Add collateral support to saETH on Ethereum and Arbitrum

Summary

The proposal seeks to onboard the Aspida’s saETH token as a collateral asset in dForce ecosystem on ETH/ARB. The Aspida DAO will seed incentives while the initial liquidity of the pool is bootstrapped.

References/Useful links:

Website: https://aspidanet.com/

Documentation: https://docs.aspidanet.com/

Github: Aspida · GitHub

Audit: documents/audits at main · aspidanet/documents · GitHub

Bug bounty: https://immunefi.com/bounty/aspida/

Communities

  1. Discord-Aspida
  2. Twitter- x.com
  3. TG group-Telegram: Contact @aspida_net
  4. Medium-Aspida – Medium
  5. Blog- https://blog.aspidanet.com/
  6. Forum-https://forum.aspidanet.com/

Overview

Liquid staking derivatives represent a user’s staked assets, which can be used in DeFi activities. This enables users to earn additional yield on top of their staking rewards. According to DefiLlama, liquid staking protocols are currently the most popular among all DeFi protocols, with a Total Value Locked of $54.873b. Aspida plans to partner with the dForce community to explore the market potential together.

Protocol Description:

Aspida is a liquid staking infrastructure designed to enhance Liquidity Staking Token (LST) assets across major cryptocurrencies. We are committed to advancing decentralization by prioritizing the integration of underlying services that enhance decentralization, such as our collaboration with Distributed Validated Technology (DVT) solutions like SSV to decentralize validator sets. Our primary focus remains on optimizing risk-adjusted staking yields, achieved through initiatives like integrating native staking via Eigenlayer.

We offer a decentralized, secure, and highly compatible staking service for Liquidity Staking Derivative (LSD) assets. In addition to launching our inaugural ETH LSD asset (saETH), we are actively developing innovative LSD solutions for the Ethereum network.

aETH

aETH serves as the deposit certificate of the native ETH token and can be minted with ETH at a 1:1 ratio. It can also be withdrawn into native ETH via unstaking, or users can simply exchange between aETH and ETH via Aspida’s native liquidity module or external DEX.

For more information,please visit: aETH Token | Aspida

saETH

saETH is a staking ETH LSD staking token,it is an ERC-4626 compliant token that is minted upon aETH staking.Users are required to stake their aETH into saETH to earn Ethereum’s staking yield. This mechanism provides structural liquidity yield, where staking yield is exclusively distributed to those who have staked aETH into saETH. Consequently, it offers a leveraged yield structure (higher than native staking yield) to saETH holders, with the saETH yield increasing as more aETH remains unstaked.

For more information,please visit: saETH Token | Aspida

Motivation:

There is a meaningful amount of demand for borrowing against LSDs (liquid staking derivative). Following Lido’s wstETH, rETH and cbETH had added diversity to dForce and offered a source of additional revenue through rewards-maximizing strategies.

Therefore Aspida‘s saETH with ’diverse usecase on muti L2 networks will be the prime candidates for dForce as we had worked with dForce in the past on Arbitrum vault with remarkable result for the joint vault. Aspida is building on several L2 Networks, including Arbitrum, Blast, and Base. The listing of saETH will undoubtedly enhance the trading experience of USX and lead to user growth for all parties involved.

Aspida is also conducting ongoing incentive campaigns for users in collaboration with top DeFi protocols from these L2 networks. Increasing the market’s liquidity depth through Balancer will instill strong confidence in our users and provide them with the flexibility of asset exchange.

By listing saETH as collateral, users benefit from staking rewards whilst taking out a loan. There are a range of yield maximising strategies that users could leverage to improve their yields especially in LSTfi protocols.