Stader-ETHx

Staking

Stader is a non-custodial, multichain staking platform. ETHx is Stader's liquid staking solution for ETH on Ethereum.

Risk Rating
Good
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
What we like
Stader abstracts away the challenges and risks around maintaining staking infrastructure by allowing users to delegate their ETH to professional node operators.
What we like less
Staking with Stader assumes greater security risks as the underlying smart contracts may be exploited. ETHx is also controlled by a 6/9 community multisig.
What it means for you
Stader's liquid staking protocol offers you a great way to stake your ETH and earn rewards for securing the Ethereum network while remaining liquid with ETHx.
Information
Exploit/Hacks
None
Info
Key Metrics
  • TVL: $710.3M (Rank #34)
  • TVL Ranking by Staking: #0
  • Blockchain: Ethereum, Hedera, Binance, Near, Terra2, Fantom
  • Chain TVL
    • Ethereum: $651.96M
    • Hedera: $40.82M
    • Binance: $16.57M
    • Near: $682.11K
    • Terra2: $259.84K
    • Others: $0
Risk Assessment
Good
Protocol Code Quality
  • Code reviewed by several experienced auditors including Halborn and ImmuneBytes
  • Public team promotes accountability
  • No documented protocol hacks since launch
Protocol Maturity
  • Latest protocol version launched in 2023; maturity over six months reduces technical risk as smart contracts are moderately battle-tested
  • Top 5% by total value locked reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of at least 4 signers, which means the protocol is less susceptible to centralization risks
  • Timelock is at least 48hrs, which provides users with sufficient time to exit if any malicious upgrades are approved
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • This protocol is susceptible to risks related to staking a token to secure a network, such as slashing events
Things to know about Stader-ETHx

How Stader (ETHx) works

Stader allows users to earn staking rewards without locking assets or maintaining staking infrastructure. ETHx was designed with a multi-pool architecture. It has a permissionless pool, which allows anyone to operate nodes, as well as a permissioned pool, with curated validators during the Phase 1 launch. During the Phase 2 launch, Stader will introduce Distributed Validator Technology (DVT) with dedicated DVT-based stake pools. Stader's ETHx permissionless pool lets anyone with 4.4 ETH of asset collateral consisting of 4 ETH plus 0.4 ETH worth of SD (Stader's governance token). Users deposit their ETH into Stader's smart contracts and receive ETHX in return which represents the value of the user's staked ETH along with any staking rewards accrued or penalties inflicted on validators. Users can withdraw or redeem their ETHX back for their original ETH at any time. Stader then splits the staked ETH between multiple pools including permissionless and permissioned node operator pools.

How Stader (ETHx) makes money

Stader generates revenue by charging a 10% fee on the staking rewards earned by depositors. Of this fee, 5% is a protocol fee that is used for upgrading the protocol's staking infrastructure and the remaining 5% is provided to node operators as a commission.

How you make money on Stader (ETHx)

Passive ETH holders can generate additional yield by participating in the PoS validation mechanism to earn block rewards. The unlocked liquidity with ETHX can also be used on a number of popular DeFi protocols to generate additional yield. If you have 4.4 ETH worth of assets, you can also choose to join the permissionless node operator pool and start earning validator rewards.