Difference between revisions of "Stake DAO (SDT)"

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From their going live blog post:
''"[[Stake DAO]] removes the need to stake your assets across multiple platforms. We provide a simple solution for staking a variety of [[tokens]] all from one dashboard. Stake DAO users will be able to invest in [[NFTs]] used in systems such as [[SoRare|Sorare]], [[Axie Infinity]] or [[Cometh]] through the first NFT Hedge fund — [https://twitter.com/BlackpoolHQ BlackPool]. Brand new concepts such as Social tokens will also be condensed into unique index funds, meaning users can easily gain exposure to the newest emerging digital economies."''
== Basics ==
== Basics ==


*Started in / Announced on:
*Started in / Announced on:
*[[Mainnet]] release: [https://stake-dao.medium.com/stake-dao-is-live-c72927391df 21-1-2021]
*[[Mainnet]] release: [https://stake-dao.medium.com/stake-dao-is-live-c72927391df 21-1-2021]
*From their going live blog post:
''"Stake DAO removes the need to stake your assets across multiple platforms. We provide a simple solution for staking a variety of tokens all from one dashboard. Stake DAO users will be able to invest in [[NFTs]] used in systems such as [[SoRare|Sorare]], [[Axie Infinity]] or [[Cometh]] through the first NFT Hedge fund — [https://twitter.com/BlackpoolHQ BlackPool]. Brand new concepts such as Social tokens will also be condensed into unique index funds, meaning users can easily gain exposure to the newest emerging digital economies."''


==History==
==History==
Line 13: Line 13:
''"The arrival of Stake DAO was not without its own drama. [[YEarn (YFI)|Yearn]] developers [https://twitter.com/bantg/status/1352280570110353411?s=19 accused] Julien of [[Fork|forking]] their protocol [https://twitter.com/bantg/status/1357410056602542093?s=20 without] adding anything of his own, leading to Julien being kicked out of severa[https://twitter.com/Luciano_vPEPO/status/1403428109278457856?s=20 l private group chats] and [https://twitter.com/bneiluj/status/1388115226881662978?s=20 further intensifying] a feud that had been brewing for some time.''
''"The arrival of Stake DAO was not without its own drama. [[YEarn (YFI)|Yearn]] developers [https://twitter.com/bantg/status/1352280570110353411?s=19 accused] Julien of [[Fork|forking]] their protocol [https://twitter.com/bantg/status/1357410056602542093?s=20 without] adding anything of his own, leading to Julien being kicked out of severa[https://twitter.com/Luciano_vPEPO/status/1403428109278457856?s=20 l private group chats] and [https://twitter.com/bneiluj/status/1388115226881662978?s=20 further intensifying] a feud that had been brewing for some time.''


''As soon as Stake DAO arrived, Yearn began to heavily promote their yveCRV vault on Twitter, and the race was on. During the period of January - March 2021, [https://www.rekt.news/decentralised-monopoly/ Yearn] and [https://twitter.com/StakeDAOHQ/status/1370085804471640068?s=20 Stake DAO] were directly competing for [[Curve Finance (CRV)|CRV]] deposits. Each protocol was aggressively promoting their vaults and lobbying for CRV [[Whale|whales]] to deposit into their respective platforms.''
''As soon as Stake DAO arrived, [[Yearn]] began to heavily promote their yveCRV [[vault]] on [[Twitter]], and the race was on. During the period of January - March 2021, [https://www.rekt.news/decentralised-monopoly/ Yearn] and [https://twitter.com/StakeDAOHQ/status/1370085804471640068?s=20 Stake DAO] were directly competing for [[Curve Finance (CRV)|CRV]] deposits. Each protocol was aggressively promoting their vaults and lobbying for CRV [[Whale|whales]] to deposit into their respective platforms.''
 
''When [[YEarn|Yearn]] introduced the yveCRV<>ETH pool in early February, allowing users to withdraw from the backscratcher, this improved the deal and increased the competition, as users were no longer trapped in the strategy. Despite the fact that users could now withdraw their CRV, the vault still continued to grow, as Yearn used their partnership with [[SushiSwap (SUSHI)|SushiSwap]] to incentivise the yveCRV<>ETH pool, creating a boosted [[APY]] that increased the demand for yveCRV.''
 
''This improved UX forced Stake DAO to provide the same service, and a [https://gov.stakedao.org/t/sdip-2-implement-a-sdvecrv-balancer-pool/312 sdveCRV] [[Balancer (BAL)|Balancer]] pool was released in May, with an 90/10 sdveCRV/CRV ratio, still incentivising users to lock their CRV, but also providing some exit [[liquidity]] for those who wished to unlock."''
==Audits & Exploits==
*This protocol offers no [[bug bounty]] ([https://www.defisafety.com/pqrs/357 7-3-2022]).
*Scored [https://www.defisafety.com/pqrs/357 65%] on [[DeFi]] Safety (7-3-2022):
''"This protocol has not documented an audit. This protocol's software architecture is documented. There is no coverage of deployed [[contracts]] by software function documentation. There is no evidence of code coverage testing. However, SakeDAO does have robust testing. This protocol has not undergone [[Formal Verification|formal verification]]."''
 
With the [https://t.me/c/1453353094/7673 comment]:
 
''"We're happy to announce that after some great collaborations with the development team StakeDAO has massively improved their score. This was primarily achieved via great documentation relating to [[Access Controls|access controls]]. This protocol does a really good job of explaining to users how contract ownership functions in clear and comprehensible language accessible to all users. Few [[Defi|DeFi]] protocols do this! This protocol could improve its security offering with an external [[Smart Contract|smart contract]] audit as well as a bug bounty. StakeDAO's documentation offering will also be enhanced once they begin to show specific contract function documentation, something users can look forward to in the not too distant future."''
 
===Bugs/Exploits===
 
== Governance ==
 
===Admin Keys ===
 
* [https://www.defisafety.com/pqrs/357 From] [[DeFi Safety]] (7-3-2022):


''When Yearn introduced the yveCRV<>ETH pool in early February, allowing users to withdraw from the backscratcher, this improved the deal and increased the competition, as users were no longer trapped in the strategy. Despite the fact that users could now withdraw their CRV, the vault still continued to grow, as Yearn used their partnership with [[SushiSwap (SUSHI)|SushiSwap]] to incentivise the yveCRV<>ETH pool, creating a boosted [[APY]] that increased the demand for yveCRV.''
''"The StakeDAO [[Smart Contract (SC)|smart contracts]]' [[state]] variables are [[immutable]], therefore disabling admin ownership of any kind of user funds or information. The ownership of StakeDAO's deployer [[smart contracts]] and a [[Multi-Signature|MultiSig]] are clearly detailed in their [[Admin Key|Admin Control]] [https://stakedao.gitbook.io/stakedaohq/platform/admin-control-info documentation]. In addition, [[decentralized]] [[Decentralised Autonomous Organisation (DAO)|DAO]] information can be found [https://stakedao.gitbook.io/stakedaohq/platform/governance here]. This includes:  - Deployer address can change smart [[contract]] connections - Deployed can call [[harvest]]() - [[MultiSig]] can control SDT inflation via the MasterChef - MasterChef features and incentives can be tweaked and passed through a Timelock.''
 
''StakeDAO's lack of a Pause Control is explained in their [[Github|GitHub]] documentation. In addition, the absence of a Pause function can be excused by the fact that the protocol's [[smart contract]] state variables are currently immutable. StakeDAO adequately documents their [[timelock]] [https://stakedao.gitbook.io/stakedaohq/platform/admin-control-info#timelock here]. StakeDAO's timelock has a length of 8h, and the reasons why are explained [https://stakedao.gitbook.io/stakedaohq/platform/admin-control-info#timelock here]."''
 
===DAO===
 
* From their [https://stake-dao.medium.com/stake-dao-is-live-c72927391df blog] (21-1-2021):
 
''"SDT holders will be able to vote on topics such as adding a new [[token]] to [[the DAO]] or changing token distribution rates, or they can use their SDT to open a new vote, and propose other changes to the [[DAO]]."''
 
* Raised some eyebrows when the team made [https://twitter.com/StakeDAOHQ/status/1384144446963404800 changes] without voting (19-4-2021):


''This improved UX forced Stake DAO to provide the same service, and a [https://gov.stakedao.org/t/sdip-2-implement-a-sdvecrv-balancer-pool/312 sdveCRV] [[Balancer (BAL)|Balancer]] pool was released in May, with an 90/10 sdveCRV/CRV ratio, still incentivising users to lock their CRV, but also providing some exit liquidity for those who wished to unlock."''
''"We have taken the decision to reduce emissions from 5 SDT per [[block]] to 4 SDT per block."''


===Treasury===
==Token==
==Token==
===Launch===
===Launch===


* Had a botched [[airdrop]] of 1.5 million SDT tokens (1.5% of total SDT supply) on [https://stake-dao.medium.com/stake-dao-is-live-c72927391df 21-1-2021]. They planned to airdrop tokens to a long list of addresses that participated in governance in other projects, plus to subscribers of [[Rekt]] or donors to [[Gitcoin]] round 8. However, hundreds of eligible address holders [https://stake-dao.medium.com/stake-dao-faq-fa5f327e9014 were not able] to claim tokens.
* Had a botched [[airdrop]] of 1.5 million SDT tokens (1.5% of total SDT supply) on [https://stake-dao.medium.com/stake-dao-is-live-c72927391df 21-1-2021]. They planned to airdrop tokens to a long list of [[addresses]] that participated in governance in other projects, plus to subscribers of [[Rekt]] or donors to [[Gitcoin]] round 8. However, hundreds of eligible address holders [https://stake-dao.medium.com/stake-dao-faq-fa5f327e9014 were not able] to claim tokens.


===Token allocation===
===Token allocation===
Line 29: Line 60:
* From their [https://stake-dao.medium.com/stake-dao-is-live-c72927391df blog] (21-1-2021):
* From their [https://stake-dao.medium.com/stake-dao-is-live-c72927391df blog] (21-1-2021):


''"SDT is the token of Stake DAO, earned by users who deposit their tokens into the DAO. SDT holders can then [[stake]] their earned SDT to receive a share of the DAO fees. The SDT token will also provide [[governance]] rights to the holder."''
''"SDT is the token of Stake DAO, earned by users who deposit their tokens into the DAO. SDT holders can then [[stake]] their earned SDT to receive a share of the DAO [[fees]]. The SDT token will also provide [[governance]] rights to the holder."''


===Token Details===
===Token Details===
===Stablecoin===
==Technology==
==Technology==


*[[Whitepaper]] can be found [insert here].
*[[Whitepaper]] can be found [https://stakedao.gitbook.io/stakedaohq/ here].
*Code can be viewed [https://github.com/StakeDAO here].
*Code can be viewed [https://github.com/StakeDAO here]. [https://www.defisafety.com/pqrs/357 From] DeFi Safety (7-3-2022):
*Built on: ''"We support [[DeFi]] on all networks, not just [[Ethereum]]."'' see more under interoperability below.
''"At just 12 commits in their [[stablecoin]]-rewards repo, there is not good evidence of a strong development history. This protocol's [[GitHub]] repository needs overhauling and is very difficult to navigate."''


*Programming language used:
=== Implementations ===
 
*Built on: [[Ethereum (ETH)|Ethereum]], [[Avalanche (AVAX)|Avalanche]], [[BNB Chain|BNB Smart Chain]], [[Polygon (MATIC)|Polygon]] and [[Harmony (ONE)|Harmony]] (7-3-2022).
===Transaction Details===
 
*Capacity ([[TPS]]):
*[[Latency]]:


===How it works===
===How it works===
===Mining===
===Fees===
===Upgrades===
===Staking===
===Staking===
===Liquidity Mining===
===Liquidity Mining===
===Layer Two===
===Different Implementations===
===Interoperability===
===Interoperability===


* From their [https://stake-dao.medium.com/stake-dao-is-live-c72927391df blog] (21-1-2021):
* From their [https://stake-dao.medium.com/stake-dao-is-live-c72927391df blog] (21-1-2021):


''"We support DeFi on all networks, not just Ethereum. Stake DAO also supports [[Polkadot]], [[Solana]] and [[NEAR (NEAR)|Near]], with plans to add further networks in the future with features such as [[liquid]] [[staking]] and [[cross-chain]] bridges."''
''"We support DeFi on all networks, not just [[Ethereum]]. Stake DAO also supports [[Polkadot]], [[Solana]] and [[NEAR (NEAR)|Near]], with plans to add further networks in the future with features such as [[liquid]] [[staking]] and [[cross-chain]] [[bridges]]."''


===Other Details===
===Other Details===
==Privacy Method being used==
==Oracle Method==
===Compliance===
==Oracle Method being used==
==Their Other Projects==
===DEX===
==Governance==
===DAO===


* From their [https://stake-dao.medium.com/stake-dao-is-live-c72927391df blog] (21-1-2021):
* [https://www.defisafety.com/pqrs/357 From] DeFi Safety (7-3-2022):


''"SDT holders will be able to vote on topics such as adding a new [[token]] to the DAO or changing token distribution rates, or they can use their SDT to open a new vote, and propose other changes to the [[DAO]]."''
''"The protocol's [[oracle]] source is [https://stakedao.gitbook.io/stakedaohq/platform/attack-prevention#oracles documented]. There is basic software function documentation linked to [[Rari Capital (RFT)|Rari's]] [[Fuse]] Pool (their oracle of choice). [[Frontrunners|Front running]] mitigation lies within the underlying software design of StakeDAO, as their core strategies' [[Annual Percentage Yield (APY)|APY]] aren't really affected by the order of [[Transaction (Tx)|transactions]] in the [[mempool]]. [[Front running]] [[transactions]] therefore becomes a fruitless endeavor. This protocol documents [[Flash Loan|flashloan]] countermeasures via withdrawal fees in their documentation."''


* Raised some eyebrows when the team made [https://twitter.com/StakeDAOHQ/status/1384144446963404800 changes] without voting (19-4-2021):
==Their Other Projects==
 
''"We have taken the decision to reduce emissions from 5 SDT per [[block]] to 4 SDT per block."''
 
===Treasury===
==Upgrades==
==Roadmap==
==Roadmap==


*Can be found [Insert link here].
*Can be found [Insert [[LINK|link]] here].
 
==Audits==
 
*[[bug bounty|Bug bounty]] program can be found [insert here].
 
===Bugs/Hacks===
==Usage==
==Usage==
===Projects that use or built on it===
===Projects that use or built on it===
Line 91: Line 99:


* [[YEarn (YFI)|yEarn]], [[Convex (CVX)|Convex]] and other yield optimizers.
* [[YEarn (YFI)|yEarn]], [[Convex (CVX)|Convex]] and other yield optimizers.
==Coin Distribution==
==Pros and Cons==
==Pros and Cons==
===Pros===
===Pros===
Line 98: Line 104:


* Had a botched [[airdrop]] of 1.5 million SDT tokens (1.5% of total SDT supply) on [https://stake-dao.medium.com/stake-dao-is-live-c72927391df 21-1-2021]. They planned to airdrop tokens to a long list of addresses that participated in governance in other projects, plus to subscribers of [[Rekt]] or donors to [[Gitcoin]] round 8. However, hundreds of eligible address holders [https://stake-dao.medium.com/stake-dao-faq-fa5f327e9014 were not able] to claim tokens.
* Had a botched [[airdrop]] of 1.5 million SDT tokens (1.5% of total SDT supply) on [https://stake-dao.medium.com/stake-dao-is-live-c72927391df 21-1-2021]. They planned to airdrop tokens to a long list of addresses that participated in governance in other projects, plus to subscribers of [[Rekt]] or donors to [[Gitcoin]] round 8. However, hundreds of eligible address holders [https://stake-dao.medium.com/stake-dao-faq-fa5f327e9014 were not able] to claim tokens.
* Raised some eyebrows when the team made block reward [https://twitter.com/StakeDAOHQ/status/1384144446963404800 changes] without voting (19-4-2021).
* Raised some eyebrows when the team made [[block reward]] [https://twitter.com/StakeDAOHQ/status/1384144446963404800 changes] without voting (19-4-2021).


==Team, Funding, Partnerships, etc.==
==Team, Funding, Partners==
===Team===
===Team===


*Full team can be found [here].
*Full team can be found [here].
*Julien Bouteloup is the only public developer of StakeDAO.
*Does not have an official team, but is has [https://stakedao.org/contributors contributions] of a variety of different people from the space (22-1-2021). Some notables are people from [[Aave]] ([[Stani Kulechov|Stani]] and others), [[Ledger Wallet|Ledger]], [[Web3 Foundation]], [[Kr1]],[[0xMaki]] and [[Julien Bouteloup]].
*Does not have an official team, but is has [https://stakedao.org/contributors contributions] of a variety of different people from the space (22-1-2021). Some notables are people from [[Aave]] ([[Stani Kulechov|Stani]] and others), [[Ledger Wallet|Ledger]], [[Web3 Foundation]], [[Kr1]],[[0xMaki]] and [[Julien Bouteloup]].


Line 113: Line 120:
Making these free wiki pages is fun but takes a lot of effort and time.
Making these free wiki pages is fun but takes a lot of effort and time.


If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information.


[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
[[Category:Coins/Tokens]]
[[Category:Coins/Tokens]]

Latest revision as of 14:07, 11 April 2022

From their going live blog post:

"Stake DAO removes the need to stake your assets across multiple platforms. We provide a simple solution for staking a variety of tokens all from one dashboard. Stake DAO users will be able to invest in NFTs used in systems such as Sorare, Axie Infinity or Cometh through the first NFT Hedge fund — BlackPool. Brand new concepts such as Social tokens will also be condensed into unique index funds, meaning users can easily gain exposure to the newest emerging digital economies."

Basics

History

"The arrival of Stake DAO was not without its own drama. Yearn developers accused Julien of forking their protocol without adding anything of his own, leading to Julien being kicked out of several private group chats and further intensifying a feud that had been brewing for some time.

As soon as Stake DAO arrived, Yearn began to heavily promote their yveCRV vault on Twitter, and the race was on. During the period of January - March 2021, Yearn and Stake DAO were directly competing for CRV deposits. Each protocol was aggressively promoting their vaults and lobbying for CRV whales to deposit into their respective platforms.

When Yearn introduced the yveCRV<>ETH pool in early February, allowing users to withdraw from the backscratcher, this improved the deal and increased the competition, as users were no longer trapped in the strategy. Despite the fact that users could now withdraw their CRV, the vault still continued to grow, as Yearn used their partnership with SushiSwap to incentivise the yveCRV<>ETH pool, creating a boosted APY that increased the demand for yveCRV.

This improved UX forced Stake DAO to provide the same service, and a sdveCRV Balancer pool was released in May, with an 90/10 sdveCRV/CRV ratio, still incentivising users to lock their CRV, but also providing some exit liquidity for those who wished to unlock."

Audits & Exploits

"This protocol has not documented an audit. This protocol's software architecture is documented. There is no coverage of deployed contracts by software function documentation. There is no evidence of code coverage testing. However, SakeDAO does have robust testing. This protocol has not undergone formal verification."

With the comment:

"We're happy to announce that after some great collaborations with the development team StakeDAO has massively improved their score. This was primarily achieved via great documentation relating to access controls. This protocol does a really good job of explaining to users how contract ownership functions in clear and comprehensible language accessible to all users. Few DeFi protocols do this! This protocol could improve its security offering with an external smart contract audit as well as a bug bounty. StakeDAO's documentation offering will also be enhanced once they begin to show specific contract function documentation, something users can look forward to in the not too distant future."

Bugs/Exploits

Governance

Admin Keys

"The StakeDAO smart contracts' state variables are immutable, therefore disabling admin ownership of any kind of user funds or information. The ownership of StakeDAO's deployer smart contracts and a MultiSig are clearly detailed in their Admin Control documentation. In addition, decentralized DAO information can be found here. This includes:  - Deployer address can change smart contract connections - Deployed can call harvest() - MultiSig can control SDT inflation via the MasterChef - MasterChef features and incentives can be tweaked and passed through a Timelock.

StakeDAO's lack of a Pause Control is explained in their GitHub documentation. In addition, the absence of a Pause function can be excused by the fact that the protocol's smart contract state variables are currently immutable. StakeDAO adequately documents their timelock here. StakeDAO's timelock has a length of 8h, and the reasons why are explained here."

DAO

  • From their blog (21-1-2021):

"SDT holders will be able to vote on topics such as adding a new token to the DAO or changing token distribution rates, or they can use their SDT to open a new vote, and propose other changes to the DAO."

  • Raised some eyebrows when the team made changes without voting (19-4-2021):

"We have taken the decision to reduce emissions from 5 SDT per block to 4 SDT per block."

Treasury

Token

Launch

  • Had a botched airdrop of 1.5 million SDT tokens (1.5% of total SDT supply) on 21-1-2021. They planned to airdrop tokens to a long list of addresses that participated in governance in other projects, plus to subscribers of Rekt or donors to Gitcoin round 8. However, hundreds of eligible address holders were not able to claim tokens.

Token allocation

Utility

  • From their blog (21-1-2021):

"SDT is the token of Stake DAO, earned by users who deposit their tokens into the DAO. SDT holders can then stake their earned SDT to receive a share of the DAO fees. The SDT token will also provide governance rights to the holder."

Token Details

Technology

"At just 12 commits in their stablecoin-rewards repo, there is not good evidence of a strong development history. This protocol's GitHub repository needs overhauling and is very difficult to navigate."

Implementations

How it works

Fees

Upgrades

Staking

Liquidity Mining

Interoperability

  • From their blog (21-1-2021):

"We support DeFi on all networks, not just Ethereum. Stake DAO also supports Polkadot, Solana and Near, with plans to add further networks in the future with features such as liquid staking and cross-chain bridges."

Other Details

Oracle Method

  • From DeFi Safety (7-3-2022):

"The protocol's oracle source is documented. There is basic software function documentation linked to Rari's Fuse Pool (their oracle of choice). Front running mitigation lies within the underlying software design of StakeDAO, as their core strategies' APY aren't really affected by the order of transactions in the mempool. Front running transactions therefore becomes a fruitless endeavor. This protocol documents flashloan countermeasures via withdrawal fees in their documentation."

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

  • Had a botched airdrop of 1.5 million SDT tokens (1.5% of total SDT supply) on 21-1-2021. They planned to airdrop tokens to a long list of addresses that participated in governance in other projects, plus to subscribers of Rekt or donors to Gitcoin round 8. However, hundreds of eligible address holders were not able to claim tokens.
  • Raised some eyebrows when the team made block reward changes without voting (19-4-2021).

Team, Funding, Partners

Team

Funding

Partners

(:

Knowledge empowers us all and will help us get closer to the decentralised world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31