15 May 2023 – Recap
On 15 May 2023, Chris (@ethstak3r) and Dmytro (@dima3514) from the SafeStake team held an AMA for the community via Telegram chat. The community asked some great questions and both ambassadors did their best to provide comprehensive answers.
If you weren’t able to attend this information-packed AMA session or don’t want to listen to the entire 50 minute recording, we’ve compiled a summary of the questions and answers here so you can read through them at your convenience.
Let’s get started…
- Selling pressure on ETH was a “non-event” after Shanghai upgrade, as Ethereum staking deposits have surpassed withdrawals. So after debugging and testnet phase 1, does the project have a specific path or approach to this huge STAKING market?
Chris: Bringing a solid DVT product (Stage 1 supporting 32 ETH deposits) to mainnet is most important right now. A solid product will attract users, establish us as a major player in the space, and allow us to focus on Stage 2. Stage 2 will introduce new features and a new role- Initiator – an operator on the network that stakes 8 ETH to begin the creation of a mini-pool, similar to Rocket Pool. Lowers the staking threshold and encourages more to participate. In the meantime, we will also be opening a liquidity staking pool to incentivize retail stakers to participate.
- What is the current circulating supply or proposed circulating supply after the ETH pool?
Dmytro: Currently we have 2 important processes that are LIVE: the LBP and State to DVT Conversion process. Both will play a key role for the new DVT token. Moreover, the conversion process ends on 11th of August, which is almost 3 months from now. We are aiming to provide only confirmed information to the community, so to avoid miscommunication and any kind of misunderstanding, we will share final numbers as soon as both of those processes are completed, so we can confirm the final numbers for DVT.
- I know RUST was selected as a language partly to help decentralise the Ethereum codebase even more but has it presented any extra problems with bugs etc?
Chris: Rust has been shown to be better at preventing memory-related bugs and vulnerabilities, almost always beats Go in runtime benchmarks, and is considered to be a ‘safer’ programming language than others in the space.
- SSV consistently has around 1200 active validators and 165 active operators on their testnet? What is the strategy to attract more testers so that the system can be thoroughly tested before we get to mainnet?
- Testnet incentives
- More AMAs are coming up soon! 17 May Crypto Miners/Binance Live; 24 May MetaMoonShots
- PR opportunities
- CoinGecko advertising (looking to add beaconcha.in ads)
- Zealy (Crew3) growth hack
- Presence/speaking at IRL ETH events
- Social media – locating/contacting Twitter influencers/KOLs; Increasing our YouTube presence with more SafeStake videos & locating/contacting YouTube influencers in the ETH staking space
- Increase SE rankings for important keywords via blog migration to in-house (WordPress) & creating excellent blog content
- Collaborating and testing with major staking as a service providers
- How do you plan to attract some of the large LST providers such as LIDO etc to use safestake as well as SSV for their DVT solution?
Chris: Generally speaking, Lido (and other SaaS providers) are interested in offering their staking clients the most diverse range of options. This also applies to DVT. Building these types of relationships takes time and testing in each other’s ecosystems. It is likely that our devs will first need to bring up some nodes in the various SaaS ecosystems, so we require the proper dev resources and bandwidth before we can go full steam ahead here.
- Where does Safestake stand today compared to its competitors in this field? What will make us stand out and be successful?
Chris: Regarding other players in the DVT space (SSV, Obol Tech), SafeStake is not quite as far along in testing. However, we believe our tech stack offers some distinct advantages that will become more apparent when we are able to begin testing integration with SaaS providers. Think of where SafeStake is going to be like the Rocket Pool & DVT tech stacks combined.
Additionally, we utilize the Hotstuff consensus protocol for operator committee consensus, as opposed to iBFT/qBFT. Hotstuff has proven to be more robust for validator effectiveness and slashing protection.
SafeStake is the first DVT solution to incorporate DKG (Distributed Key Generation) without a ‘trusted dealer’ at the protocol level, ensuring that the original key can be securely generated and split into shares without any operator or entity ever having possession of it. Combined with Shamir Secret Sharing, our proprietary DKG protocol makes it impossible for an original signature or equivalent to be recreated by any single operator or entity, preventing malicious behavior and key theft.
- How will it work on MEXC with the other DVT being listed there?
Dmytro: We plan to slowly build up liquidity on DEXs (Uniswap V3) first. Regarding multiple ‘DVT’ tokens being listed on the same exchange, our token will be ‘SafeStake (DVT)’ to differentiate it from others.
- How much DVT will be the subscription fee for operators? So, the question here is actually – how much is the subscription fee for operators to run a validator?
Dmytro: The initial setting for each validator is 120 DVT per month, or 30 DVT paid to each operator in the four operator committee.
- Can the team post a spreadsheet containing the individual wallet addresses that sent their State token to the conversion Vault so that we can cross check our addresses before distribution on the 16th?
Dmytro: While all of this information is easily found on the blockchain explorer, we are looking into creating a spreadsheet that has this information.
- How many CEX do we intend to list on at a time after the balancer and uniswap pool? $State token has been delisted from mexc and dvt just made uniswap a trading place, is there any chance for us to go back to cex tiers?
Chris: We are looking for support from the community to help to push for CEX listings. The core team’s current focus is on polishing the product and acquiring users for testing and mainnet launch.
- Will there be periodic token burning?
Chris: We do not have the answer to this question yet. Will follow-up and post an announcement when the token has moved to Uniswap V3 and we have more information about this.
- Have you guys thought about maybe increasing the value of the incentives to attract more testers?
Chris: 5M STATE (500,000 DVT) have already been allocated as incentives for Stage 1 testnet. I will need to check to see if there is any additional budget for this.
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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