cryptodaily.io hosts an AMA with Stader Labs. #StaderLabs #Polygon #PolygonDaily #AMA
Cryptodaily Admin: Good day to you all 💪 Welcome back to another AMA with PolygonDaily 🙌 My name’s Daley and I will be your host for this AMA with Stader Labs!!! Together with Stader, Shraddha G will be joining us 🤩
Greetings, how are you today?
Shraddha G: Hi Daley ! Excited to be here today with you and the Polygon Daily community. It’s a warm evening here in Bangalore India where I’m from ☀️
Cryptodaily Admin: Great to have you here with us Shraddha! I bet you’re having a nice, chill evening with your family! So let’s share some of that lovely atmosphere with the PolygonDaily community as well 😍
Are you ready to start the AMA?
Shraddha G: Absolutely!
Q1: Tell us about Stader labs and the company’s journey so far?
Shraddha G: Sure! So let me start by telling you quickly about the team. Amit and Sid started Stader labs about 8 or so months ago now. Amit is our CEO and has 10+ years of experience in strategy, scaling startups in India, SE Asia and Europe. Sid has 10+ years of experience again in Crypto and start ups based out of New york.
Stader Labs is building staking infrastructure. We say that our mission is to decentralize PoS networks 🙂 Our staking infrastructure makes it very easy for anyone to stake – bringing in convenience and safety
And a little bit about our journey so far: We launched our plain staking product on Terra in Nov and our liquid staking with Luna X in December. We already have ~350 mn $ in TVL with 25k + wallets having staked with us.We also had a fantastic coinlist sale of our token that had ~1.2 mn registrations. So we are very thankful for the love from the community so far. Team is hard at work to launch on Polygon, starting with liquid staking and we are super excited.
Cryptodaily Admin: You guys are scaling fast recently as well, not only on Polygon but also Fantom and Solana. *We had a few AMAs with Mr. Amitej about it so please check out cryptodaily.io for the recap peeps 👀*
Not to mention, the TVL is now reaching $1B!!!
Shraddha G: Absolutely! We’re in fact launching on 3-4 networks in the next few weeks – so lots going on 😄 The 1B is such a massive milestone, all thanks to the community !
Q2: Tell us why you’re excited about launching on Polygon
Shraddha G: Great question. So we’re big fans of Polygon here! For one, Polygon’s unique decentralized Ethereum scaling solution combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system which solves for transaction speed, costs & scalability on Ethereum – making it crucial for onboarding the next billion users into Ethereum.
We’re also quite thrilled about the possibilities enabled by this faster, cheaper layer. For instance, Polygon estimates that it saves as much as ~$140M daily in avg Gas fees! So we’re excited to launch on Polygon- our staking solution will help to further strengthen the thriving Polygon ecosystem which sees ~3m+ daily transactions, ~130m+ unique users and has more than 7000 dapps.
Q3: Talk to us about Stader’s vision and aims for Polygon
Shraddha G: Yes of course. So like I mentioned, overall at Stader our vision is to build staking infrastructure that helps proof of stake networks decentralize by making staking convenient and safe for all user categories from crypto natives to exchanges to funds.
On Polygon specifically, our vision is to deliver two things:
1) Unleash the majority of staked assets, currently locked in staking, into the ecosystem through our liquid staking solution- ~4b$
2) Create convenient staking infrastructure to decentralize Polygon and help the community stake and manage Matic easily
Q4: The liquid staking feature is definitely one core product you’re offering to the “stakers”, so: Please explain to our audience what liquid staking is
Shraddha G: Yes, so essentially, without liquid staking what happens is that if you currently stake your Matic, the tokens get locked in. So you cannot use these tokens for DeFi possibilities.
What Liquid Staking does instead is that, when you stake your Matic through Stader’s liquid staking product, instead of your tokens getting locked in you will actually mint a liquid token called MaticX. This MaticX represents the fact that you have staked Matic through Stader. And now your tokens aren’t locked because you can take this MaticX token and use it to get instant liquidity. You can use it in DEXes and DeFi. On top of it, this MaticX token itself is an interest bearing token that accumulates value over time.
Hope that helps explain what liquid staking is – it can all be quite magical when you think about how it really unlocks liquidity 🙂
Cryptodaily Admin: I can see Stader Polygon has updated one strategy in using Liquid Staking, and it already sounds profitable 🤑And it’s exactly what you said as well, here’s the link to the thread:
In the mood to just 'Stake & Chill'?
Here's a simple degen strategy that lets you stake your $MATIC and forget. No more checking yields everyday!
And the best part? You get an extra ~10% APY with the upcoming @staderlabs Liquid Staking on @0xPolygon! #MATICDegenStrategies pic.twitter.com/YIZ4PZA9sa
— Stader Polygon (@stader_polygon) April 4, 2022
Shraddha G: Yes exactly! Thanks for sharing that thread – that explains just one of the ways in which DeFi possibilities can really explode when combined with Liquid Staking
Q5: What other Defi possibilities will liquid staking open up for the Polygon community?
Shraddha G: For instance, I am just listing a few possibilities here to show the versatility of the MaticX token- Users could swap MaticX for Matic and get instant liquidity on DEXs, can participate in liquidity pools for Matic <> MaticX, MaticX <> USDC. Use MaticX on lending and borrowing protocols. Then there is this strategy which is the 3 Step Loop strategy. They could even borrow Matic with MaticX as collateral – stake and get MaticX and come back and borrow more Matic and do leveraged yield farming
I have a thread about that too- I can share if that’s helpful. And all of these are on top of the 10% APY that you’ll still earn on your staking anyway.
This is one of my favorite strategies 🙂 There are many more but I hope this all gives you a flavor!
Cryptodaily Admin: I mean… I can’t help but notice these sound like exploits 😂 does liquid staking have any harm to the protocol and users?
Shraddha G: Generally no! However, of course with a loop strategy, one needs to be careful about the borrowing costs. Plus some of these are risky. However, the staking rewards themselves are super safe. So usually the community loves being able to get the best of both worlds 🙂
Cryptodaily Admin: Well then we have got to be super careful calculating the costs, or we may end up losing money then. If that’s the case, carefully dyor guys!
Q6: Are there any other benefits to staking with Stader?
Shraddha G: Yes of course, always do your own research folks! 🙂
But in general these are just possibilities and usually there is something for everyone depending on their risk appetite. The key point is the new potential that now both are possible instead of just staking 🙂
Couple of other key benefits:
1) Help decentralize the network through one click staking with a chosen pool of validators without users having to manually do so. Will help simplify the whole validator discovery process for users in this manner which is tricky
2) We will simplify the whole staking experience for users with a delightful, 1 click staking solution.
More importantly, we are here to make all polygon holders earn more through staking by increasing capital efficiency.
Q7: How will you ensure safety for users when staking via Stader?
Shraddha G: Yeah, that’s absolutely top of mind for us- safety and security. A lot of our team funds are staked through our products. So we definitely put our money where our mouth is. We have a very experienced team working on the tech – Dheeraj and Sid- the co-founders who lead the tech have been working in the space for more than 15 years.
On top of it, we now have a track record with almost a billion dollars staked on terra 🙂 We had 3 audits successfully completed on Terra and 2 are already underway for Polygon
Q8: Time for a little future gazing – what does Stader have planned for the Polygon community after liquid Staking?
Shraddha G: Yes, so first of all, since Polygon is a Layer 2 solution for Ethereum all staking for Matic currently happens on the Ethereum Mainnet.
Unfortunately this means that the gas fees involved in Staking can sometimes be quite high. So the first major update we’re planning to bring to the product after launch will be a unique offering to allow users to stake their Matic solely on the Polygon mainnet. Besides this, there are a few other products we are considering bringing. One is Simplified staking where we will allow users to conveniently stake with a carefully set of validators in one click. This will enable better Validator discovery with a curated set of validators. Finding the right validators otherwise could be hard with not all relevant information being easily accessible.
Also, we will spread the stake across multiple validators in the pool. If users want to do that today, they need to manually stake multiple times to help with decentralization.
Second, Vaults – We can build vaults where the rewards can be tranched and married to risk profiles. This will go well with the DeFi use cases. We could also integrate key farming strategies directly building on our liquid staking solution at the base.
So that’s a whole bunch of stuff on the roadmap 🙂 Depending on how the community responds, we will evolve this plan!
Q9: What’s the time frame for the liquid staking launch looking like?
Shraddha G: Very soon! The capped launch could in fact be as early as next week. And we’re looking to start Beta testing in the next few days. In fact if anyone here wants to be a part of the beta testing, do feel free to DM us on our Twitter!
Q10: Where are the best places to follow your project and join the Stader Labs community?
Shraddha G: Yes! We are very community first at Stader, so we’d love for you all to engage with us. Primarily for Polygon, we are currently working on educating the community through our Polygon specific twitter handle https://twitter.com/stader_polygon.
You can also join our early access waitlist at https://forms.staderlabs.com/polygon-waiting-list-optin-form/
Cryptodaily Admin: So primarily we’re hanging out on twitter these days 🙂
not to mention your official telegram too: t.me/staderlabs
Shraddha G: That too, yes, thanks for bringing that up!
Cryptodaily Admin: With this we are now at the end of our AMA session with Stader Labs🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Shraddha G: Yes indeed, just want to say thanks again to everyone for joining us. Do follow us on Twitter. And if this was interesting for you, do sign up for our early access waitlist.
Cryptodaily Admin: Thank you for being here Shraddha G!
Shraddha G: Thanks for having me!
Cryptodaily Admin: All the best for Stader Labs! Take care 💪
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