This is the biweekly project progress report of Aspida. This series of articles will cover the progress situations of Aspida in product development, business partnerships, social media activities, and community conditions. Other sections will be published in the future.
Product Development
This section will outline the development progress of each functional module of the Aspida. Aspida is a native liquid staking network which provides security, liquidity and optimized native rewards. It features easy accessibility, allowing users across different layers/networks to earn staking ETH yield.
Withdrawl Module
When a user requests a withdrawal, the Aspida protocol will deposit the corresponding amount of dETH into the exit queue, which operates on a FIFO (first-in, first-out) basis.
In Aspida’s initial design:
Withdrawal requests are prioritized based on the current token balance in the pool. If insufficient, the unmatched portion is locked and subsequent requests are queued. If after 24 hours the pool balance still cannot fulfill the withdrawal, it is aborted unless validators exit. Once submitted, withdrawals cannot be canceled midway.
- The minimum withdrawal amount per transaction is 0.1 dETH with no maximum;
- The daily withdrawal limit is 500 dETH;
- Withdrawals are computed daily at 8:00 AM UTC.
Reserve Module
The Aspida protocol will autonomously activate relevant contracts to establish LP pairs of dETH and stETH for:
1. Bootstrapping liquidity
2. Expanding underlying asset diversity
3. Broadening token minting avenues
In Aspida’s initial design:
- When users submit ETH, Aspida protocol automatically separates a portion of the ETH and utilizes the dETH management contract to mint out stETH;
- At the same time, the dETH management contract mints out a corresponding amount of dETH;
- A token pair (stETH & dETH) will be created in the Curve pool, thereby increasing bidirectional liquidity with stETH.
It warrants notice that:
Aspida protocol will automatically terminate this proactive behavior once the minted stETH amount reaches 3000.
Other Modules
Other functional modules of Aspida, such as the Node Operators Module, and Safe Module, are under development. The development progress will be revealed one by one in subsequent biweekly reports.
Business Partnerships
This section will outline the partnerships that Aspida is attempting to establish/has already established. We have been making our best efforts to expand Aspida’s influence in LSDFi, and increase users’ yields.
Code Audit
In order to ensure maximum user security after the Aspida mainnet is officially launched, our protocol is currently conducting code audit communication with multiple organizations.The resulting audit reports will be made publicly available in a timely manner as well.
Social Media Activities
This section will outline/preview the activities that Aspida is conducting or about to launch. The forms of activity incentives are diverse, with NFTs and integrations being the main forms of incentives for Aspida’s current stage.
Testnet Launch Activity
Aspida Testnet Campaign is being actively planned;
This event will take place simultaneously on Twitter and Discord. Users can earn corresponding rewards by completing different tasks during different stages of the event.
We will disclose the specific details of the event in the near future, please stay tuned!
Community Conditions
This section will outline Aspida’s community activities such as key community calls and handpicked community FAQs. We encourage users to actively participate in community building and provide valuable suggestions for Aspida’s development.
Handpicked Community FAQs
What is dETH and how to get it?
dETH constitutes the deposit certificate of the native ETH token. It can be minted at a 1:1 ratio with ETH or stETH, and redeemed for native ETH through unstaking. Alternatively, dETH can be exchanged for ETH/stETH via Aspida’s native liquidity module.
What is sdETH and how to get it?
sdETH is a staking certificate issued by Aspida for staked tokens. It is an ERC-4626 compliant vault minted when dETH is staked.
The sdETH token is minted by staking dETH into the Aspida staking contract. Users must stake their dETH into sdETH to capture Ethereum’s staking yield. This provides structural liquidity yields, meaning staking rewards accrue only to dETH staked in sdETH. As a result, sdETH holders earn a structurally leveraged yield exceeding native staking yields. The more dETH left unstaked, the higher the yield for sdETH.
Conclusion
Although Aspida is a newly established LSD project, our team is making every effort to build it. We welcome users to join our community and provide valuable suggestions for Aspida development. We will regularly disclose project details, maximize the transparency, and share the joy of milestones with contributors. Thanks for supporting us.
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