diff --git a/docs/docs/stakewise-protocol/governance-swise-token.mdx b/docs/docs/stakewise-protocol/governance-swise-token.mdx deleted file mode 100644 index 8f96a594..00000000 --- a/docs/docs/stakewise-protocol/governance-swise-token.mdx +++ /dev/null @@ -1,12 +0,0 @@ ---- -title: Governance & SWISE Token -description: Learn about StakeWise governance and the SWISE token. Participate in protocol decisions through StakeWise Improvement Proposals (SWIPs). ---- - -# Governance & SWISE Token - -StakeWise is governed by its community through the **SWISE** token. Holders vote on key protocol parameters—such as fees, oracle selection, and upgrades—via StakeWise Improvement Proposals (SWIPs). - -:::custom-stakewise[Join Us] -Get involved in shaping the protocol's future by participating in [StakeWise Forum ↗](https://forum.stakewise.io/) -::: diff --git a/docs/docs/stakewise-protocol/intro.mdx b/docs/docs/stakewise-protocol/intro.mdx index 23f40836..72fb890b 100644 --- a/docs/docs/stakewise-protocol/intro.mdx +++ b/docs/docs/stakewise-protocol/intro.mdx @@ -5,14 +5,15 @@ description: Learn how StakeWise Protocol enables decentralized liquid staking o # The StakeWise Protocol -## Introduction +StakeWise is a liquid staking protocol for Ethereum and Gnosis Chain, designed to make staking more flexible, secure, and accessible. Anyone can start staking. There is no minimum ETH/GNO deposit, no validator node to run, and no technical setup required. -StakeWise is a liquid staking protocol for Ethereum, designed to make staking more flexible, secure, and accessible. +Instead of one large staking pool, StakeWise is built around [Vaults](/docs/vaults/intro): permissionless, customizable, and non-custodial staking pools deployed by various operators. +Vaults already handle billions of US dollars' worth of staked assets, powering solutions from [MetaMask ↗](https://blog.stakewise.io/caseStudy/how-metamask-launched-pooled-staking-with-stakewise), [Chorus One ↗](https://blog.stakewise.io/caseStudy/how-chorus-one-launched-retail-staking-with-stakewise), [Blockchain.com ↗](https://www.blockchain.com/), [Ledger Live ↗](https://www.ledger.com/ledger-live), and others. +StakeWise also develops strategies to increase rewards, such as [Boost](../vaults/boost), with more coming soon. -Rather than consisting of one large staking pool, StakeWise has a network of permissionless, customizable, and non-custodial staking pools deployed by various service providers, allowing individuals and organizations to pick which nodes will stake their ETH, helping them find the most suitable staking arrangement. All pools offer on-demand liquidity and DeFi integrations for users' stake via osToken, providing the flexibility to get the token only when needed. +Stakers choose the exact terms on which they stake, and can mint [osToken](/docs/ostoken/intro), StakeWise's liquid staking token, to put their stake to work across the [DeFi ecosystem ↗](https://app.stakewise.io/ecosystem) and earn more on top of their staking rewards. -The protocol is implemented as a mix of both upgradable (via dual governance) smart contracts that must keep up with the changes in Ethereum's Proof-of-Stake specification, and persistent, non-upgradable smart contracts designed to prioritize security and self-custody, and to function without centralized intermediaries who may selectively restrict access to the service. +The protocol is implemented with two types of smart contracts: -StakeWise was formally introduced with the release of its [Litepaper in 2022 ↗](https://www.stakewise.io/stakewise-v3.pdf), which set out the vision for a modular staking protocol designed to counter centralization risks and expand user choice. Since then, the protocol has continued to evolve to embody the core ethos of Ethereum and DeFi, specifically the non-custodial, trustless nature that allows self-sovereignty to truly thrive. - -Most users lack either the technical expertise to run validator nodes or the 32 ETH required to stake. StakeWise addresses this by providing an essential base layer that lowers both technical and capital barriers to ETH staking. +- **Upgradable contracts** keep the protocol current with Ethereum's proof-of-stake specification. Upgrades are never automatic: a new version must first be approved through StakeWise DAO governance, and it applies to a Vault only after its operator explicitly [opts in](/operator/operator-service-v3/v4-upgrade-guide#how-to-upgrade). +- **Non-upgradable contracts** have no upgrade path: once deployed on-chain, their code can never be changed. This locks in self-custody and the right to withdraw, so no intermediary can rewrite those rules or selectively restrict access to the service. diff --git a/docs/docs/stakewise-protocol/understanding-liquid-staking.mdx b/docs/docs/stakewise-protocol/understanding-liquid-staking.mdx index bd93916f..e97c5edc 100644 --- a/docs/docs/stakewise-protocol/understanding-liquid-staking.mdx +++ b/docs/docs/stakewise-protocol/understanding-liquid-staking.mdx @@ -11,86 +11,50 @@ import Tooltip from '@site/src/components/Tooltip/Tooltip'; ## What is Staking? -Staking is a Cryptoeconomic mechanism
A cryptoeconomic mechanism is a combination of cryptographic proof with economic incentives to govern the production, distribution, and consumption of goods and services in a decentralized digital economy.}>cryptoeconomic mechanism that uses rewards and penalties to incentivize proper network behavior, -thereby enhancing the underlying security. In proof-of-stake (PoS) blockchains like Ethereum, participants run -Validator
A node in a proof-of-stake system responsible for storing data, processing transactions, and adding new blocks to the blockchain. -The primary identifier of a validator is its public BLS key (example of usage of the pubkey as an identifier is here). -To activate validator software, you need to be able to stake 32 ETH. }>validator nodes by putting tokens *at stake*. -Validators are essential to maintaining network consensus — the process by which all participants agree on the blockchain's new global state1. +In the world of cryptocurrency, staking is the process of locking up a digital asset to help run a blockchain network and verify transactions. Staking combines cryptography with economic incentives to reward honest participation and keep the network secure. In Ethereum, participants put their tokens *at stake* by running validators — nodes that take part in consensus by proposing and attesting to new blocks. -One of the important fields of the [validator object ↗](https://github.com/sigp/lighthouse/blob/0d90135047519f4c2ee586d50e560f7bb2ff9b10/consensus/types/src/validator.rs#L26-L36) -is the effective_balance2, -which represents the validator's "active" balance and determines its influence in the protocol. -This balance serves as the validator's "weight" in consensus duties, which are: +Each validator is represented on-chain as a [validator object ↗](https://github.com/sigp/lighthouse/blob/0d90135047519f4c2ee586d50e560f7bb2ff9b10/consensus/types/src/validator.rs#L26-L36) — a record that stores its state on the Beacon Chain. One key field, the effective_balance1, is the amount of ETH that counts toward a validator's rewards and consensus weight. This amount is capped: originally at 32 ETH, and at 2048 ETH since [EIP-7251 ↗](https://eips.ethereum.org/EIPS/eip-7251). The more effective balance a validator has, the more weight it carries when performing its duties: -- Attesting to its view of the chain3 -- Proposing beacon chain blocks -- Signing off on blocks in the Sync Committee
A sync committee is a special subset of 512 validators chosen pseudorandomly during each "sync committee period" (~1 day). These validators continually sign new Beacon block headers, enabling light clients "outside" the Beacon Chain to verify the consensus state with significantly reduced complexity.}>sync committees -that support Light Client
A light client is a streamlined way to verify Ethereum's consensus state without running a full node. Instead of performing complex verification checks, light clients rely on sync committees to provide cryptographically verifiable summaries of the Beacon Chain head using just a few public keys and a single aggregated signature.}>light clients +- Proposing new blocks +- Attesting to blocks +- Participating in Sync Committee
A sync committee is a special subset of 512 validators chosen pseudorandomly during each "sync committee period" (~1 day). These validators continually sign new Beacon block headers, enabling light clients "outside" the Beacon Chain to verify the consensus state with significantly reduced complexity.}>sync committees -The Beacon Chain uses both rewards and penalties to incentivize proper validator behavior4. -Reward amounts are calculated based on mathematical formulas considering multiple variables, participation rates, timing, and network conditions5. -Validators also earn rewards from priority fees and MEV (Maximum Extractable Value). - -Learn more about rewards and penalties — [ethereum.org ↗](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/) +Validators earn rewards for performing these duties well and face penalties when they don't. Reward amounts follow mathematical formulas that account for several variables, including participation rates, timing, and network conditions2. For a full breakdown of how these rewards and penalties are calculated, see [ethereum.org ↗](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/). ## The Traditional Staking Dilemma -Traditional PoS staking follows a simple premise: lock tokens and earn rewards. -While this model secures the network, it has a major drawback — staked ETH is illiquid. -Once staked, it cannot be used elsewhere in decentralized finance (DeFi). -This creates a fundamental dilemma: stakers must choose between earning rewards and keeping their ETH liquid, but never both. - +Traditional staking follows a simple premise: lock tokens and earn rewards. This secures the network, but it comes with a major drawback. Once staked, ETH becomes illiquid and cannot be used elsewhere in decentralized finance (DeFi). Stakers are left with a fundamental dilemma, forced to choose between earning staking rewards and keeping their ETH liquid, never both. -## Solution +## The Liquid Staking Solution -Liquid staking transforms your stake into a tradeable asset through tokenization. When you stake through a liquid staking protocol, you receive liquid staking tokens (LSTs) representing your claim on the underlying staked assets plus accrued rewards. Unlike native staking where tokens are locked, LSTs remain liquid and Composable
In DeFi, composability refers to the ability of different protocols and applications to work together seamlessly, like building blocks. Composable tokens can be integrated across multiple DeFi protocols simultaneously, allowing users to leverage their assets in various ways at once.}>composable. This unlocks the entire DeFi ecosystem while your original stake continues earning validation rewards. You can now earn from multiple sources: +Liquid staking solves this dilemma through tokenization. When staking through a liquid staking protocol, stakers receive liquid staking tokens (LSTs) that represent a claim on their staked assets plus accrued rewards. Unlike native staking, where tokens are locked, LSTs stay liquid and Composable
In DeFi, composability refers to the ability of different protocols and applications to work together seamlessly, like building blocks. Composable tokens can be integrated across multiple DeFi protocols simultaneously, allowing users to leverage their assets in various ways at once.}>composable, so the original stake keeps earning while the LST can be put to work across DeFi. Stakers earn from two sources at once: -- Staking rewards from your underlying validators; -- DeFi yields from a multitude of opportunities: collateral for lending, yield farming strategies, or trading on decentralized exchanges (DEXs); +- Staking rewards from the underlying validators +- DeFi yields from opportunities like lending, yield farming, or trading on decentralized exchanges (DEXs) -… while keeping your stake transferable and easily convertible back into ETH. +All while keeping the stake transferable and easily convertible back into ETH. -Liquid staking represents an epistemic shift in how staking works. With LSTs, you maintain exposure to staking rewards while having liquidity, breaking the disjunctive premise of traditional staking. +With LSTs, stakers keep exposure to staking rewards without giving up liquidity, breaking the either-or premise of traditional staking. -## Staking Options -In order to participate in the Ethereum consensus mechanism, a staker must deposit 32 ETH. +## The Gaps in Today's Options +To stake on Ethereum, a validator must be backed by 32 ETH. How stakers meet that requirement varies across the options available today, and each comes with its own trade-offs. -The default way to stake — called solo staking — can be prohibitive because of the minimum required 32 ETH and the technical expertise required to run a node. This accessibility barrier led to the emergence of staking service providers that require no programming knowledge or hardware setup: staking-as-a-service (SaaS) and centralized exchanges (CEXs). However, both come with significant concessions: SaaS providers still require the full 32 ETH minimum and offer no liquidity benefits, while centralized exchanges have one fundamental flaw — centralization, which contradicts crypto's core decentralization principles. +The default way to stake — called solo staking — can be out of reach because of the 32 ETH minimum and the technical expertise needed to run a node. This barrier gave rise to staking service providers that need no programming knowledge or hardware setup, such as staking-as-a-service (SaaS) and centralized exchanges (CEXs). Both come with trade-offs. SaaS providers still require the full 32 ETH minimum and offer no liquidity. Centralized exchanges take custody of the staker's assets and concentrate control in a single company, which runs counter to the decentralization that crypto is built on. -Decentralized liquid staking protocols emerged as a response — they don't have a deposit minimum, instead "pooling" capital from many depositors, and issuing tokens that represent depositors' share of the staking pool. These tokens are typically tradable on decentralized exchanges and are accepted as collateral in lending protocols, enabling frictionless entry and exit from staking, as well as participation in DeFi. +Decentralized liquid staking protocols emerged in response. They remove the deposit minimum by pooling capital from many depositors and issuing tokens that represent each depositor's share of the staking pool. These tokens are usually tradable on decentralized exchanges and accepted as collateral in lending protocols, which makes entry and exit easy and opens the door to DeFi. -By nature of their service, liquid staking protocols are non-custodial and permissionless. However, their weakness is the standardized nature of the service — users don't have the flexibility to control how and on what terms their assets are staked, and must always stake ETH on third-party nodes to access liquidity, commingling assets with other depositors. Such protocols also mostly rely on opaque node operator sets, often creating centralization around dominant node operators and leaving participants without transparency about stake allocation. +By design, these protocols are non-custodial and permissionless. Their trade-off is a standardized, one-size-fits-all service: stakers can't control how or on what terms their assets are staked, and must stake on third-party nodes to access liquidity, commingling their assets with everyone else's. Many protocols also rely on a closed set of node operators, concentrating stake around a few dominant operators and giving participants little transparency over how it is allocated. -This opens room for an innovative approach to liquid staking pioneered by StakeWise. +StakeWise addresses these gaps with a different approach to liquid staking.
1. - Users submit transactions to the network of nodes, and the goal of the consensus protocol is that all correct nodes eventually agree on a single, consistent view of the history of transactions. That is, the order in which transactions were processed and the outcome of that processing. + Unlike the actual balance (which changes with every block), effective balance updates only once per epoch. It also "snaps" to the nearest 1 ETH increment due to a mechanism called hysteresis — this prevents constant fluctuations from affecting consensus calculations. ↩
2. - Unlike the actual balance (which changes with every block), effective balance updates only once per epoch. It also "snaps" to the nearest 1 ETH increment due to a mechanism called hysteresis — this prevents constant fluctuations from affecting consensus calculations. - ↩ -
- -
- 3. - Each attestation contains three votes: a source checkpoint vote, a target checkpoint vote (both for Casper FFG finality), and a head block vote (for [LMD-GHOST ↗](https://eth2book.info/latest/part2/consensus/lmd_ghost/) fork choice). - More on Gasper consensus in the [whitepaper ↗](https://arxiv.org/pdf/2003.03052) - ↩ -
- -
- 4. - Validators earn rewards for contributing to chain security and face penalties for failing to contribute. Receiving a penalty is not the same as being slashed. Being slashed is a severe punishment for very specific misbehaviours (that could potentially be part of an attack on the chain), and results in the validator being ejected from the protocol in addition to some or all of its stake being removed. Penalties are subtracted from validators' balances on the Beacon Chain and effectively burned, so they reduce the net issuance of the Beacon Chain. - ↩ -
- -
- 5. For detailed reward calculations and formulas, see: eth2book ↗ - ↩ + ↩
diff --git a/docs/docs/stakewise-protocol/what-is-stakewise.mdx b/docs/docs/stakewise-protocol/what-is-stakewise.mdx index 6dfce22e..e926e801 100644 --- a/docs/docs/stakewise-protocol/what-is-stakewise.mdx +++ b/docs/docs/stakewise-protocol/what-is-stakewise.mdx @@ -10,64 +10,40 @@ import Image from '@theme/IdealImage' # What is StakeWise? -StakeWise is a liquid staking protocol that gives you the benefits of permissionless and non-custodial liquid staking without the trade-offs. +StakeWise staking methods: Vault Staking, Simple Staking, and running your own Vault -StakeWise protocol architecture - Vaults, osToken, and Oracles +Operating across Ethereum and Gnosis Chain, StakeWise offers three ways to stake, each suited to a different type of staker: -Operating across Ethereum and Gnosis Chain, StakeWise creates a comprehensive staking network that serves diverse participants through three distinct approaches: +[Vault Staking](/staker/vault-staking): For stakers who want control, choose a specific Vault from a [marketplace of Vaults ↗](https://app.stakewise.io/vaults) with its own fees, MEV strategy, and performance. Most Vaults have osToken minting available. -**[Vaults →](../vaults/intro)**: For advanced users seeking full control, choose from diverse staking pool offerings with distinct fee structures, MEV strategies, and risk profiles, empowering you to easily earn staking yields with complete control over your assets and validator selection. Instant liquidity and DeFi integrations are available on-demand by opting to receive osToken when staking. +[Simple Staking](/staker/simple-staking): For stakers who want to start earning right away without picking a Vault, deposit ETH/GNO through the app in a few clicks. osToken is issued automatically. -**[Simple staking →](/staker/simple-staking)**: For users who want to start earning immediately without thinking twice, go for streamlined staking that automatically allocates your stake across proven Vaults that minimize fees and maximize your yield. osToken is issued automatically, granting access to instant liquidity and DeFi by default. - -**[Run own Vault →](/operator/create-regular-vault)**: For users and organizations that seek to run their own nodes to access liquidity for their stake, or offer a staking service to others, Vaults allow you to set up isolated, non-custodial, and customizable staking environments that preserve optional access to liquidity via osToken. Vaults already handle billions of US dollars worth of staked assets, powering solutions from [MetaMask ↗](https://blog.stakewise.io/caseStudy/how-metamask-launched-pooled-staking-with-stakewise), [Chorus One ↗](https://blog.stakewise.io/caseStudy/how-chorus-one-launched-retail-staking-with-stakewise), [Blockchain.com ↗](http://Blockchain.com), [Ledger Live ↗](https://www.ledger.com/ledger-live), and others. - -StakeWise also continuously develops innovative strategies to maximize your rewards, such as [Boost →](../vaults/boost), with more features coming soon. +[Run Own Vault](/operator/introduction): For individuals and organizations that want full control over their Vault setup to stake for themselves or offer staking to others and earn fees. ## Architecture -StakeWise's modular architecture is built on three foundational pillars: Vaults, osToken, and Oracles. - -### Vaults — Customizable Smart Contracts -Vaults are isolated, highly customizable smart contracts that function as individual staking pools. -Pool operators can accept deposits from stakers, earn fees, and offer tailored staking services. -This open marketplace model democratizes liquid staking, giving you the freedom to choose how and where to stake. - -**Key Features** +Behind these staking options, StakeWise is made up of three parts that work together: Vaults, osToken, and Oracles. -- **Permissionless & Customizable**: Launch your own Vault without approval, control fees, MEV strategies, and validator selection. Make your Vault private or OFAC-compliant
Compliance with the Office of Foreign Assets Control regulations, which may restrict access to certain jurisdictions or sanctioned entities.}>OFAC-compliant. - -- **Open Marketplace**: Choose from diverse Vaults based on your preferences for decentralization, yield, or specialized strategies. - -- **Risk Isolation**: Each Vault operates independently — issues in one do not affect others. +### Vaults: Where Staking Happens +A Vault is a staking pool. Stakers deposit ETH or GNO into it, and the Vault stakes those funds and collects the rewards. Anyone can open a Vault and set its own rules, such as fees and how it is run, and anyone can stake into one. Each Vault stands on its own, so a problem in one Vault never affects the others. :::custom-notes[Deep Dive] -Learn more about [Vaults →](../vaults/intro) +Learn more about [Vaults](../vaults/intro) ::: -### osToken — Overcollateralized Staking Token -osToken is StakeWise's liquid staking token: osETH on Ethereum and osGNO on Gnosis Chain. -Designed with safety and composability at its core, osToken accrues staking rewards while maintaining full liquidity for DeFi participation. -It can be minted by staking in Vaults or acquired directly on a DEX to start earning rewards instantly. - -**Key Features** - -- **Protected & Rewarding**: Overcollateralized by design, with auto-compounding rewards and integrated slashing protection. - -- **DeFi Ready**: Fully composable and compatible with lending, trading, and yield-farming protocols. +### osToken: Liquidity While Staking +Staked funds are normally locked and can't be used for anything else. osToken removes that limit. While staking in a Vault, stakers can mint osToken, a token that represents their stake and keeps earning rewards, but can still be traded or used across DeFi. It comes as osETH on Ethereum and osGNO on Gnosis Chain. :::custom-notes[Deep Dive] -Learn more about [osToken →](../ostoken/intro) +Learn more about [osToken](../ostoken/intro) ::: -### Oracles — Decentralized Infrastructure Layer -The decentralized Oracle network connects StakeWise smart contracts to Ethereum's Beacon Chain
Ethereum's consensus layer, a peer-to-peer network of consensus clients that handles block gossip and consensus logic. It is responsible for things like block and attestation handling, running the fork choice algorithm, and managing rewards and penalties for validators.}>Beacon Chain, enabling transparent and trustless operations while preserving the protocol's security and non-custodial design. - -**Key Functions** - -- **Validator Lifecycle**: Manages validator registration, consolidations, rewards, penalties, and exits. - -- **Token Stability**: Maintains accurate osToken exchange rates and safeguards peg stability. [Learn more →](../ostoken/how-ostoken-works#reward-accrual--fee-mechanism) +### Oracles: Keeping Everything in Sync +StakeWise's smart contracts run on Ethereum, but they need up-to-date information about what is happening on the network, like how much reward each Vault has earned. Oracles are a decentralized network that provides this information. They track staking activity, update rewards, and keep osToken's value accurate, without any single party being in control. :::custom-notes[Deep Dive] -Learn more about [Oracles →](../oracles/intro) +Learn more about [Oracles](../oracles/intro) +::: + +:::custom-stakewise[Governance] +StakeWise is governed by its community through the SWISE token. Holders shape the protocol, from fees to contract upgrades, by voting on StakeWise Improvement Proposals (SWIPs). See how it works in the [Voting Process](../governance/voting-process), or explore the full [Governance](../governance/intro) section. ::: diff --git a/redirects.ts b/redirects.ts index 07ed5870..1c87d9cf 100644 --- a/redirects.ts +++ b/redirects.ts @@ -39,4 +39,8 @@ export default [ from: '/docs/governance/dao-treasury', to: '/docs/governance/treasury', }, + { + from: '/docs/stakewise-protocol/governance-swise-token', + to: '/docs/governance/intro', + }, ] diff --git a/sidebars.ts b/sidebars.ts index 0181b796..5e495ab9 100644 --- a/sidebars.ts +++ b/sidebars.ts @@ -14,7 +14,6 @@ const sidebars: SidebarsConfig = { items: [ 'docs/stakewise-protocol/understanding-liquid-staking', 'docs/stakewise-protocol/what-is-stakewise', - 'docs/stakewise-protocol/governance-swise-token', ], }, {