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[SERIOUS] Non-custodial staking on Ethereum

<!-- SC_OFF --><div class="md"><p>In light of current events, I thought it would be a good idea to outline non-custodial staking options for Ethereum. Hopefully those using custodial services (i.e. CEXs) now see the merit in using non-custodial options that are free from regulatory capture.</p> <p>Liquid staking protocols essentially work by pooling ETH from multiple holders to facilitate participation in Ethereum’s block validation process. Thus, it enables ETH holders to stake without having to run a validator node.</p> <p>There's a number of ways that this can be done, but the focus here is on non-custodial solutions. What do I mean by non-custodial? No third party has a legal right over your assets. How is this done? Smart contracts.</p> <p>You can read about staking pools directly from the EF: <a href="https://ethereum.org/en/staking/pools/">https://ethereum.org/en/staking/pools/</a></p> <h1>Rocket Pool</h1> <p>Rocket Pool is the only permmisionless and trustless liquid staking derivative currently on the market.</p> <p>Rocket Pool offers two types of staking options for ETH holders — rETH tokenised staking (i.e. the liquid staking derivative) and node staking. rETH tokenized staking allows users to stake as little as 0.01 ETH. The staked ETH will contribute to the deposit pool that enables a Rocket Pool node operator to create a new Beacon Chain validator.</p> <p>The price of rETH appreciates against ETH (it is essentially valued at ETH plus staking rewards).</p> <p>On the other hand, users who have more capital can opt for node staking. This option is specifically designed so that even those who lack technical expertise can benefit from operating a node. Node staking requires users to stake 16 ETH. The remaining 16 ETH to form the entire 32 ETH will come from the deposit pool contributed by rETH tokenized staking. This will then establish a new Ethereum validator known as a mini pool. </p> <p>rETH holders pay a fee of 15% staking rewards directly to the node operators (and is part of the incentives for node operators to use the protocol).</p> <h1>Stakewise</h1> <p>Stakewise are another trustless protocol and they use a unique mechanism to pay out rewards in a separate token, which has kept the SETH2 peg close to 1:1 compared to the other tokens. They currenTheir next version will allow all validators access to mint a liquid staking derivative, improving the decentralization of the network. SETH2 is meant to be 1:1 with ETH, while rewards from validators are paid out in a second token.</p> <p>Stakewise currently has a permissioned validator set but has plans to improve decentralisation in v3. The Stakewise protocol Version 3 will allow solo stakers to spin up their own liquid staking derivative. In turn, they will be able to unlock the secondary market liquidity and DeFi composability previously reserved for professional teams creating liquid staking derivatives.</p> <h1>Frax Finance</h1> <p>A liquid staking protocol that allows users to stake ETH in exchange for frxETH. It has gained a lot of attention recently as ETH staked through Frax Finance yields up to a 10% return, which is notably higher than what other liquid staking protocols offer. The higher yield is due to its significantly large treasury holdings of CRV/CVX. Frax Finance charges a 10% fee on staking rewards. Of this fee, 20% is applied to the insurance pool, and the other 80% goes to veFXS holders.</p> <p>frxETH is a stablecoin loosely pegged to ETH and users can exchange frxETH for sfrxETH to accumulate staking yields. An important thing to note is that the platform’s validators are run via Frax Finance’s in-house team, and this comes with some of the inherent risks associated with centralisation. There are plans to decentralise this in the future, but it is essentially controlled by a 3/5 multisig at the moment. I say this just to highlight the risk; if this is within your risk tolerance, then enjoy the higher yield.</p> <h1>Ankr</h1> <p>Ankr supports the development of decentralized apps (DApps) through its decentralized web3 platform. It operates with its utility token, ANKR. This token is used for governance, paying for Ankr services and staking. By staking assets on Ankr in exchange for ankrETH, stakers also have the ability to earn farming rewards. These rewards are in addition to the rewards from liquid staking derivatives. By staking the farmed rewards, a compounding effect is generated. </p> <h1>And what about Lido?</h1> <p>Lido Finance allows users to stake with stETH and has the largest market share of all liquid staking derivatives. It is non-custodial, however it is not permissionless or trustless.</p> <p>Lido represents a systemic threat to the network. Danny Ryan, a lead Ethereum Foundation Researcher, has written about this in detail - <a href="https://notes.ethereum.org/@djrtwo/risks-of-lsd">https://notes.ethereum.org/@djrtwo/risks-of-lsd</a>.</p> <p>I urge individuals to not use this service for the sake of the network. Until Lido DAO votes to self-limit it's market share, it should not be seen as a viable option. I say this with the purist of intentions as the health of Ethereum network is my primary concern. Their dominance is a large part of why I have written this.</p> <p>​</p> <p>Hopefully this has been useful. I consider myself reasonably well informed on Ethereum staking and happy to answer any questions.</p> <p>As always, do your own research.</p> </div><!-- SC_ON -->   submitted by   <a href="https://www.reddit.com/user/etherenum"> /u/etherenum </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/10yoye6/serious_noncustodial_staking_on_ethereum/">[link]</a></span>   <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/10yoye6/serious_noncustodial_staking_on_ethereum/">[comments]</a></span>