With the GENIUS Act paving the way for regulated USD-backed stablecoins, we’re more confident than ever in the path we’ve set.
Our roadmap is focused and clear:
👉Scale $USD1 and others across chains 👉Build deep, native liquidity 👉Enable on-chain yield strategies with real-world utility 👉Make stablecoins the engine of the new financial system
This isn’t about hype. It’s about building trust, usability, and adoption at scale.
Let’s talk about recent changes in withdrawal times, Instant Withdrawals, TVL fluctuations, and community comms.
Transparency always. 👇
✅Why is STONE → ETH withdrawal taking longer now?
EigenLayer recently activated slashing - this doubled their unstaking time from 7 to 14 days. Combined with Lido’s process, the full withdrawal flow from our side now takes ~20 days. We know - it’s not ideal.
So… what are we doing about it?
We’ve been actively topping up our buffer pool so users can still use Instant Withdrawal to redeem ETH directly - skipping the batch waiting period. So far, this has covered hundreds of millions in redemptions.
You can verify these transactions on-chain here: 🔗
Let’s talk about recent changes in withdrawal times, Instant Withdrawals, TVL fluctuations, and community comms.
Transparency always. 👇
✅Why is STONE → ETH withdrawal taking longer now?
EigenLayer recently activated slashing - this doubled their unstaking time from 7 to 14 days. Combined with Lido’s 14-day process, the full withdrawal flow now takes ~28 days.
We know - it’s not ideal. So… what are we doing about it?
We’ve been actively topping up our buffer pool so users can still use Instant Withdrawal to redeem ETH directly - skipping the batch waiting period. So far, this has covered hundreds of millions in redemptions.
Users can verify these transactions on-chain here: 🔗
Eligible users can now claim their #EIGEN rewards - 100% distributed to you! Don’t miss out, claim anytime before December 1st, 2024.
Eigenlayer is one of our underlying assets, but as a StakeStone user, you’re eligible for even more benefits! By simply holding STONE and your staked ETH, you can effortlessly accumulate Symbiotic and Mellow Points during this period of time.
Claim your EIGEN now: https://claims.stakestone.io
Key Dates: 1. Points started accumulating on May 31st, 2024 for #STONE holders. 2. Snapshot date was August 15th, 2024 - distribution based on #ETH amount & holding duration.
Claiming Deadline: Before Dec 1, 12 PM UTC / 8 AM EST / 8 PM SGT.
For full transparency and details, read our article below ⬇️⬇️
Introducing StakeStoneBTC, “SBTC”: Unlocking Bitcoin’s Potential in DeFi
In the ever-evolving landscape of #DeFi, #Bitcoin remains a cornerstone of #blockchain. However, despite its importance, native BTC from the Bitcoin chain has long been limited by its lack of smart contract functionality whilst BTC derivatives lack robust liquidity for transactional efficiency. These limitations have restricted BTC’s liquidity and integration with DeFi protocols, effectively freezing a vast reservoir of dormant liquidity within the BTC ecosystem. At StakeStone, we recognized the challenges and set out to create a solution that would unleash the full potential of Bitcoin in the DeFi space. Today, we’re thrilled to announce the launch of SBTC (“StakeStoneBTC”), a liquid #BTC asset designed to bridge the gap between Bitcoin and the broader DeFi ecosystem.
The Bitcoin Liquidity Challenge Bitcoin’s integration into the broader DeFi ecosystem has long been hindered by liquidity issues. To better understand this liquidity bottleneck, the Bitcoin liquidity challenges can be broken down into three distinct layers:
Layer 1: Native BTC to Wrapped BTC Conversion The first hurdle is converting native BTC from the Bitcoin blockchain into wrapped BTC in a trustless manner. However, custodial BTC currently offers the most viable solution given the market’s existing infrastructure, at least until optimizations and upgrades like OP_CAT are fully implemented.
Layer 2: Multi-chain Wrapped BTC VS Omnichain BTC Most wrapped BTCs are multi-chain assets that cannot be seamlessly transferred across different blockchains that no longer meet the demand of the current #omnichain ecosystem.
Layer 3: Omnichain Liquidity With new blockchains continually emerging, integrating BTC liquidity across these networks becomes nearly impossible. Thus, the most complex challenge lies in ensuring wrapped BTC derivatives’ robust omnichain liquidity. This liquidity gap forces users to navigate through fragmented markets, hindering the fluidity and efficiency of BTC utility in an omnichain landscape.
Introducing SBTC: The Liquid Index BTC SBTC is our solution to the liquidity challenge. SBTC is a liquid, index BTC designed to enhance the usability of wrapped custodial BTC derivatives by leveraging its inherent redemption liquidity to provide robust omnichain liquidity. This approach addresses liquidity fragmentation and expands BTC’s utility across EVM ecosystems as well as other blockchains. Key Features of SBTC: Unified Omnichain BTC: #SBTC unifies custodial BTC assets issued on multiple chains into one omnichain BTC asset that will better facilitate the trading of BTC assets in the broader DeFi ecosystem.Omnichain Liquidity: SBTC solves the liquidity fragmentation problem inherent in existing BTC derivatives by providing deep, omnichain liquidity upon launch. Facilitated by Native’s PMM mechanism, SBTC ensures optimal pricing and liquidity depth on all chains supported by StakeStone.Expand BTC Use Cases: By empowering #BTC derivatives across various custodians, SBTC paves the way for BTC usage in the broader landscape, freeing native BTC into a wider array of DeFi scenarios and omnichain applications. Understanding SBTC: How it Works SBTC comprises a basket of wrapped BTC assets including BTCB, WBTC, FBTC and cbBTC, ensuring compatibility and liquidity across multiple chains and protocols. Future BTC derivatives accepted is governed by our community members. What makes SBTC stand out is its balance between security and accessibility. Users’ BTC remains self-custodial and permissionless, meaning StakeStone does not have access to their assets. By charging different fees for each type of BTC derivative (based on their market prices and exit costs), SBTC hedges against arbitrage opportunities and ensures a stable, sustainable protocol. Upon depositing wrapped BTC, users receive SBTC instantly, allowing them to quickly put their assets to work within the DeFi ecosystem. When they wish to redeem their BTC, they can do so immediately, with withdrawals processed according to smart contract reserves, ensuring readily available liquidity at all times.
Conclusion At StakeStone, we believe that BTC assets in the EVM ecosystem should have two essential features: liquidity and use cases. With SBTC, we have built a product that addresses both, significantly expanding the use cases of BTC in the crypto world while providing our users with unparalleled liquidity. The versatility of SBTC allows users to maximize their BTC utility rate in ways that were previously out of reach. Today, SBTC can be utilized in a variety of DeFi applications, including lending, DEX trading, and structured products. In the future, SBTC’s utility could extend to payments, CeDeFi applications, and more, unlocking the full potential of Bitcoin within the #crypto ecosystem. Welcome to the future of Bitcoin in DeFi — where #liquidity meets opportunity. To learn more about SBTC and how to get started, visit our website or join our community channels.