik Tok: </strong><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.tiktok.com/@origin_protocol">https://www.tiktok.com/@origin_protocol</a></p></li><li><p><strong>Instagram:</strong> <a target="_blank" rel="noopener noreferrer nofollow" href="https://instagram.com/originprotocol">https://instagram.com/originprotocol</a></p></li></ul></li></ul><p>Dear Eigenlayer Community,</p><p>As members of the Origin Protocol team and community, we are reaching out to propose a new restaking market. Currently there are only three markets for restaking tokens on Eigenlayer. This is a proposal for a new restaking market, Origin Ether (OETH), to be added alongside the existing markets for Lido, Rocketpool, and Coinbase.</p><p><strong>Synergies with EigenLayer</strong></p><p>Adding an OETH market will be mutually beneficial for both Eigenlayer and Origin Protocol, as it will increase the utility for OETH, while also increasing the TVL and usage of the Eigenlayer protocol. Both Origin Ether and Eigenlayer are visionaries and leaders in the Defi and LSTfi space.</p><p></p><p><strong>Background on Origin Protocol</strong></p><p>Origin was founded by Web3 veterans Josh Fraser and Matthew Liu in 2017 and is one of the most venerable projects in the space. Josh and Matthew are joined by the fully doxxed Origin <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.originprotocol.com/community">team</a> and community, which includes hundreds of thousands of members and open-source contributors. Origin has raised $38.1M from top investors including Pantera, Spartan Group, Foundation Capital, BlockTower Capital, Steve Chen, Garry Tan, and Alexis Ohanian, and currently maintains a multimillion dollar treasury. As a technology partner, Origin Story has helped launch some of the largest NFT projects to-date. Origin Story was followed up with <a target="_blank" rel="noopener noreferrer nofollow" href="https://ousd.com/">Origin Dollar</a>, a yield-generating stablecoin that reached a TVL of $300m in 2022. Origin Ether is Origin’s 3rd and latest launch.</p><p><strong>Origin Ether</strong></p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.oeth.com/">Origin Ether</a> was launched in May 2023 and is an ERC20 LST aggregator that generates yield while sitting in your wallet by tapping into blue-chip protocols. OETH is backed 1:1 by stETH, rETH, frxETH, ETH, and WETH at all times; holders can go in and out of OETH as they please. Similar to stETH, OETH yield is paid out daily and automatically (sometimes multiple times per day) through a positive rebase in the form of additional OETH, proportional to the amount of OETH held.</p><p></p><p>OETH yield comes from a combination of:</p><ol><li><p>Deploying ETH/WETH across Curve, Convex, Balancer, Aura, and Morpho</p></li><li><p>LST validator rewards</p></li><li><p>A 50bp exit fee is charged to those who choose to exit OETH via the <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.oeth.com/">dapp</a> (completely avoidable if using a DEX), this fee goes back to OETH holders</p></li><li><p>OETH sitting in non-upgradable contracts does not rebase, instead the interest generated from those tokens is provided to those that can rebase</p></li></ol><p>These 4 yield generating functions combined enable OETH to generate higher yields than holding any single LST or farming ETH manually. The current collateral allocation and yield strategies can be seen on-chain at all times via the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.oeth.com/analytics">OETH analytics page</a>. Future OETH collateral and yield strategies are governed by <a target="_blank" rel="noopener noreferrer nofollow" href="https://governance.ousd.com/stake">OGV stakers</a>. More information on OETH and its mechanics can be found in the <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.oeth.com/">OETH docs</a>.</p><p>There is deep on-chain liquidity, therefore obtaining OETH is seamless. Users can convert into OETH via any of the following methods:</p><ul><li><p>Minting on <a target="_blank" rel="noopener noreferrer nofollow" href="http://OETH.com">OETH.com</a></p></li><li><p>Swapping on <a target="_blank" rel="noopener noreferrer nofollow" href="https://curve.fi/#/ethereum/pools/factory-v2-298/deposit">Curve</a></p></li><li><p>Swapping on <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.uniswap.org/#/swap?inputCurrency=0x856c4efb76c1d1ae02e20ceb03a2a6a08b0b8dc3&amp;outputCurrency=ETH">Uniswap</a></p></li><li><p>Swapping on <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.mav.xyz/pool?chain=1&amp;tokenA=0x856c4efb76c1d1ae02e20ceb03a2a6a08b0b8dc3&amp;tokenB=0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2&amp;fee=0.0004&amp;width=0.001">Maverick</a>&nbsp;</p></li></ul><p>There are no lockups with OETH, users can move in and out of OETH at all times. OETH remains completely liquid at all times, and can be spent in the same way as its backing collateral, if unexpected expenses were to arise.</p><p></p><p><strong>Performance &amp; Growth</strong></p><p>The OETH TVL, now over $76m (42,653 ETH), has been trending upwards and has been well received by users with the yield OETH is generating. OETH yield is currently at 5.45% APY, whereas native staking yield on ethereum has ranged from 3.03% - 4.03% APY over the last few months.</p><img src="https://lh7-us.googleusercontent.com/Zzz3p3SnjQWM2mvigOmRGwPlw2-7j8j1iMzJRp4aWz9HgfU8C_qSdi7Kua5tQD2s8A8vCGGMxkMfmYPqs1gJAV7V_accPj23sfTVhEfxzuHGTM1E63D0wEDyRl1CJOe0Z-eMjPYaQGD7srJ5jYVCgNw"><p><strong>Oracles &amp; Price Feeds</strong></p><p>Since OETH is designed to remain pegged to ETH, some projects are using standard ETH oracles for OETH. However, direct OETH oracles are available currently through <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/address/0xD9157453E2668B2fc45b7A803D3FEF3642430cC0">Tellor</a> and <a target="_blank" rel="noopener noreferrer nofollow" href="https://forum.diadata.org/t/cdr-057-ousd-price-feed/801/3">Dia Data</a>.&nbsp;<br></p><p><strong>Methodology</strong></p><ul><li><p>Volume Weighted Average Price with Interquartile Range (<a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.diadata.org/products/token-price-feeds/exchangeprices/vwapir-volume-weighted-average-price-with-interquartile-range-filter">VWAPIR</a>) is used to calculate price</p></li><li><p>2% deviation threshold for updates trigger will be applied</p></li><li><p>120s trades aggregation window size will be applied</p></li><li><p>The feed will be updated every 24 hour period if there are no deviation based updates</p></li></ul><p>Discussions are currently taking place for building additional price feed oracles with Redstone and Pyth.<br></p><p><strong>OETH Fees</strong></p><p>There is a 20% performance fee on the yield generated by OETH. As of an October 17th <a target="_blank" rel="noopener noreferrer nofollow" href="https://snapshot.org/#/ousdgov.eth/proposal/0x66a9e0040db9a6f993a43edfb6058d7a8eee355fdf866878ab9e990be38672f6">Snapshot vote</a>, 50% of this fee is distributed to stakers of OGV, and the remaining 50% is used to purchase tokens from strategic partners for the DAO to maintain long-term growth of the protocol.<br></p><p><strong>Potential Risks and Mitigation</strong></p><p>The introduction of OETH provides an opportunity for diversification and broadening the collateral base while mitigating concentration risks. However, Origin does acknowledge the concerns around the potential risks associated with OETH too. There are a few potential risks when using OETH, and Origin is making sure to reduce each risk as much as possible:</p><ol><li><p><em>Counterparty Risk</em> - OETH is governed by OGV stakeholders around the world. Everything from yield generation to fee collection and distribution is managed by a set of smart contracts on the Ethereum blockchain. These contracts are upgradeable with a timelock and are controlled by hundreds of governance token holders. While the initial contracts and yield-earning strategies were developed by the Origin team, anyone can shape the future of OETH by creating or voting on proposals, submitting new strategies, or contributing code improvements.&nbsp;</p></li><li><p><em>Smart Contract Risk: Yield Strategies, OETH&nbsp;&nbsp;</em></p></li></ol><ul><li><p><em>Yield Strategies:&nbsp;</em></p><ul><li><p>Origin is only using platforms for yield generation that have a proven track record, have been audited, have billions in TVL, maintain a bug bounty program, and provide over-collateralized loans.&nbsp;</p></li></ul></li><li><p><em>OETH:&nbsp;</em></p></li></ul><ul><li><p>Origin is taking every step possible to be proactive and lessen the chance of losing funds. Security reviews are prioritized over new feature development, with regular audits being done, and multiple engineers are required to review each code change with a detailed checklist. OETH was built reusing 95% of the OUSD code, of which 10+ audits have been done since 2020.&nbsp;</p></li><li><p>All audits can be seen on <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.oeth.com/security-and-risks/audits">Audits - OUSD </a>, and OpenZeppelin is now on retainer. On-chain insurance protocol InsurAce awarded OETH and OUSD the <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.insurace.io/coverage/buycovers">highest possible security rating of AAA</a>, of which only 3 other projects on the InsurAce platform have received. Optional OETH cover is currently available for both OETH and OUSD on InsurAce. Origin Defi also maintains a $1m bug bounty through <a target="_blank" rel="noopener noreferrer nofollow" href="https://immunefi.com/explore/">Immunefi</a>, with a resolution time of 7 hours.&nbsp;</p></li></ul><p></p><ol start="3"><li><p><em>Collateral Risk</em> - Origin has chosen 3 of the largest and most well respected LSTs to back OETH: Frax, Rocketpool, Lido. They have all demonstrated significant growth in circulating supply and have maintained their peg quite well since the launch. To ensure accurate pricing at all times, OETH is using Chainlink oracles for pricing data for rETH and stETH, and a dual oracle for frxETH that combines two sources: the Curve frxETH/ETH EMA oracle and the Uniswap frxETH/FRAX TWAP oracle. In situations where any OETH collateral falls below peg, <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/OriginProtocol/origin-dollar/issues/1000">OIP-4 disables minting</a> of additional OETH tokens using the de-pegged asset.</p></li><li><p><em>Slashing Ris</em>k - Since OETH is collateralized by multiple LSTs at the same time, OETH is protected from slashing from any individual collateral LST.&nbsp;</p><ul><li><p>Small Scale: OETH yield will simply decrease, as income will likely exceed the size of the slash.&nbsp;</p></li><li><p>Large Scale: Both the slashed LST and OETH will experience a drop in value relative to ETH, but OETH should not fall as low and for as long as the slashed LST, as the remaining un-slashed OETH collateral LSTs will soften the blow. There will never be a negative OETH rebase.</p></li></ul></li></ol><p>Additionally, Many members of the Origin team, including both founders, are holding a significant portion of their personal wealth in OETH. Origin Protocol’s corporate treasury is also holding millions of dollars in OETH. We have skin in the game and are willing to put our own money at risk with the code we have written.&nbsp;</p><p></p><p>External OETH analysis:</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptorisks.substack.com/p/asset-risk-assessment-origin-ether">Llama Risk</a> - Asset Risk Assessment: Origin Ether (OETH)</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://mirror.xyz/auxo.eth/1NXxHhJmj44EfHmvA5pEH7mpSLtg-CbYRqmuEkaTRRk">Auxo</a> - OETH - Protocol Analysis</p><p></p><p>OETH in the news:</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/tech/2023/05/16/origin-protocol-enters-competitive-ether-yield-market-with-oeth-offering">Coindesk</a> - Origin Protocol Enters Competitive Ether Yield Market With OETH Offering&nbsp;</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://tokeninsight.com/en/news/origin-protocol-launches-yield-aggregating-eth-derivative-called-oeth">TokenInsight</a> - Origin Protocol Launches Yield Aggregating $ETH Derivative Called $OETH&nbsp;</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://blockster.com/maximize-eth-staking-yields-with-oeth-a-yield-bearing-ether-pegged-token-by-origin-protocol">Blockster</a> - Maximize ETH Staking Yields with OETH: A Yield-Bearing, Ether-Pegged Token by Origin Protocol&nbsp;</p>
0x0fc59c9c…96fesent to0xec17aaba…5b39·#18,467,847·0x932cce24…d48cf3
<h1><strong>EigenLayer and Swell Proposal</strong></h1><p></p><h3><strong>1. Proposal</strong></h3><p>Swell proposes that swETH be accepted as a restaking LST asset on EigenLayer.</p><p></p><h3><strong>2. Pearl Rewards for Voting</strong></h3><p>You can earn up to 40 Pearls for every ETH&nbsp; /LST that you use to vote for swETH.<br></p><p>Pearl rewards will fall as votes roll in, so the sooner you vote, the more likely you are to lock in higher rewards:</p><ul><li><p>0-15K ETH: 40 Pearls per vote&nbsp;</p></li><li><p>15K-50K ETH: 30 Pearls per vote</p></li><li><p>50K+ ETH: 20 Pearls per vote</p><p></p></li></ul><p>For example, 1 swETH used to vote for swETH when 2,000 ETH has been voted with, will earn 40 Pearls.<br><br>Alternatively, using 4 swETH to vote for swETH when 55,000 ETH has already been voted with, will earn 80 Pearls.</p><h3><strong>3. References</strong></h3><ul><li><p>Website: <a target="_blank" rel="noopener noreferrer nofollow" href="https://swellnetwork.io/">Swell</a></p></li><li><p>Documentation: <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.swellnetwork.io/">Swell Docs</a></p></li><li><p>Github: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/SwellNetwork">Swell Github</a></p></li><li><p>Social: <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/swellnetworkio">Twitter</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://discord.com/invite/swellnetworkdao">Discord</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/swellnetworkio/status/1717791696707371229">Relevant Tweet</a></p></li><li><p>Blog: <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.swellnetwork.io/post/the-liquid-restaking-revolution">The Restaking Revolution</a></p></li><li><p>Primary Contracts: <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/token/0xf951E335afb289353dc249e82926178EaC7DEd78">swETH</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/address/0xb3D9cf8E163bbc840195a97E81F8A34E295B8f39">Deposit Contract</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://etherscan.io/address/0x46DdC39E780088B1B146Aba8cBBe15DC321A1A1d">Node Registry</a>&nbsp;</p></li><li><p>Security: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/SwellNetwork/v3-core-public/blob/master/Audit%20Reports/Sigma_Prime_Swell_Network_Security_Assessment_Report_v2_0.pdf">Sigma Prime Audit</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://immunefi.com/bounty/swell/">Immunefi Bug Bounty</a></p></li><li><p>Dashboards: <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/swell-network/swell-network">Swell Dune</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/swell-network/sweth-in-dexes">swETH in DEX Dune</a> | <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/protocol/swell">Swell DefiLlama</a></p></li></ul><p></p><h3><strong>4. EigenLayer and Swell</strong></h3><h4><strong>About Swell</strong></h4><p>Swell is an up-and-coming Ethereum liquid staking protocol. Swell’s LST (swETH) is one the leading LSTs in the newer class of entrants into the space. swETH launched in late April 2023. In ~6 months on mainnet, Swell TVL has seen material traction, scaling to ~$95M TVL (October 2023).</p><p><br></p><h4><em>TVL Growth&nbsp;</em></h4><img src="https://i.imgur.com/2V4iFln.png"><p>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/protocol/swell">DeFiLlama</a> (October 2023)</p><p></p><p>swETH is already one of the most integrated LSTs in the ecosystem with 40+ integrations across the ecosystem. swETH is uniquely supported by Chainlink’s Proof of Reserve (POR) oracle, which provides surety around the ETH backing of swETH.&nbsp;</p><h4><strong>swETH as a Restaking LST Asset</strong></h4><p>Swell has positioned swETH as a strong potential restaking LST asset on EigenLayer.&nbsp;<br></p><p>Swell’s growth, reputation, operational stability, and dedicated roadmap align with EigenLayer’s overall vision and plans for liquid staking protocols within its ecosystem.</p><p></p><p>The EigenLayer integration is one of the most popular Swell community requests.</p><p></p><p>Swell aims to extend its existing incentives campaign around the Voyage to help bootstrap adoption and help both communities make the most of the collaboration.&nbsp;</p><p></p><h4><strong>Native Restaking</strong></h4><p>Beyond swETH as a restaking LST, Swell intends to expand its staking offering to include native liquid restaking with Restaked Swell ETH (rswETH).</p><p></p><p>Both initiatives will help EigenLayer and its community to achieve its vision of shared security to hyperscale Ethereum.&nbsp;</p><p><br></p><h3><strong>5. Protocol Architecture</strong></h3><h4><strong>swETH Architecture</strong></h4><p>Swell issues its liquid staking token (LST), swETH as a receipt token representing staked ETH on the swETH contract.</p><p></p><p>When a user stakes with Swell, the ETH is transferred to the deposit manager contract. Here, it is pooled until reaching a minimum of 32 ETH.&nbsp;</p><p></p><p>The deposit is then initiated into the Ethereum deposit contract by selecting validator keys based on a systematic round robin process involving Swell node operators.</p><p></p><p>Once selected, the validator enters the Ethereum validator activation queue. Upon activation, the validators can begin processing transactions and proposing blocks.</p><p></p><p>Presently, swETH can be swapped on several decentralized exchanges, including Maverick, Balancer, Uniswap, and more.</p><p></p><p>Full withdrawals are scheduled for enablement in a forthcoming Q1 2024 protocol upgrade,</p><p></p><h4><em>Swell Protocol Architecture</em></h4><img src="https://i.imgur.com/sTm1fiI.png"><p>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.swellnetwork.io/swell/system-design/staking-with-sweth">Swell Docs</a> (October 2023)</p><p><br></p><h4><strong>Underlying swETH Collateral</strong></h4><p>swETH is an ERC-20 token. The design is a repricing token, also known as a reward-bearing token, an interest bearing token, or a cToken.</p><p></p><p>As a repricing token, the intrinsic value of swETH grows over time due to accumulation of staking rewards, net of slashing and penalties.</p><p></p><p>Repricing is supported by an integration with Chainlink Proof of Reserves (POR) which enables timely, reliable, and accurate verification of the backing and primary market exchange rate for swETH.</p><h4></h4><h4><em>swETH Proof of Reserves Feed</em></h4><img src="https://i.imgur.com/NADfll8.jpg"><p>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://data.chain.link/ethereum/mainnet/reserves/swell-eth-por">Chainlink POR</a> (October 2023)</p><p><br></p><h4><strong>Yield Accrual Mechanism</strong></h4><p>The yield accrual mechanism on swETH is derived from consensus layer and execution layer rewards.</p><p><br></p><p>The repricing is expressed as the swETH:ETH exchange increasing over time. This appreciating exchange rate is the method by which staking rewards are distributed to swETH holders.</p><p><br></p><h4><strong>Protocol Upgrades</strong></h4><p>Swell has scheduled enablement of withdrawals in early 2024 as part of its upcoming Barracuda release.&nbsp;<br></p><p>This upgrade will further support liquidity, arbitrage, and redemption capabilities.&nbsp;</p><p></p><h3><strong>6. swETH Adoption</strong></h3><h4><strong>Key Metrics (October 2023)</strong></h4><ul><li><p>TVL: ~$95M</p></li><li><p>swETH Market Cap: ~49,000 ETH</p></li><li><p>Number of Validators: ~1,530 Validators</p></li><li><p>Number of Operators (Mainnet): 8</p></li></ul><p><br></p><h4><strong>Growth</strong></h4><p>Swell is one of the fastest growing protocols in DeFi. In ~6 months, Swell has become the 37th largest DeFi protocol on Ethereum mainnet. swETH is the 7th largest Ethereum LST by market capitalization.</p><p><br></p><h4><strong>swETH Utilization</strong></h4><p>Swell has a high utilization rate of its LST, swETH across DeFi, at ~53%. This is expected to flow through to EigenLayer adoption also.</p><p><br></p><h4><em>swETH DeFi Utilization</em></h4><img src="https://i.imgur.com/Nfs2xPt.png"><p>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/swell-network/swell-network">Swell Dune</a> (October 2023)</p><p><br></p><h4><strong>Integrations</strong></h4><p>Swell has multiple DeFi integrations across the ecosystem. This includes Pendle, Balancer, Aura, Curve, Maverick, Yearn, and more. The full list of available swETH integrations is available at the ecosystem page: <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.swellnetwork.io/ecosystem">https://www.swellnetwork.io/ecosystem</a>&nbsp;</p><h4><em>swETH utilization in DeFi</em></h4><img src="https://i.imgur.com/fgAfs2G.png"><p>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/swell-network/swell-network">Swell Dune</a> (October 2023)</p><p><br></p><h4><strong>Ecosystem Backing</strong></h4><p>Swell has a positive reputation in the Ethereum space. Swell is supported by Ethereum-aligned backers.</p><p></p><p><em>Swell Backers</em></p><img src="https://i.imgur.com/knf4l3S.png"><p>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.swellnetwork.io/">Swell Website</a> (October 2023)</p><p><br></p><h4><strong>Security</strong></h4><p>Swell has been audited by Sigma Prime, a leading smart contract audit firm with a specialty in Ethereum liquid staking smart contracts. Swell has a bug bounty program in collaboration with Immunefi.</p><p><br></p><h4><strong>Active Collaboration with EigenLayer and ecosystem projects</strong></h4><p>Swell has been actively collaborating with EigenLayer as well as EigenLayer ecosystem projects for the past several months as part of Swell’s commitment to providing restaking opportunities to swETH holders.</p><p><br></p><h3><strong>7. Operations</strong></h3><h4><strong>swETH Node Operators</strong></h4><p>Swell launched with a genesis set of 8 professional node operators: DSRV, Blockscape, Stakely, HashQuark, Kiln, RockX, InfStones, SNC. Swell has ~1,500 validators across operators. In aggregate, the node operators span multiple geographies across Asia, Europe, and the Americas.&nbsp;</p><p></p><p>The selection criteria was based on several key factors, including:</p><ul><li><p>Demonstrated technical expertise and commercial experience</p></li><li><p>Consistent record of security, stability, and onchain performance</p></li><li><p>Contribution to diversity and decentralization individually and in aggregate</p></li><li><p>Evaluation of geography, jurisdiction, sever type, and client categories</p></li></ul><p></p><p>Swell consensus client mix is ~51.7% Lighthouse, ~30.5% Prysm, ~14.5% Teku, and ~3.3% Nimbus. Swell intends to expand into a permissionless node operator set over time.</p><h4></h4><h4><em>Swell Rated Analytics</em></h4><img src="https://i.imgur.com/LB5NBrF.jpg"><p><br>Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.rated.network/o/Swell?network=mainnet&amp;timeWindow=30d&amp;idType=pool&amp;viewBy=operator&amp;page=1">Swell on Rated</a> (October 2023)</p><p><br></p><h4><strong>swETH Staking Yield</strong></h4><p>swETH staking yield is currently ~3.15% APY, reaching a local high of 4.37% in mid-October.</p><p><br></p><h4><strong>swETH Slashing</strong></h4><p>Swell has not recorded any slashing events to date.</p><p><br></p><h3><strong>8. Roadmap</strong></h3><h4><strong>Timeline</strong></h4><p>Swell is committed to supporting swETH as a restaking LST on EigenLayer. In addition to this proposal, Swell intends to launch native restaking next year. This will include development, audit, testing, guarded mainnet launch and into full launch.</p><h4><br><strong>Native Liquid Restaking</strong></h4><p>Swell’s native liquid restaking integration would allow users to natively restake ETH in a liquid manner. This is done by enabling automatic restaking into EigenLayer. Swell is currently in the design phase for this integration.&nbsp;</p><p></p><p>Once implemented, Swell users will have the option to natively restake ETH. As part of this process, liquid restakers will receive Restaked Swell ETH (rswETH). The launch of rswETH is expected next year. The Swell team will drive liquidity, adoption, and integration of this new and exciting primitive, which will complement Swell’s swETH LST.</p>
0xa6518870…9fe4sent to0xec17aaba…5b39·#18,460,985·0x9a37aeed…b870cc
<p>Dear EigenLayer Community,</p><p>As a dedicated supporter of WBETH, I enthusiastically propose its inclusion in the voting contest. WBETH, backed by renowned Binance, has dramatically grown its standing, securing a top 3 LST position within just six months of its inception (TVL of $1.4 billion, source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/lsd">https://defillama.com/lsd</a> )</p><p><br><strong><em>Synergy between EigenLayer and WBETH</em></strong></p><p>EigenLayer's resounding promise of a restaking protocol aligns well with the principles bolstered by WBETH—it enables users to restake ETH or other LSTs towards multiple protocols, uplifting the security aspect of Active Validator Services (AVS). Considering Binance's track record in ETH staking (currently staking <strong><em>over 1.2 million ETH, covering 4.3% of all Ethereum staked. </em></strong>Not all of them have been converted to WBETH), the potential for WBETH's ascension in Eigenlayer ecosystem is immense.</p><p>In fact quite a few of big holders of WBETH has shared interest in restaking WBETH in Eigenlayer (e.g. <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/Super4DeFi/status/1717846990317576701">https://twitter.com/Super4DeFi/status/1717846990317576701</a>)</p><p><br><strong><em>Use Cases of WBETH and Differentiation:</em></strong></p><p>WBETH’s affinity with EigenLayer is evident in our shared mission to democratize and simplify staking experiences. WBETH provides diverse opportunities for earnings that transcend conventional staking—examples include spot trading or using WBETH as collateral for Futures Trading on Binance, liquidity farming on popular DEXes, participating in renowned lending and borrowing protocols, etc. All these options enrich WBETH's position as a versatile and rewarding asset in the DeFi landscape.</p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.binance.com/en/support/faq/wbeth-use-cases-c2edfefdad214259b984730a0cb760ec">https://www.binance.com/en/support/faq/wbeth-use-cases-c2edfefdad214259b984730a0cb760ec</a></p><p><br>I believe more use cases will come with WBETH-centric product developments for engaging a wider user pool, and it will support deeper associations with leading DeFi platforms and protocols.</p><p>WBETH’s distinguishing attribute is the solid liquidity it offers on the Binance platform, as well as diverse DeFi projects. This, when combined with Binance's established presence in the ETH staking landscape, only reassures one of WBETH's stellar standing in the realm of LSTs.</p><p><br><br>As a fervent WBETH holder, I see a promising affiliation between EigenLayer and WBETH that can revolutionize staking solutions and open new doors of opportunities for our intermingled communities. Here's to enhancing Ethereum staking's reach and effectiveness, together.<br></p><p>Best,</p><p></p><p></p><p>Links:</p><p>Website: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.binance.com/en/wbeth">Ethereum 2.0 Staking | Stake Ether &amp; Get BETH | Binance 2</a></p><p>FAQ: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.binance.com/en/support/faq/what-is-wbeth-e252366155174ba6887f6b32e3798273">What Is WBETH? | Binance Support 1</a></p><p>Contracts:</p><ul><li><p>Ethereum: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://etherscan.io/token/0xa2E3356610840701BDf5611a53974510Ae27E2e1">Wrapped Binance Beacon ETH (wBETH) Token Tracker | Etherscan 1</a></p></li><li><p>BNB Smart Chain: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://bscscan.com/token/0xa2E3356610840701BDf5611a53974510Ae27E2e1">Wrapped Binance Beacon ETH (wBETH) Token Tracker | BscScan</a></p></li></ul><p>Dune Dashboard and Markets: <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/billwang/wbeth">https://dune.com/billwang/wbeth 2</a></p><p>Audits:</p><ul><li><p>Peckshield: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/peckshield/publications/tree/master/audit_reports/PeckShield-Audit-Report-wBETHV2-v1.0.pdf">https://github.com/peckshield/publications/tree/master/audit_reports/PeckShield-Audit-Report-wBETHV2-v1.0.pdf</a>&nbsp;</p></li><li><p>Slowmist: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/slowmist/Knowledge-Base/blob/master/open-report-V2/smart-contract/SlowMist%20Audit%20Report%20-%20wBETH_en-us.pdf">https://github.com/slowmist/Knowledge-Base/blob/master/open-report-V2/smart-contract/SlowMist%20Audit%20Report%20-%20wBETH_en-us.pdf</a>&nbsp;</p></li><li><p>Supremacy: <a target="_blank" rel="noopener noreferrer nofollow" href="https://github.com/SupremacyTeam/publications/blob/main/Supremacy-Audit-Report-wBETH-v1.0.pdf">https://github.com/SupremacyTeam/publications/blob/main/Supremacy-Audit-Report-wBETH-v1.0.pdf</a>&nbsp;</p></li></ul>
0xc6160f5b…579asent to0xec17aaba…5b39·#18,460,325·0x09c103c8…a0633a
<h1>Proposal</h1><p>Stader proposes to whitelist ETHx (Stader’s LST on Ethereum) as one of the restaking assets on EigenLayer.</p><h1>Abstract</h1><p>Stader (<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.staderlabs.com/">https://www.staderlabs.com/</a>) is a non-custodial multi chain liquid staking platform.</p><ul><li><p>$175Mn+ TVL</p></li><li><p>Live across multiple PoS blockchains including Ethereum, Polygon, BNB, Hedera etc.</p></li><li><p>40+ DeFi and ecosystem integrations including MetaMask, Ledger, Aave, Compound etc.</p></li></ul><p>ETHx is Stader’s liquid staking token on Ethereum.</p><ul><li><p>Launched on July 10th and has over $ 70 Mn TVL, 25 Mn+ liquidity across Curve, Balancer, etc.</p></li><li><p>ETHx is a highly decentralized LST with 174 unique node operators and 800+ validators</p></li><li><p>Smart contracts triple audited by Sigma Prime, Halborn &amp; Code4rena &amp; $1M Bug Bounty Program on Immunefi</p></li></ul><p>ETHx is built on a very innovative multi pool architecture that is modular and scalable. Currently, it has 2 pools i.e. Permissionless and Permissioned validator pool. Permissionless node operators can spin up validators with the lowest capital (4.4 Eth) on ETHx and receive delegations from the protocol representing a ~7x lower capital barrier than solo staking.</p><p>The multi-pool architecture will be complete soon with the addition of the DVT pool, which is being developed and tested <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/staderlabs_eth/status/1711749228110749744">https://twitter.com/staderlabs_eth/status/1711749228110749744</a></p><h1>Value proposition of ETHx</h1><p>ETHx’s unique value proposition is built upon 3 main foundations: decentralization, scalability and security.</p><ul><li><p>Decentralization: Anyone can run a permissionless validator. Stader has lowered the barrier to an industry low of 4 ETH + at least 0.4 ETH worth of SD to run a validator.</p></li><li><p>Scalability: The multi-pool architecture ensures scalability with a set of permissioned NOs alongside the already mentioned permissionless pool. Stader will also launch the DVT pool as soon as DVT tech has made a public launch.</p></li><li><p>Security: Security is a paramount aspect for Stader. Therefore, ETHx architecture has been triple audited by Sigma Prima, Halborn and Code4rena. All the audit reports can be checked here <a target="_blank" rel="noopener noreferrer nofollow" href="https://staderlabs.gitbook.io/ethereum/ethx-security/audit-reports">https://staderlabs.gitbook.io/ethereum/ethx-security/audit-reports 1</a>.</p></li></ul><p>On top of that, we have an ongoing 1M$ Bug Bounty Program in Immunefi <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://immunefi.com/bounty/staderforeth/">Stader for ETH Bug Bounties | Immunefi</a>.</p><p>The introduction of ETHx provides an opportunity for diversification, while mitigating concentration risks.</p><h1>ETHx: How Does it Work?</h1><p>Users can stake Ethereum and mint ETHx as per the prevailing exchange rate on Stader Dapp.</p><p>Link to ETHx Dapp: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.staderlabs.com/eth/stake/">Ethereum Staking - Stake Ether &amp; Earn Eth2 Rewards | Stader Labs</a></p><p>For further details on deposits refer to this blog: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.staderlabs.com/blogs/ethx-deposits/">Liquid Staking - Best Crypto Staking Platform of 2023 | Stader Labs 1</a></p><p>In a nutshell, what happens under the hood is that the ETH is sent to the Stader Stake Pool manager, that will allocate the ETH to the different pools on ETHx architecture (permissioned, permissionless, and soon-to-be DVT).</p><h1>ETHx token model</h1><p>ETHx follows a c-Token model, auto compounding the staking rewards generated by the ETH staked. As a result, the relative value of ETHx to ETH increases. While the number of ETHx tokens remains consistent (considering no new staking or unstaking activity), the underlying value of the staked ETH rises due to these rewards, prompting its value increase.</p><p></p><img src="https://global.discourse-cdn.com/standard14/uploads/eigenlayer/optimized/2X/4/480e3e4b0addd94369812812d81d224b4e2e0934_2_624x448.png" alt=""><p><a target="_blank" rel="noopener noreferrer nofollow" class="lightbox" href="https://global.discourse-cdn.com/standard14/uploads/eigenlayer/original/2X/4/480e3e4b0addd94369812812d81d224b4e2e0934.png"><strong>1600×1149 109 KB</strong></a></p><p></p><h1>Stader &amp; ETHx Governance &amp; Decentralization</h1><p>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. You can find the Stader Governance Forum <a target="_blank" rel="noopener noreferrer nofollow" href="http://forum.staderlabs.com/">forum.staderlabs.com/</a></p><p>For ETHx, we have the Oracle Node Operator Genesis Committee of distinguished community members. You can learn more about the ETHx ONO committee<a target="_blank" rel="noopener noreferrer nofollow" href="https://snapshot.org/#/staderdao.eth/proposal/0x704905672648882c229480d501ab7d59da94ade47762eda163e7a3919082b044"> here</a></p><p>ETHx is based on the foundation of decentralization with permissionless node operators getting majority of the ETHx TVL as demand scales. To achieve this, we aimed to start with an initial allocation to the permissionless pool of 70%, and currently it’s sitting at ~85%, as per</p><ul><li><p>ETHx General Metrics Dashboard: <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/stader_labs/ethx-general-metrics">https://dune.com/stader_labs/ethx-general-metrics</a></p></li><li><p>ETHx Node Operator Dashboard: <a target="_blank" rel="noopener noreferrer nofollow" href="https://dune.com/stader_labs/node-operator-dashboard">https://dune.com/stader_labs/node-operator-dashboard 1</a></p></li></ul><p>The current Node Operator count is 174, making Stader the second highest node count of all Liquid Staking providers, after RocketPool.</p><p>The ETHx contract upgrades are managed by Admin time-lock contract with a 6 on 9 Multi sig (2 Stader members and 7 external members) as the proposer. (<a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.staderlabs.com/blogs/staders-ethx-now-live-on-mainnet/">Liquid Staking - Best Crypto Staking Platform of 2023 | Stader Labs</a>)</p><h1>Roadmap</h1><p>Over the next 2 quarters, Stader will be working on the following features:</p><ul><li><p>Lower the ETH and SD bond necessary by permissioness Node Operators to spin up Ethereum validators on the beacon chain</p></li><li><p>Megapools</p></li><li><p>Distributed Validator Technology (DVT)</p></li><li><p>Ledger Live integration</p></li><li><p>Layer 2 Expansion (Arbitrum, Optimism, zkSync, Polygon zkEVM, Base …)</p></li><li><p>Integration into borrowing and lending protocols</p></li><li><p>Partnering with multiple wallets, exchanges &amp; custodians</p></li><li><p>Increase utility of SD governance token</p></li></ul><h1>Synergies with EigenLayer</h1><p>The high Node Operator count, at 174, is an invaluable asset to EigenLayer, since these represent a meaningful pool of human capital that is strongly aligned with Ethereum decentralization and security. These Node Operators are therefore likely to have affinity to the EigenLayer value proposition, and take an active role in its blossoming ecosystem.</p><h1>Conclusion</h1><p>EigenLayer’s vision to democratize access to Ethereum-grade security resonates with Stader’s vision to democratize access to Ethereum validation services by lowering the entry barriers. We are certain that the inclusion of ETHx LST into EigenLayer’s platform will usher in a new era of cooperation between the node operator base of both protocols, significantly increasing the value that both protocols bring to the broader Ethereum ecosystem.</p><h1>Links</h1><ul><li><p>Website: <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.staderlabs.com/">https://www.staderlabs.com/</a></p></li><li><p>ETHx Dapp: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.staderlabs.com/eth/stake/">Ethereum Staking - Stake Ether &amp; Earn Eth2 Rewards | Stader Labs</a></p></li><li><p>ETHx Contract: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://etherscan.io/token/0xA35b1B31Ce002FBF2058D22F30f95D405200A15b#tokenInfo">$1,791.29 | ETHx (ETHx) Token Tracker | Etherscan</a></p></li><li><p>Docs: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://staderlabs.gitbook.io/ethereum/">Introduction - Stader - ETHx</a></p></li><li><p>Github: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://github.com/stader-labs/ethx/tree/mainnet_V0">GitHub - stader-labs/ethx</a></p></li><li><p>LPs: <a target="_blank" rel="noopener noreferrer nofollow" href="https://curve.fi/#/ethereum/pools/factory-v2-319/deposit">Curve</a> &amp; <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.balancer.fi/#/ethereum/pool/0x4cbde5c4b4b53ebe4af4adb85404725985406163000000000000000000000595">Balancer</a></p></li><li><p>Blog: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://www.staderlabs.com/blogs/">Unlocking DeFi Power: Stader Labs' Liquid Staking Insights</a></p></li><li><p>Twitter: <a target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/staderlabs_eth">https://twitter.com/staderlabs_eth</a></p></li><li><p>Discord: <a target="_blank" rel="noopener noreferrer nofollow" class="inline-onebox" href="https://discord.com/invite/xJURAhSmav">Stader Community</a></p></li></ul>