In this post:
- The staking protocol has partnered with the top Web3 audit and security providers, including Halborn, Peckshield, BlockSec, ImmuneBytes, Forta, Immunefi, and Prometheus.
- Strader Labs will allow users to stake across several validators at a time to improve returns and lower penalties for users.
- The firm revealed the purchase of $ 63.5k worth of SD tokens from the open market.
Stader Labs is a non-custodial-based, liquid staking platform that enables easy discovery and access to staking solutions across blockchains. The firm develops staking middleware infrastructure for Proof-of-Stake (PoS) networks, which serves exchanges, custodians and retail cryptocurrency users. The platform aims to propel staking from the DeFi sector and make it a mainstream activity for savers and those seeking to generate long-term wealth.
The company boasts over 50k users in countries around the world. In addition, the staking platform recently expanded its efforts to include a host of popular blockchains, including Polygon, Hedera, Near, Fantom, Binance, Terra 2.0, and Terra Classic. The protocol’s developers planned to make the platform chain agnostic to improve interoperability.
Stader Labs improves staking process
The company seeks to address the need for users to use tokens to secure passive returns without losing liquidity. Most scenarios require you to stake your tokens in a smart contract with a minimum amount and a staking lock-up period.
However, the staking firm unlocks your liquidity through the use of the LP token and enables you to stake and secure passive returns. The LP token represents your staked assets and is pegged to their value. It will allow your token to rise in value as the value of your staked assets grows. The platform will also let you use the token across the DeFi ecosystem to secure further profits.
Stader Labs has improved the staking process by offering users another layer of liquidity pool rewards. The company also added other reasons for users to stake, such as staking to vote on network upgrades, putting forth a proposal, or qualifying for certain competitions and bonuses. Furthermore, the network allows users to secure airdrops staking as well.
The firm also allows users to stake across several validators at a time. The staking platform believes that using multiple validators improves returns and lowers penalties for users. Stader Labs argued that using a validation pool splits your penalties across all pool members, which can improve security.
A post on X from Wise Advise revealed that Stader Labs has $786M assets staked and $25M+ paid rewards. Data from CoinMarketCap also shows that Stader’s price has surged by 89.22% over the past 1 year as of the time of publication.
The staking platform seeks to boost security for stakers
Stader Labs announced that it maintains security for stakers through building fortified security protocols and partnering with the best security and audit providers. The firm revealed that it has partnered with leading Audit and security firms since 2020. The companies have helped Stader Labs monitor risks and get real-time alerts, fortified their smart contracts by finding and fixing bugs and created efficient safety nets.
The company also revealed that it had deployed extensive measures to ensure the maximum possible security for its stakers. The measures include frequent comprehensive audits, a bug bounty programme, enhanced internal testing and review, smart contracts security upgrades, strengthened monitoring and integrated faster responsiveness.
The staking protocol also disclosed its partnership with audit partners such as Halborn, Peckshield, BlockSec, OtterSec, CertiK and ImmuneBytes. In addition, the firm has also partnered with security partners including Forta, Immunefi and Prometheus.
The staking firm aims to utilize Prometheus for real-time monitoring of important metrics and as a 24/7 alert mechanism to prevent potential hacks. The company hopes to use Immunefi to bring together projects and white hat hackers, host Bug Bounty Programs and reward the hackers for Bug detection.
Stader Labs also revealed its plans to fortify their smart contracts using BlockSec. Furthermore, BlockSec will be used as an automatic tool to uncover common software vulnerabilities in the platform. The firm will also utilize BlockSec as a semi-automatic approach to detect complicated semantic bugs. The security partner will also help in manual investigations to understand security impacts in the platform.
The company also plans to take advantage of Halborn to create efficient safety nets in its network. The security partner will aid in manual and automated security testing to balance efficiency, timeliness, practicality, and accuracy of audits. Halborn also seeks to address the breakdown of design issues and errors in code at Stader Labs. The company revealed that its partners will publish a comprehensive report on their analysis, findings and solutions after each audit report.
The staking protocol reveals SD buyback
The staking platform unveiled a proposal called “SD Token Economics Restart” to revamp the SD tokenomics. The platform aims to address the issues of low token liquidity and high fully diluted valuation (FDV). The staking firm plans to burn 20% of its total token supply, around 30 million SD tokens. Burning its tokens aims to decrease the total supply of SD tokens from 150 million to 120 million tokens.
The liquid staking platform will also enhance the circulating supply by implementing SD token buybacks and reward capping. That is, 20% of the firm’s revenue will be allocated for quarterly buybacks. Stader Labs also adjusts its reward emissions to ensure that the growth in Total Value Locked (TVL) outpaces the increase in rewards.
The company also enhances the utility of the SD token by utilizing it in a utility pool to offer insurance against the slashing of its licensed node operators. The operators will be required to offer their services for a minimal fee.
The platform announced on December 13 the purchase of $63.5k worth of SD tokens from the open market. The firm also revealed an address where SD buybacks can be easily tracked: 0xE325A1DdCBbAEA7932756593b3fAf85275Ebd702
Stader Labs unveils Cabbage memecoin operating platform
“Memcoins aren’t going anywhere. But the way we trade them has to change. The winners in this market will be the ones who simplify chaos, empower retail & capture liquidity.”
-Stader Labs.
The staking platform revealed on X on December 4 the launch of the Cabbage memecoin operating platform. Cabbage memecoin operating platform maintains that it is a fearless AI-powered partner in crime for memecoins.
