A quick understanding of StakeStone
Last time, the author introduced Eigenlayer, https://t.co/6Hj38qyDqj, and this time we focus on another protocol in the LSD track: StakeStone
What is Stakestone? This picture (Figure 1) can make it very clear. In simple terms:
You deposit ETH into StakeStone in exchange for Stone tokens. Stone tokens are more like wseth, with a constant balance, but the exchange rate with ETH will continuously increase with the accumulation of staking yield.
Assets deposited into StakeStone enter the "strategic pool," and the future strategies of the pool can be decided through DAO voting. Seeing this, you no longer need to worry about which LSD protocol to use? DAO helps you manage this issue. Currently, the strategic pool is 100% on Lido (steth).
Speaking of this type of smart contract-based investment strategy, it is not easy to implement. If it were a multi-signature wallet, it would be easy, as regular manual operations would suffice. However, for smart contract types, due to the endless emergence of opposing protocols (such as eigenlayer) in the future, as well as changes in existing protocols (such as the temporary suspension of deposits in eigenlayer, which resumed on February 5th), there are significant challenges in writing smart contracts.
The most flexible method I can think of is to develop an adapter for each opposing protocol, setting some flexible controls in the adapter, such as whether to pause/restart investments, the daily investment ratio, whether to withdraw, etc., and to allocate strategies in the overall strategy. Anyway, that's a digression. Currently, the strategic pool contract of Stakestone is still being upgraded, so there is no deposit into eigenlayer, etc. for the time being.
Stone tokens have a series of DeFi. Currently, the supported applications are mainly on the Manta public chain (Figure 2).
Using Layerzero as the underlying technology for cross-chain, hence the future DeFi will also be cross-chain. Currently supported public chains (Figure 3) include Ethereum, Manta, base, BNB, Mantle, and Linea.
In a sense, StakeStone is a bit like the appearance of DeFi 2.0 in the late stage of the previous bull market, where the protocol controls liquidity, but here, LP is replaced with staked ETH. With ETH TVL, Stakestone can participate in the staking/re-staking game of other protocols, positioning itself in a relatively comfortable position in the ecosystem, which can be considered as a new path.
Protocol development:
Riding the wave of restaking, Stakestone's development is quite rapid. In about 12 months, the TVL surged to 700m in about a month, and the project reportedly contributed 80% of Manta's TVL.
No tokens have been issued yet.
Hashkey investment.
The protocol has been audited by Veridise https://t.co/seRwkkOs0r, and from the report (Figure 4), known high-severity vulnerabilities have been fixed.
Notes:
Currently, Stakestone exclusively uses LDO. If you want to unstake, there are two modes: one is the request mode, which requires queuing for withdrawal in LDO, and the other is the instance mode, which is equivalent to direct exchange on the DEX, incurring some slippage and gas fees.
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