Lido V3: A Modular Approach to Ethereum Staking

Transcript

[Music] Uh hello friends. Uh thank you for coming. Uh today would be a little bit more different presentation that I'm usually uh given. Uh it would be short and fun like it would be no like technical heavy details. So yeah, uh I'm chef from LIA. You probably know me. And uh today I'm going to show you how to deploy LA3 ST volt. Um and let's start with a current version of protocol. Lida um so actually it's a lighter v2 or like

a current version of protocol and uh you can see staker can stf or whatever he wants. Yeah. To the shared pool get some in return. uh this effort would be delegated to some node operators and um like uh this ST would some rewards u just in a wallet if not operators doing good um and what's cool about ST that it's like a very liquid token because like we have uh like you actually have two ways to withdraw it back to uh ether at any time through withdrawal queue uh it's in protocol way but you need to wait some like some time probably for one to six days and you can do it like

using indexes. So trade on a open market instant but like with a market rates but almost one to one all the time and u um the thing that u as staking market evolves um stakers looking for custom staking setups. So like imagine if like uh some staker wants a private restaking jacuzzi or institutional grade Olympic swimming pool. Um that's not quite possible with the current shared pool model. Um so basically like uh I outlined like four most important things where like ster seeking for customization. It's a

choosing specific node operators like or you need isolated position. For example, if you're insta like you want a very compliant way to stake or fee structure because in short pool it's predefined and or you want a customizable side cards staking custom MV policy whatever and they want all of that while still maintaining access to this magical ST liquidity when you can like trade on a DEX or even like use withdrawal Q and like this is Actually all this problem is shaped light free I mean all this consideration shaped light free which going to expand the freedom taking

infrastructure with ST volts um um important to mention that LB3 wouldn't wouldn't be only about ST volts it would be also it's it's like a supererset of like current version of protocol which now we're calling corpool uh uh and uh like new primitive that allow allowing to build like customizable um non-custodial permissionless uh taking position where you can mint ster against this taking position as a collateral but uh withdrawals or like withdrawal Q mechanism it's still

available only through corpool so yeah now it's two ways to mint ST deep and u let's take a look on est volts a little bit closer what's important to understand that it may be many ST volts uh I mean in protocol for sure it would be a lot of ST volts but even for one ST it might be many ST volts for sure for not operator it might be many ST volts uh and yeah like three important facts that you need to understand about ST volt that each ST volt represent the latest taking position And hence it might be a smart contract.

So ster it might be EOI external account or it might be smart contract and it's how uh modularity can play with all the setup. So we can actually uh compose like a uh uh compound not compound but actually compose several SD volts into one position governed or like operated by one uh smart contract. Uh second uh that minting of ST is optional. So you can just use it as a like delegated staking. Uh but for sure in that case your position would be illquid. So it would be stake it. You need to unstake to actually get your fback. And number three it's um only portion of this est position can be used as a collateral to

mint STE. uh and it would be some reminder that uh always would be a reserve and yeah let's double click into that why so it's actually why the mint ratio is less than one to one so why it's not like allow people to mint everything uh let's take a look on a picture uh so it's top row it's like amount of uh capital in ST vault you can see that you can use only part of your ST volt effort to lock as a collateral And like uh other part is like you can do whatever you want like u withdraw or like stake whatever. So um uh let's focus on this one. uh you can

mean some STF against the locket um locket collateral and it's uh there is a safety reserve out there and uh it needs to protect uh ST holders from any losses that might happen because of slashing or because of like poor performance or whatever uh in STS. So if reserve ratio for example is 20% then you can mint eight sorry 80 st effort out of 100 f locked as a collateral. Um let's uh uh let's talk about demo meet jarafa jarafa it's a small uh homestaker um born to validate on CSM but uh

looking for light free est. So uh he has dab node and 32 effort. So and want to run some giraffe confirmation sidecar and still have an access to liquidity probably want to put in a or like gearbox or like I don't know put in symbiotics or whatever. Um so uh action plan would be like that. Uh giraff giraffe needs to deploy uh stault uh find it with some epher log this epher into est volt. So actually log to to use as a collateral and after that mean some stiff and after that do

whatever wants to do with this stiff and it's uh hoodie time. Let me open my browser. Um, yeah. Uh, so it's light. I don't know. Maybe I need to do it a little bit bigger. Uh, just let's go down. Yeah, because like test net is leaf. I want to show you how to get there. um the guides ST volts um we have actually UI for that to operate votes and also uh command line interface today we would use like UI just because yeah I mean like we don't

have time for CLI um yeah sorry it's like uh uh another account yeah Jiraafer connect. Yeah. Uh you can see like giraffe has zero volts. Um let's create new one. What we need to do? We need to set up node operator the same address as a vault manager and a node operator manager because it's like single engine in in our case because vault is actually created to be like a smart contract that helps coordinate staker and operators. In our case, it's the same guy like little giraffeer. Uh

giraffe want to tax uh himself himself. Uh so zero fee continue and like uh let's create vault. By default vaults created with like one effort being supplied into it. Yeah. Let's wait uh for a while. So it's on hoodie. It would be fast. Yeah, like u it's our crypto UX. It's like we need to improve it probably.

So yeah, it's done. Uh let's go to vault. Yeah, I mean like you can you can see like now uh in my vaults like vault it's like one effort and reserve ratio 20%. Nice. Let's top up with 31 effort to um being able to run one validator just one one validator out of it. We actually wouldn't do this like uh deposit u transaction to actually deposit contract because we don't have time but the giraffe can uh generate some deposit data uh put up with CLI to put up this data to this vault contracts and after that trigger deposit uh wait for a while

and after that validator would be activated and uh everything would be set up. So now we have 32 effort. Nice. Uh let's mint some estive. Let's mint 20 estive for current address. Um yeah. Um so yeah uh for sure like right now for the demo purpose we are not waiting for this effort actually would land consensus layer and turn into validators and start actually generate some rewards but uh yeah I mean like nice things that you could do it as synchronously uh you can just already mint some while your like uh validators are pending mode so

yeah now it's cool we have like U 32F involved 25 locked and uh we have like uh 20 staked effort being minted. Yeah. And like thanks rounding error of uh staking effort token and you can see that yeah we have like 90 9099. So yeah giraffe giraffe is happy. So yeah we're done. And uh uh you can use this QR code to join our test net. It's actually like one of like on our landing page. We have like this test net section with all like documentation and materials also like with discord link to discord so you can ask questions

whatever and we expect light to be free somewhere like in October 2025 and that's it. Yeah. Just if you have any questions like feel free to ask. No, we don't have time. If you we don't have Oh, okay. So, sorry. You can ask me questions like u Yeah, outside. Thanks. Thank you. Thanks. [Applause] [Music]