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Archway Ecosystem: Introducing @StakeEasy
Recorded: June 30, 2023 Duration: 0:44:58Space Recording
Full Transcription
GM, GM, y'all.
Friday morning.
Let's take a minute or two.
Let some more people trickle in.
People probably getting their AM coffee and getting things started.
So, yeah, let's just give it a second.
Let's just give it a second.
Let's just give it a second.
All right, cool.
GM, GM, guys.
Udit, thanks for coming on and the Stake Easy team.
Let's get things started.
Yeah.
How's it going this morning, Udit?
It's pretty good for me.
How are you?
Yeah, I can't complain.
It's been a really busy week.
We're really focused and kind of dialed in right now as we gear up for Mainnet and excited
to share kind of things that are happening on the Archway side and the kind of bright ecosystem
we're developing, especially where it comes to opportunities for traders and liquid staking.
And I would love to, yeah, dive in and learn more about Stake Easy and what you guys are developing.
But first, it would be great if you and a couple from the team could come up and share just a little bit about your journey
and kind of what took you to this place in Web3.
I think you might be on mute.
Yeah, I'm not.
It looks like both the speakers are on mute, guys.
And the Stake Easy account is just a listener.
So if you guys want to speak from the main Stake Easy account, make sure to request to come up on the stage.
Okay, it seems like we might be having some technical difficulties.
So let's see if we can try to figure out what's going on from the Stake Easy side.
Okay, yeah.
It looks like, I think, you know, the typical Elon struggles with Twitter spaces.
All good.
CryptoChem, how are you doing this morning, man?
Doing pretty good outside of trying to figure out what's going on right now with the sound.
But hopefully we can get that ironed out so we can hear a little bit more from Stake Easy.
I know many everywhere, they obviously have a liquid staking protocol.
I know they've been around in the Cosmos for a little bit.
So I'm pretty familiar with them.
And I know I've used the application before, but kind of excited to hear what they're going to be doing on Archway
and if there's any kind of unique features that they're going to be rolling out with the addition of the Archway rewards.
Yeah, definitely.
And let's dig deeper into that.
And Udit, first, kind of before we get into the meat of Stake Easy and exactly kind of how you guys are leveraging the Archway chain,
it'd be great to just hear kind of your story and kind of the backstory of Stake Easy
and how it's come to be, like where you guys have been at in your development.
Yeah.
By the way, sorry, I dropped off there.
Sure.
So the story of Stake Easy is that me and my co-founder, Amit, we started in Cosmos back in starting January of 21.
And from there, we first built out some developer tools for Cosmoson.
And then we shifted our focus to building some DeFi protocols.
And we looked at the Cosmos ecosystem then and realized that there's a need for a good staking derivative within the whole Cosmos ecosystem.
So in December 21, we started working on Stake Easy.
Roughly, I think, on 18th of March, next year, 22, we released it on secret mainnet.
And then we revamped the model a bit to introduce two staking derivatives.
And we introduced that to Judo Network roughly in August of that year.
And so currently, the focus of Stake Easy is to become an IBC-enabled Cosmoson liquid staking protocol
that can serve as a liquid staking derivative for multiple Cosmos networks
and provide the same level of the staking features that DeFi protocols need.
So, yeah, I think that should summarize what we have been doing so far with Stake Easy.
I can go more into detail as we go.
Awesome. And so, like you said, the goal is to really support a bunch of different tokens that you can liquid stake them.
But I guess for some listeners who may not be as familiar,
could you kind of explain the concept of what a liquid staking derivative is, high level,
and potentially just shed some light on what the advantages of liquid staking might be
compared to just holding the native token or staking it directly to the network?
Yeah, for sure.
So, if you look at the Cosmos ecosystem, there are broadly two categories of ways one can get yield out of the native Cosmos assets,
like Atom or Archer, for example, or any other Cosmos asset.
One is that you can stake with the validator, provide security to the chain, and get some incentive out of there.
Second is you provide some sort of liquidity in a DeFi protocol.
That could be a DEX where you provide liquidity to a pool,
or it could be a lending protocol where you provide the assets to be lent out by someone else.
And so, what happens is, within Cosmos, if you look at the rough staking incentive in form of inflation,
it's roughly around 20 to 30% in most of the cases.
For Atom, I think it hovers around 15 to 20%.
So, if a user wants to deploy their assets between DeFi or this, they would choose this one,
because DeFi protocols suddenly don't give out consistent 20 to 25% yield.
So, what that leads to is these DeFi protocols having to give out a lot of incentives
and dilute their value a lot in order to retain that capital.
So, this problem is sort of solved by liquid staking.
What it does is that one user can choose to provide liquidity to staking and this DeFi protocol both at the same time.
So, first, as a user, you can come and stake an ARCH token with a validator.
That's simple staking.
But that ARCH gets locked with that validator, and once you want to withdraw it,
you'll have to wait a 21-day unstaking period.
So, what happens in this case, especially, is most of the circulating supply of that token,
roughly 60, 70, 80%, depending on how many people are staking,
is already locked up in these validators.
So, this liquidity cannot be used in DeFi protocols.
So, here comes the concept of liquid staking.
The mechanism itself is in the name that it liquefies your staking.
What it does is, once you deploy your ARCH token to validator,
instead of you just looking up your ARCH,
you get a staking derivative, which represents your ARCH token stake.
Let's say you stake 100 ARCH tokens.
You get some X number of liquid staking derivative tokens.
And what it allows you to do is that using this,
if anyone holds this token,
they can anytime come and redeem their locked up ARCH,
and this would be unstaked with the validator and given back to you.
What it allows you to do is you take this liquid token,
which now has the value of 100 ARCH token,
because you can redeem 100 ARCH using this token.
You can use this token as 100 ARCH of value in a DeFi protocol
and provide liquidity there also.
So, now DeFi protocols won't have to compete with the staking itself.
And it also helps the network getting more ARCH staked,
because now people who are just participating in DeFi can also stake their assets.
And those who are just participating in DeFi can also participate in stake.
Oh, I can't mix it up.
So, yeah, those people providing liquidity in DeFi can participate in staking.
Those who are just staking can also participate in DeFi.
So, yeah, that's the main benefit right now.
Got it.
So, obviously, our core piece is just that capital efficiency of being able to utilize.
Very cool. Very cool.
And when you guys were first thinking about StakeEasy back in 2021,
and then when you looked to launch it in 2022,
what was kind of the driving force behind kind of bringing the protocol to the market?
And what were you thinking about with StakeEasy to differentiate it
from some of the other kind of early stage liquid staking derivative protocols?
So, once when we are looking at, when we started to first work on StakeEasy,
I think there wasn't any live liquid staking derivative within Cosmos.
And if you compare the staking yield, for example, of ETH,
in case of ETH 2.0, it roughly stays around 4% to 5%.
So, it's easier to compete with 4% to 5% as a DeFi protocol,
but it's much harder to do it within Cosmos where the staking yield is 20%.
So, then at the time, we realized that, okay,
there's definitely a need for liquid staking derivative in case of Cosmos ecosystem especially.
And even in the Ethereum ecosystem, if you look at,
even though this is just 4% yield,
it still has gained a lot of traction because the utility is real,
like, utility.
Because, like, there's a real need for such protocol for any DeFi protocol.
Like, I think, StakeEasy in case of Ethereum is the largest liquid staking derivative there.
And it's deployed with any of the major, if you look at any of the major DeFi protocols,
like, you look at Curve, which has STE, it's a DEX that lets you swap tokens and efficient,
like, it's efficient in swapping correlated assets.
So, there's one need of providing that.
Second need is in lending protocols, like Avian Compound,
where you can deposit your STE and borrow any working asset against it.
And there are not just these two DeFi protocols, there are a bunch of others that are utilizing this.
There's even option protocols where you deposit your collector and issue an option,
which you can use as a hedging for your each asset or any other.
So, yeah, even in the current DeFi ecosystem that Cosmos has,
which has really good working DEXs and really good working lending protocols,
there's still utility for liquid staking in the current DeFi ecosystem within Cosmos.
And even in the upcoming DeFi ecosystem that might come,
like, there might be some really good perpetual protocols
or really good options protocol that can leverage liquid staking.
Dope, dope. Okay, cool.
And where is StakeEasy looking to kind of provide liquid staking?
What chains is it on so far?
And then how is that going to help benefit kind of the whole broader IBC ecosystem?
Yeah.
So, so far, like, what we have done is we have tried our best to integrate with as many,
especially DEXs and the lending protocols that we can within the ecosystem that we provide liquid staking to.
So, in case of Secret, we have already integrated with SecretSwap, CNSwap, and CNLend.
And in case of Juno, we did integrate with WinDAO and LoopTex.
Yeah. And yeah, so there isn't a lending protocol yet within Juno.
So these two assets we provide currently liquid staking to within the R2 ecosystem, if you look.
So our, like, our goal is just to provide a liquid staking derivative that any different vertical can use permissionlessly.
And if they want to integrate it, it's good.
And, or maybe we go out of a way to discuss partnerships and have these liquid staking derivatives be deployed in the best way possible and provide the best utility it can.
And, as I mentioned earlier, like, we introduced two liquid staking derivatives when we first launch in Juno.
So that is currently the case with us that all of our liquid staking derivatives from now on will have this two liquid staking derivative model,
which, if I summarize, is just saying that instead of you having to issue one liquid staking derivative,
you will have, as a user, choice to choose from two kinds of liquid staking derivatives.
So, the way staking derivatives works is that if you issue a liquid derivative token for your locked asset,
you need to somehow count for the staking rewards that are being accrued.
For example, if you stake 100 ARCH and after six months you count,
the amount of ARCH you can withdraw against that liquid token should be greater than 100 ARCH
because now for that six months, there's also staking yield that has been generated.
So, it needs to be accounted somewhere.
So, three ways I've seen it being implemented so far.
One is you get an intercompounded token,
which kind of increases in the ratio of amount of base token it can redeem to,
meaning that once the protocol is live, the ratio is one is to one.
And over time, the ratio of value of tokens increases to 1.05, 1.06, and so on.
So, second is, instead of increasing the value of one token,
you increase the number of tokens that the end user gets.
So, if I stake 100 ARCH now, after six months I should...
So, if I get X, let's say like there is, that could be XYZ ARCH token,
which increases in the number of tokens.
So, if there are 20 ARCH as in rewards that have been,
that seeking rewards that have been generated,
I should have 120 XYZ ARCH, which I can redeem for 120 ARCH.
And third one is where you just have 100 tokens,
and using those 100 tokens, you can claim your staking rewards over time.
So, we have implemented first and third as SE ARCH and D ARCH.
The reasoning behind is that SE ARCH suits really well with lending protocols
or any protocol where you need to lock up your one asset only,
where like, for example, you can lock up your SE ARCH
and you can borrow, for example, a stable coin against it.
And second is B ARCH, where this remains packed one is to one
with the underlying ARCH token.
And you can provide this in a liquidity pool
where since these two assets are always one is to one ratio,
it does not increase to 1.05, 1.06.
So, there is zero in permanent loss increase
of having a small amount of permanent loss.
And these tokens are immediately interchangeable.
So, if you want to liquidate an SE ARCH position,
you can just convert this to our contracts to B ARCH
and liquidate in that pool also.
So, that's the reasoning behind this architecture that we're talking about.
Okay.
Then I noticed you mentioned that you can use the SE asset
as collateral to mint out a stable coin.
Do you guys have any partnerships with specific stable coins?
Are you guys issuing your own version?
I'm just kind of interested to hear more about the lending side.
Yep.
So, like, our goal is just to provide the liquid-seeking derivative
and focus more on the detailed implementation of that.
And we expect, like, other different protocols to integrate this,
not just us implementing the utilities, like lending protocols for DEXs,
because that would be, like, too much work for one team to handle efficiently.
So, yeah.
So, like, we currently don't have, let's say, like,
official or announced public partnership yet
for any kind of lending protocols.
But if anyone wants to list, like, there are lending protocols
and even CDP positions,
where, for example, like, if you look at Cosmos ecosystem,
there are avenues, like,
Mars protocol is there,
UMIs, there are CDP assets like
ASD, USK from Kujira,
and even, I think,
Silk from Shared,
that's also CDP.
So, these all are,
in a way,
you can say,
all of them are sort of lending protocols,
where you can lend it out
and issue some,
maybe any asset
or maybe a stable point against it.
So, their governance can,
permissionlessly without our permission,
can list out these protocols
or this liquid-seeking asset.
And other ways that we partner with them
and we discuss how,
what's the best route to do it.
The main hurdle in listing
any liquid-seeking derivative
in a lending protocol especially
is that there needs to be
substantial amount of liquidity
to liquidate that collateral
if any position is liquidity.
For example,
if there is a lending protocol
that lends out,
that allows users to
use SE Arch as collateral,
and if anyone borrows
some amount of USDC against it,
if that position gets liquidated,
some liquidator has to sell that SE Arch
on a DEX somewhere
where they can get
enough amount of USDC
to make that position hold.
So, that's one of the major hurdles
in actually having that utility first.
So, the way it goes
is that first,
there needs to be
enough amount of liquidity
somewhere within the Cosmos.
So, that's one of the beauties
of Cosmos is that
you don't need the
liquid-seeking derivative utilities
to be on the same chain.
You can have it
as a separate app chain
or as a separate chain
that provides
Cosmos contracts,
and you can move your liquidity
through IBC channels
and liquidate on a different chain
than the one
which has this collateral position.
So, yeah,
that's, I think,
it's true.
Yeah, that's actually
a really, really interesting concept there
of being able to liquidate
on separate chains,
which is something
I'm sure as ICA
becomes more prevalent
will be even easier to do.
So, that's super cool, actually.
And then, I guess,
before I ask my next question,
if anyone in the audience
has a question,
feel free to tweet it.
Otherwise,
feel free to request
to come up
and ask your question.
But meanwhile,
while we kind of
wait to see
if there's anyone
in the audience
who wants to come up,
one thing you mentioned
is liquidity, obviously,
and that you need
a decent amount of liquidity
for these stake derivatives
to really be effective.
So, I guess,
the question is,
what is your plan
to, I guess,
attract liquidity
to your protocol specifically?
Because we know
that the liquid staking
landscape right now,
especially in the cosmos,
is there's quite a few
different competitors.
So, how do you guys
differentiate yourself
or plan to attract
liquidity to your protocol?
okay.
one way
to attract
a lot of liquidity
in the short term
is to have
a good amount
of incentives
for a pool
that people can come
and provide liquidity to.
But,
that
is not
really
sustainable
in the very long run.
one way,
I think,
within the ART ecosystem
we can leverage
is the
rewards you get
through transactions.
what our contract
can do
the shared inflation
rewards you get
through transactions.
as a DAP
or like
as a stake easy.
Those rewards
we can redirect
as incentives
to liquidity pools
that have
SER charge pair
or BR charge pair.
so instead of
having a token
which
can be,
let's say,
which has
a lot of inflation
okay,
let me rephrase this.
what happens is
if you give
a lot of incentives,
there would be
a very good amount
of short-term liquidity
but that liquidity
can dry up
pretty easily
because,
again,
the token
is quite
inflationary
it can lose
value
really
quickly
let's say,
it's not backed
by something
something like
re-retensable
which is not
in the case
of most of
the assets
within crypto.
that's
like still
an open question
on how
one can
incentivize
pool the right
to make sure
that there is
sustainable
liquidity
within the pool
the incentives
are aligned
for each
of the market
participants.
For example,
these participants
could be
liquidity
users,
these participants
could be
liquidity
providers
could be
someone
who's
lending out
their position
on a lending
protocol
or maybe
someone who's
issuing an option.
there needs
to be
much more
sustainable
than what
we have seen
so far
within any
of the crypto
ecosystem
right now.
This inflation
reward is
definitely
one move
in that direction.
it needs
to be seen
like how
that can
walk out
but there is
high hopes
that it
would really
go much
better than
what
currently has
been done
so far.
But yeah,
that's still
another question.
Yeah,
that's one
piece that
I'm very
interested to
see is
how different
protocols like
liquid staking
protocols can
utilize the
reward mechanism
that Archway
is offering
to potentially
subsidize
certain things
whether that's
the APR
or the
lending rate
if you
were to
start
working
with
lending
protocols
or even
just
being able
to subsidize
pools to
incentivize
people to
mint the
derivative.
it'll be
very interesting
to see what
type of
mechanisms
people come
up with
including
yourselves.
I guess
another
question I
speaking of
sustainability
is related
to the idea
of auto
compounding
liquid staking
derivatives.
I think
Eric,
our tokenomics
lead at
Phi Labs
has talked
about this
a bit
with some
risks involved
in auto
compounding
liquid staking
derivatives.
Do you see
this as a
major issue
either from
the security
of the chain
standpoint
or I guess
just in general
from the idea
that auto
compounding
could potentially
impact the
underlying value
of the liquid
staked
asset?
Okay.
auto
compounding
I'm not
really sure.
Like,
I haven't
heard of that
argument from
Eric yet.
But from
what I can
see is
there could
be one
potential issue
where like
it's sort
of really
rare that
it could
happen let's
say like
only a very
small percentage
of the
circulating
supply is
staked
and if it
auto compounds
the rewards
that are
generated are
again being
staked every
let's say
every day.
yeah,
it can happen
that those
staked rewards
immediately end
up being even
more major
portion of
how much
the asset
has been
staked with
the validators.
But in
most cases
you look at
when there
is 60-70%
of the
circulating
supply already
staked with
validators which
is more or
less usually
the case.
The auto
compounding does
not really make
any difference
in terms of
reducing
staking rewards
for other
participants who
are not
compounding.
If let's
say you are
someone who
is more
aligned with
the protocol
or more
aligned with
the underlying
chain itself
or let's say
you are an
active participant
within Cosmos
if you are
that person
you more or
less would
yourself
compound your
rewards to
Kepler every
day like
claiming those
rewards and
doing the
project.
So auto
compounding is
just simply
saying that
okay you
already were
doing it
manually and
you were
spending some
cash transaction
while doing
that and
this is a
transaction that
can be
clubbed into
like let's
say there are
100 users who
are just
compounding
every day.
If those
100 users
were liquid
staked through
an auto
compounding
staking
derivative,
that derivative
contract would
just compound
one time
every day
instead of
100 times
so these
99 transactions
are being
same.
So let's
say if in
future happens
that the
chain itself
has so many
utilities,
so many
taps that
it's harder
to get
block space
within the
chain itself.
So if
these kind
of transactions
which are
not really
required that
once like
there isn't
like in
this case it
doesn't make
any really
difference to
the end
user who
was doing
it manually
by themselves
or the
protocol
doing it
for them,
it would
have made
sense let's
say someone
was arbitrarging
on any
chain or
like specifically
doing something
that needs
to be a
separate
transition on
their own.
I think
that benefit
outperforms
any kind of
cons that
might have
but yeah
I'll definitely
look into what
the argument
is but yeah
that's my
take on it.
awesome yeah
that that
makes sense
and I also
don't think
that you
know it's
yet to be
seen but I
also don't
expect that
auto compounding
is going to
be as as
big of a
concern and
to your point
like people
can do
that manually
as it is.
So I guess
one quick
question and
then we can
kind of dig
into some
audience
questions is
what do you
expect to see
as the future
for kind of
liquid staking
landscape not
even just
specifically
with stake
easy but
as like
proof of
stake protocols
become kind
of more and
more prevalent
and you know
Ethereum has
gone proof of
stake and I
think that the
entire crypto
ecosystem is
kind of living
on a proof of
stake model.
What do you
expect in the
coming years
for chains
as they get
significant adoption
and there's
you know more
and more people
that are using
things on chain?
How is liquid
staking going to
be a part of
the greater
like greater
crypto user
journey and
what does that
mean like for
applications like
where will liquid
staking come in
you know down
the road?
I think in the
long term let's
say like four
five or ten
years time
either it would
be that proof
of stake would
evolve a lot
like it has been
evolving for the
last two three
years especially
with liquid
staking like
Ethereum ecosystem
I think Eigenlayer
just launched a
month or two
ago which
allows you to
restake the
same stake
ETH with other
chains to provide
the same
ETH security to
other chains
even with
like Osmosis
came up with
their own
implementation of
not exactly
liquid staking
but combining
staking with
DeFi with
their superfood
staking and
there are still
I think many
models being
worked upon which
maybe can use
liquid staking or
some form of
shared staking
where the same
asset is being
staked on
different chains
interchange
staking
sorry interchange
security can be
done in a
similar way like
I think Terra
Alliance does
that it does
restaking for
multiple chains
like you can
use the same
liquid staking
derivative of
one chain to
stake to another
to provide
liquidity to
two chains
so this one
so this is one
future that can
happen where
proof of stake
evolves in this
way other
theories could be
there could be
another way of
consensus like
proof of work
was improved by
proof of stake
it could be
proof of x
something else
so in the
long term I
see either
these of the
two futures
awesome very
interesting yeah I
think that's it's
going to be kind
of interesting how
it all plays out
yeah but I do
think that they're
going to be
important protocols
you know going
into the future
I just wanted to
give a chance for
people in the
audience if you have
any questions to
ask the Udit and
the Stakeasy team
on anything on
their deployment on
Archway on their
vision let's give a
minute or two for
anyone to request
coming up and then
we'll go from
there yeah and
Udit if you have
any things that you
want to share in
the meantime while
people are considering
asking questions
feel free
nice you were
saying something
oh yeah I guess I
was just I actually
do have one quick
question for you this
is just out of my
own curiosity when
when you guys have
a liquid staking
protocol I imagine
you have to stake
the underlying
assets to a
validator set or at
least a subset of
validators do you
guys how do you
guys determine where
you're staking those
assets or are they
more or less going
to your own
validator or how
does that work on
the back end from
a liquid staking
perspective where
are those yields
coming from
yeah actually this
was one of the
things I was going
to say that we
can discuss on
detail but yeah
so this how
staking does it
is that it
chooses roughly
10 to 15
validators from
the whole
world reset of
the network so
for instance the
network can have
80 or 90
validators
how it does is it
does not choose
based upon let's
say the list that
you see on
wallets like
Kepler and
leap if you go
and stake it
shows you that
this is one two
three four the
first one being
the validator with
highest amount of
assets staked and
what we see
happening with this
case especially
even other teams
have identified
even capital
has identified
is if a user
is not that
much technical
they would just
select the first
one because it's
just a bunch of
names to them
not any particular
validator or like
they don't have any
other thing to
differentiate between
these choices
so choosing the
first one is the
most safe choice
for them because
others have
chosen this
validator what
can go wrong
this must be
the right choice
there's a very
severe security
issue with that
whole mechanism
is what would
end up happening
over time is if
people just choose
to stake with the
first or second
validator is either
the first validator
will get more than
50% stake with
the whole network
or the first
two three four
validators will
get that so
that's called a
nakamoto coefficient
where the minimum
top x number of
validators can have
more than 50% of
the whole network
stake so it
it kind of is a
risk to
decentralization
where let's say
if two validators
two top validators
have more than
50% stake they
can choose to
let's say issue a
proposal saying
that issue a
trillion hours
token to myself
and if they do
these two people
say yes it
doesn't matter
what the rest of
the network
thinks it would
actually happen
so to make
it safe for
the so to
make it safe
as a proof of
stake chain you
want the
nakamoto coefficient
to be as big
as possible
within cosmos
i think stars
stargaze has
the largest
nakamoto coefficient
being 13
so with
liquid signaling
also what you
plan to do is
that the choice
of choosing this
validator should
not rely just
on the end user
because they
are less familiar
with what these
validators are
and what they
do like they
don't know which
validators is
contributing more
to the whole
ecosystem maybe
they're building
a tap maybe
they are providing
relays or maybe
they are doing
something else that
should be
incentivized or it
could be that
certain validators
are run by
centralized exchanges
so and there
are a bunch of
other factors like
some validators
charge more
commission some
charge less
and one of the
major risks is
getting slashed
so getting slashed
let's say if i
stake with the
validator so if
that validator
ends up getting
slashed the
reason most
likely is not
due to me
doing something
but the validator
doing something
either they
double signed or
they were down
for a long
period of time
so that's
something that
the delegator
gets the risk
about but
has nothing to
do with what
actually ends up
happening so
if we are
choosing a set
of 10 or 15
validators and
this set is
chosen not just
based upon like
the top 5 or
top 10
validators but
instead based
upon to
incentivize those
people who are
doing more for
the network or
just to balance
out this total
amount state so
that the Nakamoto
coefficient remains
as high as
possible so
that's happened
happens automatically
without user
having to choose
anything and
one of the other
things that we do
is that every few
months we change
this one data set
to introduce new
validators to
remove the other
ones that have been
in the set for
too long and
again it happens
is that there's
some company or
there's some
organization or a
bunch of people
coming to other
running a validator
they can choose
to discontinue
services due to
various reasons
so any person
who has delegated
with them has to
remain aware of
if these people
are shutting down
the services or
not so if they
do end up shutting
down the services
you have to come
and you have to
make a transition
to re-delegate
that amount to
some other
validator so
that again is
an active action
you need to do
as a user if
you're just
plain staking
if you're staking
with staking
we would
immediately
identify that
this validator
is not giving
any services
for them
so we must
re-delegate this
amount so
that it can
still accrue
any staking
rewards for
them
so combining
these things
essentially allows
users to not
put any active
effort into
choosing the
validators
or having to
research
and secondly
it kind of
gives you
what the best
choice could be
for the user
getting the
highest yield
and for the
network
making the
nakamoto
coefficient
go as high
as possible
awesome I
appreciate that
explanation that
that's helpful
at least for
myself and it
makes a lot of
sense with what
you're saying and
I agree most
users aren't
going to have
that ability to
really vet a
validator anyway
so I guess
while we wait
here I'm going
to give one more
opportunity for the
audience to come
up and ask a
question if they
have any
otherwise while we
wait to see if
anyone has
anything do you
want to quickly
kind of just
shout out any of
your socials or
I guess where
where anyone in
here could find
do or stake
easy or any of
the other team
members and
then also if you
guys have
anything on the
test net or any
applications that
they could utilize
right now
yeah definitely so
we have our
social on
twitter on
telegram and
discord channel
so you can find
it twitter.com
slash take easy
or you can just
go to our
website
stickies.finance
there is an
there is a live
test net on
the constant
entry but we
haven't made it
public yet we'll
soon make it
public by
tomorrow day
after tomorrow
definitely next
week so once you
do we'll make an
announcement and
people can just
try it out
awesome and if
we don't have any
other questions I
think we could
probably wrap it up
there but I just
wanted to thank
you guys to the
stake easy team
and you did for
for leading the
discussion here
today and it
looks like Dan may
have something to
say as well
yeah no I just
wanted to echo
that Udit and
stake easy
appreciate coming
up and kind of
getting in the
nitty-gritty of
exactly how the
protocol works and
with the two
different liquid
staking derivative
tokens and yeah
really excited to
see it go live
on Archway and
and I think that
the DeFi ecosystem
in general across
all the cosmos is
only going to get a
lot more rich in
the coming months
and over the
coming you know
six months or so
and I think we're
going to have some
really strong
liquid staking
protocols and I
think stake easy is
going to be right
at the heart of
that so excited to
see I'm excited to
get my liquid
staked assets and
jump in head
first so appreciate
the time and yeah
Udit if there's
anything else you
want to share or
plug now's your
chance sir
yeah I just
wanted to say
like definitely
thanks a lot for
having me here and
having this
discussion and yeah
just that for the
next one I'm really
excited looking for
how the Archway
Internet comes to
be and how people
utilize not just
people but the
developers how they
decide to tinker
around and see how
they can best deploy
the shared rewards
and just to see how
this thing evolves
into actual
practical cases and
we can see much
more there could be
cases where like
the like in some
form some some
developer applies
the right amount of
experimentation that
it makes sense then
but we'll still
proceed so yeah
really excited for
the next one
yeah I'm right there
with you it's it's
exciting times trying
to see how this all
is going to unfold
with this kind of
proprietary kind of
groundbreaking model so
thanks again everybody
for joining us just a
heads up to keep an
eye out main net is
coming up very very
soon there should be
announcements coming
out over the next few
days on when exactly
that will be but just
want to let everyone
know that we are
getting very very close
so be ready for main
net launch soon and
thanks for stopping
lfg happy friday guys
we'll see you take
that's a good one
thank you
thank you
thank you
