SafeStake October Newsletter
Welcome to the October 2023 edition of the SafeStake Newsletter! 🔥
We’re thrilled you’ve joined us. Now, let us take you on an exciting journey through the world of SafeStake and beyond. 🚀
Note: This month, we’ve updated the format a bit to bring you more information in smaller, bite-sized chunks. 😋We hope you enjoy reading and please, feel free to send us your comments and suggestions on Telegram or Discord.
The Phase 1 Testnet and Community XP rewards were determined, announced, and distributed to eligible recipients! We greatly appreciate everyone who participated as operators and validators, and those who became active members of our Discord community! 💰
We held an Infographic Contest where we asked users to take their best shot at creating exciting infographics focused on SafeStake and DVT, with a prize pool of $300 USD in $DVT for the top 5 submissions. We had lots of amazing entries! We initially scored submissions based on several criteria, including relevance, quality, and social metrics. Then, we held a community vote to determine the top 5 and honorable mentions. A big thank you to everyone that participated, and congratulations to the winners! $DVT rewards have been distributed to wallets. You can check out the top 3 here: 📊
1st place: $100 (USD in $DVT)
https://twitter.com/czchangx/status/1707857207570899223
(Discord username : @Jannat_Onima)
2nd place: $80 (USD in $DVT)
https://twitter.com/cryptoanjana/status/1703286056685085097
(Discord username : @anjana8646)
3rd place: $60 (USD in $DVT)
https://twitter.com/LasithaSayuran1/status/1702229002017288415
(Discord username : @sayuranga)
The Blockswap Liquidity Council has formally approved a collaboration proposal for cross-promotion with SafeStake. Additionally, SafeStake will be working with the Blockswap team as an ecosystem design partner for their new Restaking Cloud. Stay tuned for more exciting info as these two initiatives continue to develop! 🔥
The CertiK audit page for the SafeStake token smart contract has been updated to reflect the rebranding of ParaState to SafeStake and STATE to DVT. ✅
Twitter banner update: Yes! Mainnet launch is coming soon! 🥳
Galileo Incentivized Testnet
The new User Acquisition Incentive Program, with 3.6 million DVT available in rewards, is off to a great start! The team is working hard to acquire new operators, and several have already activated nodes. Nodes currently active on testnet include CryptoManufaktur, InfStones, Kiln, Vault Staking, Blockscape, dappnode, and Bal, in addition to the four nodes operated by the SafeStake DAO. More operators are working on bringing their nodes online soon. 🧑🚀
DVT Token
Liquidity for the $DVT Uniswap V3 pool has steadily been increasing, and at the time of this writing, has reached around $59K USD. Additionally, the team is currently in the process of negotiating with at least one CEX for a $DVT listing to begin sometime in December. Stay tuned for updates on our Telegram channel. 📈
Network Smart Contract Audit
The independent audit for the smart contracts that power SafeStake is progressing and the team has been made aware of some items that require attention. As the audit process continues, the dev team is working hard in the background to address the issues that were identified and get the product ready for mainnet launch. 💫
dappnode
(a picture is worth a thousand words!) 🔥
Beaconcha.in Banner Ads
Watch for the dynamic new SafeStake banner ad campaign👇to promote the User Acquisition Incentive Program, starting on beaconcha.in soon!
IRL ETH Events:
Staking Rewards Staking Summit 2023
Istanbul | Nov 10-11
SafeStake is proud to be an Ecosystem Sponsor and super excited for this event happening in beautiful Istanbul in just a few days! Stop by our booth to meet some of the team and learn more about SafeStake’s decentralized Distributed Validator Technology. You can also mint a limited edition POAP (NFT) and get some cool SafeStake swag! If you’re going to Istanbul, we’re looking forward to seeing you there!
Hint: There will be a live demo of the brand new SafeStake dappnode device that will soon allow for plug-n-play operator node setup and operation!DevConnect in combination with EthStaker
Istanbul | Nov 13-19
The SafeStake team only gets a couple of days off after the Staking Summit, then it’s time for DevConnect! Here, SafeStake is the main sponsor of EthStaker’s Staking Gathering, along with some other major players in the ETH staking space. We’ll also have a booth at this event, so if you’re attending, be sure to stop by and meet some of the team!
We’re always looking for amazing ETH and Web3 events to sponsor and promote SafeStake. If you have suggestions, please message us on Telegram or Discord.
KOL/Influencer Program
The team is actively working on putting together an effective campaign to promote SafeStake via KOLs and online influencers. If you have suggestions, please share them with us, and stay tuned for updates!
And, last but certainly not least - MAINNET LAUNCH!
💡Pro Tip:
Looking for Holesky testnet ETH?
You can mine Holesky testnet ETH quickly and easily via the Holesky testnet PoW faucet. This easy-to-use faucet allows you to input your wallet address and click a button to begin mining ETH for the next generation of testing on Ethereum. Mine up to 33 HolETH per session, then collect your rewards. Hint: SafeStake is in the process of bringing the next version of testnet to Holesky, and will be switching from Goerli after internal testing is complete. 👍
The Real Reason Centralized Staking Services are Prepping to Integrate DVT
by @ethstak3r
There has been a lot of talk recently on social media and other places about the threats that centralization, and more specifically, the threats that large, centralized staking services pose to the health of the Ethereum blockchain. Even more targeted than this, Lido seems to be the center of attention, with some pushing the narrative that the popular staking service poses a potential threat when they surpass the threshold of controlling 33% of the total amount of staked ETH.
While the chances are very slim that an entire staking services’ network of operator nodes would become compromised and create a major blockchain issue, there are other very real reasons why large staking providers are looking to add a second layer of decentralization to their infrastructure. This second layer of decentralization is DVT. You can see evidence of this push starting to take shape with the likes of Lido’s most recent DAO proposal on the subject, titled “Simple DVT,” along with several other large staking providers expressing sincere interest in adding the tech to their mainnet stacks.
It is true. DVT can significantly reduce the threat posed by a large staking service controlling a huge amount of staked ETH. But, if the chances are extremely slim of a problem happening in the first place, why are staking services like Lido even interested? I believe there are three reasons, as follows, in order of importance: risk mitigation, validator private key security, and fault tolerance.
Let’s look first at what I believe is the biggest reason - risk mitigation. In the case of Lido, the DAO is responsible for covering slashing penalties. Here, and assuming other DAOs bear similar risks, SafeStake can shift the slashing burden from DAO to operator. How? SafeStake Stage 2 will introduce a new role, called the “initiator” operator. Initiators make 4 ETH deposits and assume all the slashing risks for the validator, in return for a higher percentage of the staking rewards. So, operators running nodes and validators for any staking service can decentralize their validator operations simply by becoming initiators on the SafeStake network. Since SafeStake operates completely permissionlessly and trustlessly, nothing else is required on the part of Lido, the operators, or SafeStake.
Second, I believe key security, and more specifically, the ability for multiple parties (operators) to come together to create a validator public/private key pair is extremely important to large, centralized staking services. Why? Currently, operators are responsible for storing and managing validator private keys, putting the entire burden of key security on their shoulders. Distributed Key Generation (DKG) offers the multi-party key generation utility, while other tech, like multi-party computation and threshold signing, operate the validator by consensus via multiple “key shares.” With DVT, since the shares are doing the work for the validator, the original validator private key can be kept safely offline in cold storage. I believe this will eventually become the gold standard for private key security.
Finally, by implementing DVT, staking services can offer their clients maximized staking rewards by keeping validators online and available to attest and propose blocks. Since DVT will act as a significant harm reduction method for the blockchain, I believe it will not matter how many new stakers any particular service attracts or how much staked ETH they control. If they implement DVT, their network will be ultra-decentralized and pose no threat to the blockchain or its users.
That’s all for this edition. Until next time, thanks for joining us!
SafeStake is a pioneering technology company focused on revolutionizing Ethereum staking. With its cutting-edge, decentralized Distributed Validator Technology (DVT), SafeStake provides an ultra-secure, fault-tolerant environment for Ethereum validators, maximizing staking rewards and minimizing penalties. SafeStake is committed to driving the growth, innovation, and decentralization of the Ethereum network while ensuring the security and prosperity of its participants.