StakeStone is a Liquid Staking protocol that recently received investment from Binance Labs. So what is special about this project? Let's find out with Coin68 through this article!
What is StakeStone (STONE)? Learn about the Omni-chain Liquid Staking solution
What is StakeStone?
StakeStone is an Omnichain Liquid Staking protocol developed to provide Staking and reStaking solutions for Layer 2 . The project allows users to Stake ETH to receive two Liquid Staking Token , STONE and STONE, issued by this protocol.
What is StakeStone?
Concepts to know when using the StakeStone protocol
STONE
STONE is a non-rebase ERC-20 Token , with the same earning mechanism as Lido 's wstETH. Non-rebase means that the STONE balance in the user's wallet will not increase. However, the value of STONE in terms of ETH will increase due to accumulated ETH Staking profits.
For example: If user A sends 50 ETH to get 50 STONE. One year later, the value of 1 STONE becomes 1.04 ETH, then users can withdraw 52 ETH from StakeStone using 50 STONE.
In addition, STONE is also an OFT (Omnichain Fungible Token) developed based on LayerZero technology. This feature allows STONE to be easily moved between different blockchains seamlessly.
Stone-Fi
Once STONE is widely adopted, Stone-Fi will become a distributed liquidation marketplace connecting protocols and LP.
STONE holders can deposit this Token to project groups as below to earn profits:
DEX / Market Maker / Lending Protocols / CDP (Stablecoin) / Derivative / GameFi
The STONE-Fi model will be determined through the voting Escrow model.
OPAP
StakeStone is a pioneering project in providing Liquid Staking solutions through the OPAP mechanism.
OPAP is a decentralized solution used to optimize Staking yields. This solution will include 2 parts:
Optimize portfolio (add new profit strategies).
Allocation optimization (change ETH ratio between different profit strategies).
Operational model
Operational model 
Operational model
StakeStone is operated by four factors, including: StakeStone Vault, Minter, Strategy Pool and OPAP.
StakeStone Vault: StakeStone Vault acts as a temporary storage for users' ETH before this ETH is allocated to strategy pools.
Minter: Minter is responsible for processing Mint and burn STONE transactions. The Minter function separates the Mint of STONE Token from the underlying assets, the underlying asset here refers to the amount of ETH deposited into the protocol to Mint STONE.
Strategy Pool: Strategy pool will put users' ETH into Staking and reStaking protocols to bring profits.
OPAP: on-chain proposal to add new ways to profit and optimize asset allocation.
Instructions for using StakeStone
Stake
- Step 1 : Access here .
- Step 2 : Select " Connect Wallet " to connect the wallet.
- Step 3 : Select " Stake ".
- Step 4 : Enter the amount of ETH you want to Stake.
- Step 5 : Select “ Deposit ” and authenticate the transaction on the wallet to complete.
Unstake
- Step 1 : Select “ Unstake ”.
- Step 2 : Enter the amount of ETH you want to unstake.
- Step 3 : Select “ Withdraw ” and authenticate the transaction on the wallet to complete.
TVL of StakeStone
Since its inception, the TVL of the StakeStone protocol has increased sharply and reached a figure of more than 901 million USD.
TVL of StakeStone. Source: defillama (March 29, 2024)
Basic information about StakeStone Token
Currently, StakeStone still has no plans to Token Issuance to the market. Coin68 will update you as soon as there is more information from the project.
Token Allocation
Updating...
Investors
On March 25, 2024, Binance Labs announced that it had invested in the StakeStone platform.
Investors
summary
StakeStone is a fairly new Liquid Staking platform invested by Binance Labs fund. The protocol has applied LayerZero's OFT solution to its Liquid Staking Token (STONE) to enable easy Token Migration between different blockchain networks. Through this article, you probably have some basic information about the project to make your own investment decision.
Note: The information in the article should not be XEM investment advice. Coin68 is not responsible for any of your investment decisions.
