LSD management. Identify the best ROI for your eth / Rostyslav Bortman

Transcript

nice to see everyone Thanks for for invite so couple of words about myself my name is Rusty slav uh I'm a CTO at the protocol called asymmetrics it's defy protocol we will talk a bit about it a bit later so also one more thing that I would like to share is that I have a community in Ukraine I'm originally from Ukraine and I have a ethereum community in Kiev we are doing regular meetups workshops and so on usually it's like a monthly basis so and if someone wants to share any kind of

um I know knowledge and so on with Ukrainian people you are I'm glad to invite you to be a speaker or like contribute in any way you you want or you can um yeah so okay here we go so today we will speak a bit about LSD management yeah and how to how to keep the best story for your steak teaser it's uh so LSG is really a Hot Topic right now yeah and let's speak about it so what is LSD liquids taking directives so basically every proof of stake chain allows you to

stake uh the native facet of the blockchain to validate the blocks right and uh actually for this you require to run a node to become a validator and it it could be really a problem for the regular users in terms of ux it could be complicated and so on and so forth so basically what people did they actually go and say okay if you don't want to validate if you don't want to become a validator if it's too complicated for you we can do it for you but you will pay for us a small fee yeah and we will earn but you will don't need to do anything you just need to convert your ether or any other assets like magic or any

blockchain and we take for you and then you will get the rewards but we will get a small fee so that's how it works what you can do with your lsdf is your liquid second derivative so basically you can just stake and hold so stake means you just convert your for example ether to stake teaser yeah and hold it in your wallet and you just can keep and earn the rewards so there is no almost no risks you just hold the risk of the protocol itself for example of the Lido uh or any other staking protocol so what also you can do you can

basically use your LSD in the file you can actually use it as a collateral for example in such protocols like Ava and basically take alone but here you introduce new risks for yourself basically your position could be liquidated yeah but if you are known you if you are knowing what to do so you can actually raise your uh raise your yield percentage per year and also you can you can participate in some liquidity mining with LSD I guess it's the the highest risk on the market

if someone for example shares some tokens for your LSD you always need to check uh what's going on in in this protocol why these people share some incentivizations for your LSD and so on and why they I mean pay you money yeah just for your LSG so you need to check it so it's always needs to be researched from your site before you go to do some liquidity mining so let's take a look at the current market state of course we have a Lido who is the best for now on the market yeah it has the the biggest market share which is 74 percent and basically in in terms of global

liquids taking derivatives which we have I think liquids like a derivative Stakes like a 10 percent uh of the wall assets of all ethers staked on ethereum so it's basically more or less 50 percent uh of the market and Lido has like 32 or 33 percent of the of the total stake a teaser in ethereum do you see any kind of problem here I see so we sacrifice uh a lot the debt centralization of ethereum right now yeah and uh actually there are no ways how to how to solve it for now yeah so

there are some proposals uh for example there was a proposal on Lido side like uh so to make a self-limit um but actually holders of ldo as they they voted that they don't want to limit themselves they want to keep earning more and so on and that's okay so we need to introduce some new new ways how we could solve this problem of course we need to teach people how to stake you know how to run a solo validator because it's important for ethereum ecosystem and so on and so on um but of course if we cannot force people to become a solo validator because it introduces risk for you that

you could be slashed you could pay some fine yeah if you do something wrong uh and uh the ux in terms of solos so stakers is really not not good for now and uh yeah so that's the problem but uh that's actually the not topical for our today's speech uh but anyway this is the problem and we don't have a great solution for now uh let's take a look where uh where the most stake at Easter is seeking on the market so first of all if you go check uh on on chain if you go to and check on their

scan uh we will see that the most the biggest amount of stick these are of course sitting in a wrapped steak teaser because because of the nature of steak teaser it's it's rebased asset yeah and the best assets is pretty much complicated to support by by defy so people usually support shop State staked ether but there are some protocols like Ava and who actually solved this problem and basically you can use your stake teaser and curve and away so as we see the most popular like protocols which keeps the biggest circle agent supply of stake

this series curve and also Libra Finance on the fifth place if you take a look at wrap teaser it's sitting in the maker now in Ava again uh in some bridge and some actually some whale is keeping like 120 000 of uh wrap stick teaser I don't know just a wallet and and also we have a balancer of course like you know most of this protocols so let's take a look at the staking API in different the five protocols it's a bit boring because Server doesn't as I checked like how it doesn't pay any

interest for the stake teaser uh curve is like you know generating something some fee on on the on the pools it's like more or less two or three percent and so on Libra is more interesting but it's like high risk yeah so you can go and check I don't know I I didn't I was not able to find the the original API and so the asymmetrics is actually our protocol which we built we will speak about it a bit later but for now it's like 20 apy in our governance stock in I6 and plus we give an ability to uh to win a lot of

uh a lot of Yelp so make your Dao have a balancer you all know better than me and uh and it's a bit boring so let's take a look at something interesting so what actually people uh when they build some kind of LSD Phi protocols what they usually do they basically uh separate your like your body of the assets and the yield your generating from LSG um so this is the scheme of one of the protocols on the market anyone could help me to to with the name of this protocol

huh no sorry any other no maybe they're similar yeah but this is it was originally from Pendle bundle of Finance uh if someone like it's actually separate the yelts and and and you can buy for example you can go and buy even just just the yield here and hold it if you think that it will it will be higher than original estimated you can buy it hold it and then you can earn more and also you can just buy the asset itself without the yield which is more or less interesting yeah the second

the second option is to not only separate your body and and the yield but the guys going further and what they do with this basically they use your body of the stake of the asset and mint yeah as a collateral and mean some some stable coin and basically on the yields they bind this their oven stable coin from the market and actually share all the profits between their stable coin holders can anyone help me with this name of this protocol yeah correct so this is Libra Finance but there are additional risks about the

liquidations if you use your ether as a collateral of course you could be liquidated but yeah um and this this is the third option so basically let's say uh so this people introduced the New Concept basically they also separate the body of ether and and the yield but the yield they actually uh draw between like participants you know and uh three of the for example three three winners win all the yield generated from the pool anyone could help me with this yeah thank you you are the rock star today

okay yeah so this is our protocol we built basically the comps the concept is easier uh people just deposit their ether to the pool and basically uh your ether keeps this you you can anytime you can withdraw yes sir um but you don't generate like regular yield for your assets but you get a chance to win a lot of research generated but by the whirlpool so what is it so basically it's simply premium bonds on on chain this concept is originally was burned in UK yeah there are a lot of people who participate

in such an instrument it's like a premium bonds basically to introduce the the great way for people to become save some money yeah so they they could just participate in in premium bonds and to get a chance to win a lot of field generated for example in one week and one month it depends uh so why the asymmetrics because uh if you if you want to to receive your guaranteed yield yeah you don't need to use a symmetrics if you just want to keep your four boring four five 4.5 percent or five percent per year it's okay let's say you have 10 users you have like five percent more or less and

in one year you will get like 0.5 is if it's like something that is interesting for you of course you can keep it it's not a problem but if you want something bigger you can use a symmetrics of course you need to get some luck but in general it could give you more than five percent in the year so let's say you have 10 Acer and you win you want several times for example today the uh we had a draw yeah and we distributed almost eight users in one week between between the pool holder like between the winners uh which is a lot so you you you you would be able to earn actually like four

ether in a draw but it also depends on the pull on the pool size of course so you can expect five percent a more than five percent repair in the symmetrics but you can also expect zero if you if you're not lucky so the ability to withdraw funds anytime that's basically we don't lock your funds you can uh you can deposit you can withdraw in any time and also this is the excitement of the process yes so you can take a look you can be lucky and you can win the lottery sir uh what else is interesting is that we for now uh we launched like one month and uh I think 15 15 days before and currently we have instantivization

program in our governance stock in A6 and the current yield in our protocol is 20 percent by I6 stockings so you can you can just participate in the pool and get just 20 for free it will be still live like for almost two months more so you get the chance to win an ether yeah of the pool and also you guaranteed get the yield in I6 tokens um so how it works basically user deposits their stake teaser so for now this support only stake teaser but we we have plans to support more uh different

different liquids taken tokens um so you you deposit your stake teaser and you get a push your token in ratio one to one and get it you get you it also actually on your wallet right so the minimum deposit is 0.1 stake this sir uh yeah so the second step when you deposit it you actually participate in a draw current draw is like one week period uh we are waiting one week we uh generate the pool generates the the yield from the whirlpool from the wall users take these are deposited and

basically how how the lighter works works they pay the rewards every day yeah so we do we wait for seven kind of rebates from Lida and then we do withdraw um so when we when we waited one week we distribute the yield between between the users we choose the winners for now like it's you know it's configurable uh we can set more than three winners so now it's three and for now we wait one week but we can configure this it could be even daily rewards you know we can pay still if we have like more than uh more stack these are in the pool we would be able to do rewards more often

than one week because the pools in in one day for example already will be huge uh for now we have more or less 19 millions of dollars in the pool which is kind of good because we are live a bit more than one month so yeah how we choose the winners we use chain link vrf which is obvious solution for the for the ethereum of course you have for the cereal system so that the best way for now to to choose the random numbers uh how do winners receive their rewards so basically if you're seeking in the pool you don't don't need to do anything you just if you want to for example you want and you want to uh just keep going

yeah and see you on the protocol so you don't do anything you just sit in and watching and your uh your amount which You've Won already participating in the next draw and it's the part of your position already so that's uh don't need to do this and you can just deposit wait one year and then in one year you withdraw everything you have with all you want so that's basically really comfortable in terms of weeks and how to withdraw your initial deposit so you just need to click a button there is nothing nothing specific you just click a button you withdraw you you basically

um burn your pull share tokens and you get back your stake teaser uh so this is so we have a Dao of course it's for now it's of chain we have plans to do it on chain uh for now it's on Snapshot but and we will introduce uh some proposals soon so the people who have I6 on their bonuses they could of course participate in the votings and I mean get the chance to to improve our protocol even could could give some proposals and so on so but that's this is nothing

uh nothing special basically that's the standard way how usually people do it now uh so what is interesting here is that we do we do have a we do have a time lock uh what is time lock for those who who doesn't know basically we cannot do right now we cannot do any changes uh right away so to to do some changes in the protocol uh we as we have a multi-seek which is owner of course because we are of chain now uh we take the voting results and then we have a multi and three stakeholders and then we let's say we take voting results we send

it here but the changes is not introduced right away we need to wait 12 hours before it's before it's done because we have a Time block and then if someone for example does not agree with these changes they could withdraw their money from the protocol before 12 hours like um and yeah and that's uh that's actually the proper way how to how to how to do the changes in in your protocol um so our future plans is basically first of all uh we we have an idea how to incentivize the A6 holders yeah we

would like to introduce some utility forward token of course for our governance I can accept just voting in the uh in the Dow so our idea is to multiply a six holder odds odds is your chances in the protocol to win The Ether in the protocol by specific coefficient depends on the six amount let's say you have like 1 million i6 uh if you have one million I6 we and you have some position you have let's say you have one percent of chance of win of The Ether right during the draw uh if you have let's say one million I6 is just an example the numbers would be really different but we can multiply

your chance uh by coefficient 1.1 for example yeah and in this case if you even if you don't have like a lot of ether share in in the pool uh but you have S6 you get a more chance to win so that's how we see we could incentivize six holders in our protocol also the idea is to create the template of the pool alloying small size is holders to journal symmetrics pull together and participate in the draw so for example right now the pool contains 10 000 1200 stake teaser if you have one ether it's really it would be really a

small chance to win and it's like I would not say it's impossible but it's really like it's really hard to win something so what is the idea is that you can create a pool and join with your friends who also have I don't know 10 ether 20 ether and you can become like a huge pool like 300 500 ether with your friends and then this pool will be participating in the draws and basically your chance will be higher but whenever your pull wins you distribute all the winnings uh proportionally between all the pool holders and it's increase your actually chance to win

um but it decreases of course your your winning number but it's supposed that you would win more often than you just send your one user uh of course we have plans to migrate to more decentralized architecture for example to gelato network if someone aware of it or or something similar because for now we have opens up in Defender after tasks it's good but not enough decentralized in my opinion so we we have plans of course for the Unchained out creation and we would also introduce the balancer 80 to 20 percent model electricity pool for I6 dragon

so that's actually our plans for for the near future for the asymmetrics protocol you can follow me on Twitter on Twitter I recently started to to do some tweets it's really complicated uh even I mean more complicated than speak here right now so yeah if you want you can scan follow that's it thank you any questions we have time for about 10 okay

I guess no questions right okay thanks everyone have a nice day [Music] foreign [Music]