Decentralization doesn't matter ... Until it does.


Many delegated staking solutions have been built before We owe a debt of gratitude to everyone who has been building in the space. They've inspired and motivated us.

We believe decentralized, non-custodial staking is an essential and foundational good for Ethereum. There is a need for various solutions that serve many users and purposes.

We want to give particular shoutouts to the teams that built RocketPool, StakeWise, Diva and Lido. We are fans and have learned a lot from your work.


We take our ethics seriously and want the community to hold us accountable for living up to the following:

  1. Decentralization is a primary objective. We will never compromise on the non-custodial and decentralized nature of the protocol. Stakers must maintain control of their ETH.

  2. The protocol is a real business with a sustainable revenue model. We’re in this for the long haul. We think and plan on the scale of decades. No ponzinomics f*ckery.

  3. We will do the right thing for the Ethereum community, always. If and when we mess up, we will own it and course correct quickly.

Executive Summary is a decentralized, non-custodial delegated staking protocol with a Liquid Staking token. One of the distinguishing characteristics of is that stakers control their keys. The mechanism also allows for the creation of a node services marketplace where stakers and node operators can enroll nodes to provide infrastructure services.

High-Level Operational Summary

This section contains a high-level summary of mechanisms. For a detailed description, please see the section.

There are several users and stakeholders on

  • Stakers who are also bond-holders

  • Stakers who only hold eETH, the LST (Liquid Staking Token)

  • Node operators

  • Node services users

There are 3 phases on the roadmap:

  1. Delegated staking

  2. Liquidity pool

  3. Node services

In each phase the roles above play evolving roles, described briefly below.

Delegated Staking

In the case of stakers who wish to stake in multiples of 32 ETH, the workflow below is followed:

  1. A node operator submits a bid in order to be available to be assigned a validator node to run. Trusted node operators may submit a nominal bid to be marked as available. Trustless node operators participate in the auction mechanism and are assigned validators based on their winning bid.

  2. The staker deposits their 32 ETH into the deposit contract. This triggers the auction mechanism and assigns a node operator to run the validator. This also mints a withdrawal safe and two NFTs (T-NFT, B-NFT) that confer ownership of the withdrawal safe. The T-NFT represents 30 ETH and is transferable. The B-NFT represents 2 ETH and is soulbound. The only way to recover the 2 ETH is for the validator to be exited or fully withdrawn.

  3. The staker encrypts the validator key using the public key of the winning node operator and submits it as an on-chain transaction. The transaction emits an event to which the node operator is listening. In future versions, this step will be replaced with a sharded key DVT based solution.

  4. The node operator launches the validator utilizing the decrypted validator key.

  5. The staker (or node operator) may submit the exit command to exit the validator and recover the staked ETH into the withdrawal safe. The staker can then burn the NFTs to recover their ETH net of fees.

The B-NFT is used to supply the deductible for slashing insurance (in case of a slashing event) and represents a responsibility to monitor the validator node for performance. It pays a higher yield than the T-NFT due to the added risk and responsibility. makes it easy to monitor validator performance via notifications and alerts.

Liquidity Pool and eETH

Stakers with less than 32 ETH, or stakers who don't wish to take on the responsibility of monitoring validator nodes, can participate in staking by minting eETH in the NFT liquidity pool.

The liquidity pool contract contains a mixture of assets consisting of ETH and T-NFTs (described above.) At any given time, ETH represents a small percentage of the pool assets.

Minting and burning eETH

When a staker deposits ETH into the pool, the pool mints eETH tokens and transfers them to the depositor. A staker who holds T-NFTs can deposit them into the liquidity pool and mint the eETH equivalent to the value of the T-NFT (determined via an oracle.)

A staker who holds eETH can swap it for ETH in the liquidity pool on a 1:1 basis, assuming sufficient liquidity. If there is insufficient liquidity, the swap triggers a validator exit.

Bond-holders and minting new T-NFTs and B-NFTs

Stakers who wish to specifically stake with B-NFTs (because of their higher yield) deposit their ETH into the pool and enter a queue to be allocated a B-NFT. These stakers are bond-holders, and perform a similar role as full-node stakers who have sold their T-NFT.

When the amount of ETH in the liquidity pool crosses above a threshold then the next bond-holder staker in the queue is assigned. They generate private keys and trigger the staking process where 32 ETH gets staked, and two nfts are minted: the T-NFT into the pool, the B-NFT to the bond-holder.

Exiting validators

When the amount of ETH in the liquidity pool crosses below a threshold, then an exit request is triggered on the oldest T-NFT. This emits an event to which the bond-holder corresponding to that T-NFT must listen ( provides a free notification service to the bond-holders to make this easy).

This exit request records a timestamp and begins a timer. If the timer expires and the validator has not been exited then the B-NFT holder is slashed progressively. The node-operator receives a reward upon exit of an expired validator (in order to incentivize them to exit the validator in case the bond-holder is unwilling or unable to do so.)

Upon validator exit, the T-NFT and B-NFT are burned and the ETH (net of fees) is deposited into the liquidity pool.

Node Services

This is a speculative phase for the protocol, and many of the technical decisions have yet to be made. We'll update this document as we iterate.

The NFTs, which represent the economic value of the staked ETH, allow for the creation of a programmable layer on staking infrastructure by creating economic incentives for node operators and stakers.

We plan to incorporate EigenLayer when we're able as a mechanism to support our node services layer.

Enrolling nodes into services

NFTs can be enrolled to provide node services by setting metadata parameters that are part of the NFT contract.

In the initial implementation the node operator must be running the client bundle and be registered to provide node services.

All 3 parties must effectively consent to enroll any given node to provide additional services - the node operator, B-NFT holder, and Node client

The node client bundle is an easy-to-use CLI that allows launching, monitoring, and registering clients on


Billing for node services is executed via a billing contract. Services tracking and attribution done via a centralized service run by This will change over time.

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