Stader Labs

Stader's ETHx is a non-rebasing Ethereum liquid staking token built on a multi-pool architecture (permissioned + permissionless operators), part of Stader's multi-chain staking stack.

Multi-chain staking platform with a dual operator-pool design that lowers the bond to run a node.

- ETHx: Stader's Ethereum liquid staking token (ERC-20). Users stake ETH and receive ETHx, which accrues staking rewards while remaining usable across DeFi. Built on a multi-pool architecture combining permissionless and permissioned validator pools. - Multi-pool architecture: ETHx routes stake across a permissionless pool (any operator can run a node with reduced collateral) and a permissioned pool (curated operators with proven performance, no collateral). Designed to reduce staking concentration risk, with planned DVT-based pools in a later phase. - Multi-chain LSTs: Beyond Ethereum, Stader issues liquid staking tokens across multiple PoS chains, including MaticX (Polygon), BNBx (BNB Chain) and HBARx (Hedera), positioning Stader as a multi-chain liquid staking provider. - SD token: Stader's governance and utility token. Permissionless ETHx node operators must bond SD (~0.4 ETH worth) alongside 4 ETH of collateral, tying node-operator incentives to the token.

- ETHx (ETHx): Receipt, Liquid Staking Token (LST) - SD (SD): Token, Governance Token

- Smart Contract: ETHx is a set of ERC-20 and staking smart contracts; a bug or exploit in the staking, withdrawal, or reward-accounting logic could lead to loss of user funds despite multiple audits. - Network: Rewards and principal depend on Ethereum consensus performance. Validator downtime or protocol-level failures reduce staking yield and can trigger penalties. - Collateral: Underperforming or malicious validators in the permissionless/permissioned pools can be slashed, and node operators' bonded ETH and SD collateral may be insufficient to fully cover losses to ETHx holders in severe scenarios. - Reserve / Depeg: As a reward-bearing LST, ETHx's secondary-market price can trade below its underlying staked-ETH value during liquidity crunches or withdrawal-queue congestion, exposing holders to depeg risk. - Governance: Protocol parameters and the SD token are subject to governance decisions; concentrated voting power or governance capture could alter fees, operator requirements, or contract upgrades against holders' interests.

- Money-market / cash management fund: similar in that ETHx pools user deposits into a yield-bearing, redeemable instrument whose value accrues over time, similar to how a money-market fund pools cash into short-term yield.; differs in that ETHx yield comes from Ethereum protocol staking rewards rather than interest-bearing securities; it is non-custodial, on-chain, transferable in DeFi, and exposed to slashing and smart-contract risk rather than credit and rate risk of a regulated fund.