Interpretation of Stader: DVT hybrid node, multi-chain low market cap LSD protocol will usher in the spring?

23-03-13 22:00
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原文标题:《 解读 Stader:DVT 混合节点,多链低市值 LSD 协议能否迎来春天? 》
原文作者:雨中狂睡,深潮 TechFlow


There is a consensus that the core narrative of the crypto market this year is LSD. As a result, many contract products Yearn to resemble LSD, such as Frax Finance's frxETH, MakerDAO's ETHD soon and yETH soon. Stader Labs, an established pledge protocol, is also following the trend by launching Ethereum LSD-related products.


In this highly competitive circuit, we can roughly divide the circuit into three layers:


The bottom layer is SSV.Network and Obol Network with DVT (distributed validator technology) as the core.


The second layer, known as Lido, Rocket Pool, and other protocols, is responsible for making it easier and more capital-efficient for users to pledge Ethereum.


The top layer is the DeFi layer, and the DeFi layer protocol will increase the yield rate of stETH and other related LSD liquidity pledge certificates through various DeFi means.


Stader Labs' upcoming ETHx is Tier 2.


Stader Labs' product was originally conceived as a liquidity pledge service for Terra, but as the Terra building collapsed, Stader moved to multi-chain expansion, And liquidity pledge services for Polygon, BNB Chain, Near, Fantom, Hedera and Terra 2.0. The current total lock-in value (TVL) of Stader is $109 million, according to DeFiLlama. Its native Token $SD has a market capitalization of $24 million and an FDV of $160 million.


Will the upcoming ETHx from Stader Labs be its new TVL booster? Let's take a look at Stader's LSD product design and patterns.


Mixed node carrier mode


Stader hopes that the main constituent of ETHx node operators will be home Staker and independent node operators, in order to provide unlicensed node operator support to the pledgor using Stader. On another level, this also strengthens the degree of decentralization of ETHx and reduces the risk of being punished by Ethereum pledge. In this process, Stader will use DVT technology to achieve product goals.


In addition to unlicensed node operator support, Stader will also introduce licensed node operators. Licensed node operators will participate in Stader's pledge ecology in the form of whitelist. Unlicensed node operators need to pledge assets (margin), while licensed node operators have no/low asset pledge requirements.


By using DVT technology, Stader's advantage is that it can reduce margin requirements and risk of margin forfeiture for unlicensed node operators, thus attracting more unlicensed node operators to ensure decentralization of Ethereum pledge. Currently, Stader has been tested on the SSV test network.


解读 Stader:DVT 混合节点,多链低市值 LSD 协议能否迎来春天?


The benefit is that in the beginning of the ecosystem, Stader meets users' Ethereum pledge needs by obtaining licensed node operators.


Liquidity pledge scheme


得益于采用 DVT 技术,Stader 将最低以太坊质押要求降至了 4ETH。而对比 Rocket Pool,其最低质押要求为 16ETH。而运行无许可节点,还需要质押价值 0.4ETH 的 $SD,即 Stader 的原生 Token 。同时,节点运营商也可以通过质押的 $SD 参与 Stader 协议的治理。


To further lower the threshold for node operators, Stader allows them to borrow $SD worth 0.4ETH on an unsecured loan basis. In exchange, the $SD holder will receive the $SD incentive reserved for the node operator and 10% of the node operator commission.


In terms of the overall cost, the 4.4ETH cost requirement of Stader node operators is lower than other decentralized Ethereum liquidity pledge protocols, which is also the advantage of Stader. In addition, in order to attract more node operators to join, Stader will also provide 800,000 to 1.5 million $SD as an incentive for node operators.


At the same time, as the concept of modularity became popular, Stader's Ethereum Liquidity Pledge solution also launched a liquidity Pledge modular smart contract -- anyone can use Stader's pre-built components to build their own pledge solution.


Liquidity pledge certificate


The advantages of Lido are that there is no Ethereum pledge threshold and the issuance of stETH as a liquidity pledge certificate. ETHx from Stader also works in all DeFi scenarios. Stader's strength comes from its previous DeFi partners, such as AAVE, Balancer, and so on. Stader has partnered with Aura Finance to open the $SD-$ETH liquidity mining partnership.


The four application directions of ETHx DeFi are:


Liquidity Mining: Stader's $ETH-$ETHx LP has partnered with Balancer, Quickswap, BeethovenX, Apeswap, Wombat and other protocols.


Lending: Stader ETHx has partnered with Aave, 0vix, Granary and other lending agreements.


Stablecoin: QiDAO will support ETHx as collateral to coin stablecoin.


Options Trading and option vaults: In this regard, Stader has partnered with Olive Finance and Delta Theta.


In the partner distribution of Stader, we can clearly see the multi-chain stable partners before Stader and the multi-chain extension of ETHx in the future. The expansion of multiple chains will drive ETHx applications. Also, unlike other LSD protocols that focus on multi-chain extensions on Ethereum Layer2, ETHx will extend to more non-Ethereum Alt-Layer1 ecosystems.


原生 Token $SD


除了潜在运营商激励抛压外,新产品对于 Stader 原生 Token $SD 将体现在以下四个方面:


The node operator needs to pledge $SD to operate the node.


$SD 持有者可以借出 Token 来获得 $SD 激励和 10% 节点运营商的押金。


Stader 推出了新的 Token 经济学 $xSD,$SD 持有者质押 $SD 即可获得 $xSD。$xSD 持有者将获得协议一定比例的收入分成,同时也将获得协议治理权。$xSD 持有者可以按实时汇率赎回为 $SD,为期 7 天。


A certain percentage of the agreed revenue will be repurchased $SD and pledged as $xSD.


However, it should be noted that there is also a certain selling pressure on $SD. In addition to the incentives given to node operators mentioned above, it started unlocking team shares in January this year after the delay in unlocking.


解读 Stader:DVT 混合节点,多链低市值 LSD 协议能否迎来春天?


Finally


It has to be mentioned that the ETHx model launched by Stader today is an optimization of the decentralization degree and cost of liquidity pledge solutions in the existing market, as well as a boost to the adoption of DVT technology.


From the perspective of the overall product design idea, Stader occupies a certain advantage in the current liquidity pledge scheme. However, other liquidity Staking initiatives are being adapted and optimized with their existing products, such as the upcoming Lido V2 feature, where anyone is Staking Router, allowing anyone to become a node operator with a modular plug-and-play module to drive decentralization; Rocket Pool has also introduced a Mini Pool, which lowers the ETH threshold to 8 ETH.


It is predictable that the LSD circuit will become more and more competitive in the future. Therefore, building the DeFi ecosystem around derivatives such as stETH/ETHx will be the new battleground.


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