Stader Update – Record-Breaking Launch on NEAR Blockchain
Stader Labs is a multi-chain liquid staking solution with a vision to empower 1Bn+ users to earn passive income through its staking infrastructure. Having launched on the erstwhile Terra in the November of 2021, Stader reached $1Bn+ in TVL with ~35000 wallets staking with it during its peak. The start-up then took a strategic decision to diversify across other Layer 1 blockchains too. As of today, the protocol is present across 6 major blockchains (Hedera, Polygon, Bnb, NEAR, Fantom, Terra 2.0) with $150Mn+ in TVL and 70K+ wallets that have staked with it.
Last month, on September 16th , Stader launched its upgraded NearX on the NEAR Blockchain. The upgraded NearX comes with a best-in-class multilayer security program including:
- Three full audits by leading cybersecurity firms – Halborn, Blocksec and Osec
- Bug Bounty in collaboration with Immunefi with upto $1Mn in rewards
- Collaboration with Prometheus, the premium monitoring and alerting system to enable
- Tracking of all relevant metrics for $NearX across Stader Dapp and Dex’s
- Instant alerts to developer slack channels for faster responsiveness
- Enhanced internal testing with additional unit and integration tests
- Smart contract upgrades such as multi-sig led pause functionality to protect user funds in emergency situations
NearX has received an overwhelming response from the Near community and is currently standing strong at ~$6.5 Mn TVL with a boosted staking APY of ~25% (About 2.5X of the return on native staking). NearX is currently live with a NearX<>Near LP on REF and Jumbo. NearX is also live on two orderbook Dex’s – Tonic (NearX<>Near pair) and Spin (NearX<>USDC pair). The upcoming weeks will further see the NearX<>Near LP on Trisolaris; NearX being listed as a collateral on Burrow and NearX integration with Fluxus Finance on NEAR protocol. It will soon be available at Oin Finance too.
Some interesting updates on these integrations are as follows:
- The NearX<>Near liquidity pool on REF crossed $2Mn in liquidity in less than 24 hours of launch. Powered by dual incentives, the current APR on the LP is ~15%
- The NearX<>Near LP on Jumbo became the biggest pool on Jumbo Exchange within 5 hours of being live. As of now, the pool is ~$600K in LP size with ~20% APR
In addition to the boosted staking APY and dual incentives on the LPs, Stader.Near is offering up to $11000 in rewards through exciting competitions. These include:
- Staking Competition: Users with a minimum stake of 500 NEAR stand to earn additional 50 NEAR in rewards.
- Gleam Competition: This competition is targeted at users cross-platform. Users can enter with a stake as small as 10 NEAR and need to complete a series of activities. Lucky winners get a flat 10% of their stake as rewards.
- Giveaway with KOLs: Giveaways were done with 6 key NEAR & cross-chain KOLs to create buzz about NearX and shore up interest in the same. Prize pot for the same has been earmarked at $900.
- Guild Wars: Guilds are a basic building block on NEAR intended to foster a sense of community & bonding. Guild Wars gives them a competitive edge with members staking & pledging their allegiance to a guild. Guilds with top stakers win awards across weeks. The month-end bumper prize brings total prize pot to $3000.
- Trading Tournament on Spin Finance: The NearX<>USDC pair on Jumbo will go live with a trading tournament on October 18th with a total prize of $2000
The Stader team is further working towards launching on Aurora by the last week of October, 2022. On Aurora, $NearX will be integrated with Trisolaris, Bastian, Bluebit and Pink Pea.
For the Stader team, however, this is just the beginning. Their goal is to make NearX the go-to token on NEAR by unlocking limitless possibilities through DeFi integrations. As the first multi-chain protocol to bring liquid staking to NEAR, Stader will bring its cross chain expertise and help strengthen the NEAR staking ecosystem. It will further bring a whole host of yield generation possibilities across NEAR and Aurora backed by $SD (Stader’s native token) rewards. Also, Stader will support decentralization of $NEAR as users will stake with a carefully selected set of best performing yet low voting power validators.
NEAR’s scalability, sustainability and cost effectiveness position it as one of the leading blockchains of the future and promising Web 3.0 protocols such as Stader Labs will play a pivotal part in this growth story!