Stader Labs
| Founder | Amitej Gajjala, Sidhartha Doddipalli, Dheeraj Borra, Vijay Nareddy, Gautam Midha |
|---|---|
| Legal status | Active |
| Headquarters | Singapur |
| Products | SD token, LunaX, HbarX, MaticX, sFTMx, BNBx, NearX |
| Services | Liquid Staking |
| Fields | Decentralized Finance (DeFi) |
CEO | Amitej Gajjala |
| Website | https://staderlabs.com/ |
Stader Labs is a non-custodial smart contract-based staking platform that helps people access staking solutions. They are building key staking middleware infra for multiple PoS networks for retail crypto users, exchanges and custodians. Its headquarter is in Singapore. Stader Labs was founded by Amitej Gajjala and Sidhartha Doddipalli in April 2021.
To date, Stader has launched across 6 blockchains, and has signalled further launches on Ethereum and Aptos blockchains no later than Q1 2023.
Prior to the Terra blockchain collapse, Stader Labs briefly hit the symbolic milestone of $1 Billion in Total Value Locked (TVL) across 35,000 unique wallets. Since the demise of Terra blockchain and subsequent TVL reset to zero[1], Stader Labs has kept an upward momentum, which currently hovers around $150 Million.
Founding[edit]
Market need & motivation[edit]
Stader's idea arises from the fact that the staking or delegating process becomes more complex and demanding when stakes are made on many chains. This limits stakers to a single chain or chooses a single validator who distributes it among several validators. Voting power remains in the hands of a select few validators, while smaller validators suffer due to limited visibility. An added problem is the liquidity of the assets wagered due to the locking mechanism, therefore closing the door to DeFi and a higher capital efficiency. Finally, the tracking, monitoring, and redelegating assets process is time-consuming and tedious.
Stader Labs try to solve this by creating an end-to-end participation management platform for stakers, building the key staking middleware infrastructure layer for multiple PoS networks on the aim of power the staking-related opportunities while solving the key challenges through groups validators based on key characteristics such as uptime, slashing history, community involvement, etc. Managers can commit assets to a group of validators with a single click, and manage delegation to validators through an algorithm.
In the short term, Stader is building native staking smart contracts across multiple chains including Terra, Hedera, Polygon, Fantom among others, and building a decentralized economic ecosystem to grow and develop solutions like YFI-style farming with rewards, launchpads, gaming with rewards, liquid staking solutions, and more.
Founders[edit]
Stader labs is led by Amitej Gajjala, CEO & co-founder and Sidhartha Doddipalli, CTO & co-founder. Each of them has over 10 years of experience in strategy consulting and business management, and building and scaling technology applications, and recruited a team with over 10 years of experience in software engineering (Dheeraj Borra, Chief protocol officer & co-founder), product management and operations (Vijay Nareddy, Head of product), and i-banking, consulting, and investment (Gautam Midha, Head of Strategy and Expansion).
Recognition[edit]
Funding[edit]
Stader obtained a $4 million seed round in October 2021, led by Pantera Capital, with VCs including Coinbase Ventures and Jump Capital and some angel investors.[2] This was followed by a $12.5 million funding round in January 2022, led by Three Arrows Capital, with VCs including Amber and Blockchain.com and a number of angel investors. [3] Finally, they raised $23.5 million in USD through Coinlist at the end of January 2022. [4]
“This capital will be strategically deployed to accelerate our cross-chain expansion, as well as to nurture our growing ecosystem of third-parties developing staking applications with decentralized Stader infrastructure” said Amitej Gajjala, Co-founder and CEO, Stader Labs.
| Investors | |
|---|---|
| Institutional[5] | Pantera, Coinbase, TrueVentures, JumpCapital, Amber, 4RC, Figment, Solidity Ventures, and TerraForm Labs, among others. |
| Angels[6] | Polygon's chief executive officer, Jaynti Kanani and chief operating officer, Sandeep Nailwal
Anchorage co-founder, Diogo Monica Staked CEO, Tim Ogilvie Coinbase cryptocurrency manager, Nemil Dalal Race Capital Fund manager, Chris McCann Biconomy Chief Operating Officer, Aniket Jindal and Managing Director, Ahmed Al Balaghi EPNS Managing Director, Harsh Rajat CoinDCX CEO, Sumit Gupta. |
As of end of October 2022, Stader Labs has a total value locked surpassing $157m in total cross chain, according to DeFi Llama.[7]
PR coverage[edit]
Stader's press coverage about its news and announcements are distributed among different spaces, its own official accounts on social media (Twitter, Telegram, Discord), blogs (medium), and some informative networks like Cointelegraph, investing.com, vccircle, among others.
Expansion[edit]
Currently, Stader offers its product on Terra, Hedera, Fantom, Polygon, BNB and Near blockchains.
"... we believe staking is critical infrastructure for the cryptocurrency ecosystem," said Paul Veradittakit, partner at Pantera Capital. "The company will provide aggregation and decentralization to do asset and derivative staking in both protocols and validators."[2]
Terra[edit]
Stader launched delegating LUNA to Terra’s validator, between July and November 2021, providing LunaX as liquid token to be used on different DeFi protocols like Anchor, Mirror, EDGE etc.[8]
- Terra 2.0: Terraform Labs, the firm behind the Terra project, split the former network into Terra Classic (LUNC) and Terra UNA 2.0 (LUNA/LUNA2). This due to since the beginning of May, the Terra (LUNA) and Terra USD (UST) cryptocurrencies lost practically all their market value and the decentralized finance protocols (DeFi) of that network had an almost absolute capital flight. The episode has generated consequences that are difficult to mitigate, however, several protocols (including Stader Labs) keep developing in said blockchain.
Hedera[edit]
Stader launched a V1 version of the product in the first week of April 8th, 2022 as the first staking platform for this blockchain[9] providing HbarX as liquid token. Options to unstake and withdraw were added to the V2 version of the contract.
Fantom[edit]
On April 25th, 2022 was launched sFTMx, a liquid token that users get when they stake FTM with Stader. It allows users to swap them at a later date for their staked FTM and accrued rewards on the platform.
Polygon[edit]
Stader Labs' liquid staking solution was launched on May 2nd, 2022. Enabling MATIC holders to unlock liquidity and leverage their capital in one of 7,000 Polygon-based GameFi and DeFi apps with the fungible liquid token MaticX. It shows their claim to the underlying staked assets in return.
BNB chain[edit]
BNBx is a liquid token launched on August 5th. That represents the share of the total BNB pool deposited with Stader, having already integrated with multiple DEXs, Liquidity Pools, Yield Optimizers, Options trading and more are in pipeline. Some of these are Apeswap, ellipsis.finance, wombat, beefy finance, open leverage and delta.theta.
Near[edit]
Since August 9th, 2022, NearX became the token that represents Near deposited with Stader. Since October 21st, 2022, NearX is also live on Aurora chain.
Current plans[edit]
Stader is now planning to continue to bring native smart contracts to stake on multiple blockchains. They have signalled intention to build on Solana, Ethereum, Polkadot, Cosmos, Aptos, etc.
"Through Stader, we hope to empower participation in crypto-assets across the financial sector, making it easy and intuitive for investors to stake assets and generate returns," Gajjala said.[10]
Audits[edit]
Stader is a secure liquid staking solution. They do continuous review and testing of all code, and perform regular audits of smart contract by external auditors (10+ audits across multiple chains). They use Multi-sig admin accounts for changing smart contract parameters.
Audits
- Security assessment Stader by Certik: December, 2021[11]
- Stader audit by Z Institute: December, 2021[12]
- Code security assesment Stader Liquid Token by Certik: Jan, 2022[13]
- LunaX CosmWasm smart contract by Halborn: February, 2022[14]
- LunaX (updated code) CosmWasm smart contract by Halborn: March, 2022[15]
- Stake+ audit by Halborn: March, 2022[16]
- sFTMx Fantom Smart contract by Halborn: April, 2022[17]
- FTM Stakimg by Peckshield: April, 2022[18]
- MaticX Smart contract by Halborn: April, 2022[19]
- Hedera Stader protocol v2 smart contract by Halborn, June 2022[20]
- LunaX for Terra 2 CosmWasm smart contract by Halborn, June 2022[21]
- NearX staking, Near smart contract by Halborn: July, 2022[22]
- Stader BNB stake manager by Peckshield: July, 2022[23]
- NearX smart contract by Blocksec: August, 2022[24]
| Audit Partners | Security Partners |
|---|---|
| Halborn | Forta |
| Peckshield | Certora |
| Blocksec | Immunefi |
| Osec | Prometheus |
| Immunebytes | |
| Certik |
SD Token[edit]
Stader has its own native cryptocurrency ($SD Token), its main functions are:
- Passive income from staking
- Access to performance farming in liquidity funds and cross-chain funds.
- Third parties can create custom validator groups by staking $SD and earn a share of them
- Stader Governance
The public sale was held on March 14 and 15 through Coinlist
| SD Token | |
|---|---|
| Token type | ERC20 |
| ICO token price | 1 $SD = 4.5 $USDO |
| Fundraising target | 5,556 tokens |
| Total suply | 150,000,000 |
| Token contract | 0x30D20208d987713f46DFD34EF128Bb16C404D10f |
Coinlist[edit]
On January 25th, Stader Labs begun an SD token presale through Conlist platform[25] which had two public options to participate. The first one counted with a 3.000.000 tokens supply, at $4.50 and a 40-day lockup followed by 20% release every month starting at March 16, 2022. And the second one, will get a 3.000.000 tokens supply at $3.33 with 3-month lockup followed by 20% release every 2 months starting at March 16, 2022. Finally locked for 3 months, then 20% released every 2 months starting on or about April 25th, 2022.
Gate.io[edit]
Gate.io launched the SD/USDT trading pair since 15 March 2022[26]
References[edit]
- ↑ Wintermeyer, Lawrence. "From Hero To Zero: How Terra Was Toppled In Crypto's Darkest Hour". Forbes. Retrieved 2022-11-08.
- ↑ 2.0 2.1 Dorbian, Iris (2021-10-07). "Stader Labs procures $4m seed". Venture Capital Journal. Retrieved 2022-10-14.
- ↑ "Stader Labs announce $12.5 million strategic raise, receives praise from Terra founder Do Kwon". Cointelegraph. Retrieved 2022-10-14.
- ↑ "Cross-Chain Staking Platform Stader Labs Closes CoinList Sale, Securing $23M From 40,000 Wallets - Crowdfund Insider". www.crowdfundinsider.com. 2022-03-14. Retrieved 2022-10-14.
- ↑ "Stader". staderlabs.com. Retrieved 2022-10-14.
- ↑ "Stader". staderlabs.com. Retrieved 2022-10-14.
- ↑ "DefiLlama". DefiLlama. Retrieved 2022-11-08.
- ↑ Labs, Stader (2021-11-29). "Introducing LunaX". Medium. Retrieved 2022-10-14.
- ↑ "https://mobile.twitter.com/stader_hbar/status/1512074397733224452". Twitter. Retrieved 2022-11-08. External link in
|title=(help) - ↑ "Stader Labs completes $4M funding raise to expand crypto staking". Cointelegraph. Retrieved 2022-10-14.
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ "Stader audit by Z Institute".
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Halborn (2022-11-05), HalbornSecurity/PublicReports (PDF), retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ Stader Audits (PDF), Stader Labs, 2022-07-10, retrieved 2022-11-08
- ↑ "main-signed.pdf". Google Docs. Retrieved 2022-11-08.
- ↑ "Announcing Stader Token sale on Coinlist".
- ↑ "Stader Labs-Стартап". Gate.io (in русский). Retrieved 2022-11-08.
This article "Stader Labs" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Stader Labs. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
