Description
SharedStake is a decentralized finance (DeFi) protocol for Ethereum staking, positioning itself as a community-led alternative to competitors. Users can deposit ETH to receive a liquid staking derivative (LSD), vETH2, which represents their staked assets and accrues rewards. This vETH2 token is designed for DeFi compatibility, allowing it to be used in various dapps like Uniswap, SushiSwap, and Aave. The protocol, which started in November 2020, offers non-custodial staking with a 9% fee on the yield generated. SharedStake operates as a Decentralized Autonomous Organization (DAO), where contributors are compensated with vested SGT, the platform's governance token. The protocol has been audited by Certik and is currently in an experimental phase with its v2 live on the Sepolia testnet, encouraging user participation for potential airdrops while advising caution due to the inherent risks.