SafeStake Newsletter

April 2023 Edition

Once again, it’s a new month, and we’ve taken some time to highlight the main events from the past one to keep you up to date and aware of all the exciting things happening with SafeStake!

April was a busy month for SafeStake, so let’s dive in and see what the team has been up to and also take a look at some exciting things planned for the future!

Here’s what’s inside this edition:
DVT Token Liquidity Bootstrapping Governance Proposal | Token Conversion Page Launch and the Balancer LBP Period Change | The Balancer Liquidity Bootstrapping Pool (LBP) | CALLING ALL TESTERS!!! | The Ethereum Community Conference 2023 (EthCC) | SafeStake Product and Roadmap Update | Marketing Update

DVT Token Liquidity Bootstrapping Governance Proposal

After the $DVT Token Economics Governance Proposal officially passed with more than 99% votes supporting the new tokenomics plan, the core team proposed the DVT Token Liquidity Bootstrapping Governance Proposal to boost initial liquidity for the new $DVT token via a Balancer Liquidity Pool. 

The LBP proposal also passed, with more than 93% of the votes supporting the plan to take $DVT to the next level. Thank you to everyone that participated in the vote to help shape the future of SafeStake and $DVT!

Token Conversion Page Launch and the Balancer LBP Period Change

Additionally $STATE was officially delisted on MEXC and the $STATE > $DVT conversion webpage was published. We also announced that we were shortening the liquidity bootstrapping period from 90 days down to 15 days.

Please note: After you transfer your STATE tokens from your ERC-20 wallet to the conversion vault, DVT tokens will be manually distributed on a first come, first served basis after the 15-day DVT token liquidity bootstrapping program has ended. 

For all the details, click here.

The Balancer Liquidity Bootstrapping Pool (LBP)

We are pleased to announce the DVT Token Balancer LBP contract (see contract address below) is live on Ethereum mainnet! It took a bit longer than anticipated as we needed CoinGecko to support the DVT token contract, but it’s there and swaps in the pool are quick and easy!

🛑 BEFORE PARTICIPATING, please carefully
verify the following official LBP pool address:

As always, we remind users to exercise due diligence to avoid interacting with a fake pool address and to always be aware of SCAMMERS. 

You can read the full announcement about the $DVT LBP here.

Balancer Pool Info

Liquidity Bootstrapping Pools (LBPs) are pools that can dynamically change token weighting (e.g 1/99 to 99/1 for TokenA/TokenB). LBPs use weighted math with time-dependent weights. Pool owners choose the start and end weights and times, and have the power to pause swaps at their discretion.

For the $DVT LBP, the initial settings are 80% $DVT and 20% WETH, and the initial spot price of $DVT is 10 times the VWAP of $STATE in March 2023 (around $0.018; see chart below), or $0.18 USD. 

The Balancer Pool will last for 15 days to achieve a reasonable market price for $DVT. All community members are welcomed and encouraged to join the Balancer Pool to add/withdraw stable liquidity and trade.

After the 15-day period ends, the Balancer Pool liquidity will move to Uniswap V3 on Ethereum as the major marketplace for buying/selling/swapping $DVT. 

To attract users to contribute to the liquidity of the new $DVT token and join in growing the SafeStake ecosystem, community members and other users who reserve their stable LPs in the Balancer Pool will be rewarded $DVT pro-rata after the 15-day period.

$DVT Auction Start Time: 9:30 UTC 1 May, 2023

DVT Auction End Time: 9:30 UTC 16 May, 2023 

Please visit the Balancer URL listed below and search for the DVT token. 

Read the full announcement on Substack.

The SafeStake Zealy XP Program

To help grow our outstanding community, we launched a SafeStake Zealy XP program! 

This new incentive program on Zealy offers users several different quests they can complete to earn XP, including social media, content creation, incentivized testnet participation, event and activity participation, weekly task completion, and more!

Check out our Zealy Questboar Now!

Don’t miss the opportunity to complete tasks, contribute to the SafeStake community, and earn XP rewards while taking part in fun and exciting adventures!

We Need Operators and Validators for Galileo Incentivized Testnet!

We’re looking for more operators and validators to join SafeStake’s Galileo Incentivized Testnet to help test our DVT staking solution at scale, and we’ve have an awesome rewards program and drawings for ETH prizes at set milestones to keep everyone excited!

Check out the leaderboards to track your progress and rewards and see how you’re doing compared to others.

Attention Operators: We have an updated video guide that walks you step-by-step through the process of setting up an operator node on Galileo incentivized testnet. You should also reference our Github for the latest versions, etc. 

Attention Validators: Setting up a validator on testnet is easy! Just follow our helpful video guide. We’ll even supply the goETH (test ETH) you’ll need to create a new testnet validator, so give it a risk-free try and see what the excitement is all about!

The Ethereum Community Conference 2023 (EthCC)

We announced that SafeStake is proud to be a Ruby Sponsor for EthCC 6, happening July 17 – 20, 2023 in Paris, France!

The Ethereum Community Conference (EthCC) is the largest annual European Ethereum event focused on technology and community. We encourage you to make plans to join us and other top players in the Ethereum ecosystem for four intense days of conferences, networking, and learning!

Stay tuned for more info about the SafeStake booth and visit for more info and to buy tickets.

Ethereum Staking Resources

Learn more about Ethereum staking with these information-packed articles published this month by our writers:

How to Safely Withdraw Staked Ethereum

EF combines Shanghai and Capella to give birth to the latest Ethereum upgrade — Shapella

SafeStake Product and Roadmap Update 

April was also a busy month for the SafeStake product developers as they continued to troubleshoot a bug and fully stabilize the current testnet code.

As a result, we are planning on merging one last version of updated code to testnet before mainnet launch, likely pushing it to sometime in June or early July 2023.

Marketing Update

The SafeStake marketing team has been working hard in the background to promote SafeStake and bring more testers to Galileo Incentivized Testnet. In addition to the Zealy program we highlighted above, we have been focusing our marketing efforts on the following:

  • Blog Migration – We are currently in the process of migrating the content on our Medium blog to a WordPress blog that resides on the SafeStake website. This will contribute significantly to SEO for as our domain will begin receiving the ‘domain authority’ from our content rather than
  • Partnerships/Collaborations – We have established contacts with many Staking-as-a-Service (SaaS) providers and others players in the ETH staking space. We will continue to build these relationships and foster new ones as the development team solidifies the SafeStake product. Additionally, the opportunity is there and we are right on the cusp of being able to build into various staking ecosystems, opening the door for further collaboration. Our main intent here stays focused on helping centralized SaaS providers decentralize their node operations via the 8 ETH mini-pool ‘initiator’ depositor role.
  • AMAs – Our global team is working on setting up AMAs in different forums to expand our reach and attract more users to testnet. Please stay tuned for more announcements about AMAs coming soon!
  • Crypto Exchange Advertising – A comprehensive leaderboard banner advertisement program began on CoinGecko on 1 May 2023. The leaderboard ads are designed to drive more testers to Galileo Incentivized Testnet so the sample size needed to bring SafeStake to mainnet can be achieved.
  • IRL ETH Events – We believe a physical presence at ETH events around the world will significantly increase the awareness level for SafeStake. Currently, we are sponsoring and participating in EthCC 6 and the Staking Rewards Staking Summit, while the upcoming events we are considering include ETH Argentina and Devcon 7.

About SafeStake

SafeStake is a trust-minimized middle layer that promotes decentralized ETH 2.0 staking. It is the first Distributed Validator Technology (DVT) liquid staking protocol for Ethereum written entirely in Rust. SafeStake utilizes the HotStuff consensus protocol and an advanced BLS Threshold Signature architecture to provide the highest levels of security and reliability, so Ethereum validators can maximize their staking rewards.

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