July 31, 2024 @ 9:00am EST WELCOME TO PHASE I: STAKING IS LIVE
Today, staking opens on Bracket. It will be the first phase of a three-phase journey to activate LSTs in DeFi.
Before we move forward, let’s rewind.
In 2018, I stood in a room with a couple of colleagues at Consensys and mapped out what the future of Ethereum could look like on one of those whiteboards on wheels. Many of the pieces already existed, but they stretched our minds into the glossy expanse of what an ownership economy could look like.
One of us would held the board, the other diagrammed the future, drawing circles around products that would change the future of the digital economy. Staking, infrastructure, and DeFi always survived the revisions. Looking back, it was a juvenile exercise in optimism, from that industrial office on Bogart Street, defiant kids willing their ideas into reality.
Sometimes we get lost in the darkness of opportunity. Great things seem too daunting at first, too hard to see the light. Yet after years in DeFi, I’m glad we’ve carried a candle through the shadow.
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Bracket’s origins are in DeFi and derivatives. We are builders and innovators who push the boundaries of what’s possible on-chain. Experimental, yes, but these flickering experiments keep that flame alight.
Liquid staking has captured the lion’s share of DeFi TVL for the last year, and for good reason. LSTs expose users to passively accruing block rewards, growing a native, on-chain asset class that cannot be replicated in TradFi.
With our experience as creators in DeFi, we will introduce a new platform. DeFi users deserve a simple, fun, and effective experience with elegant UX to deploy liquid staked assets into the on-chain economy.
We will turn the candle we’ve carried into a torch for others to follow.
WHY STAKE
Stake LSTs/LRTs, Earn [BARS], Claim and use $brktETH
- The incentivized staking journey will last approximately ~90 days and provide TVL to fuel our Liquid Restaking Token, $brktETH. Eligible users will be incentivized by our points system, [BARS], to stake supported LSTs and LRTs. During this time, users will still accrue LRT points from participating assets as well as block rewards from their LSTs. Users can withdraw at any time before Phase II and keep the points they have accumulated.
- Users will have many boost opportunities and other ways to stack more [BARS].
- In Phase II, LSTs/LRTs will be locked into the protocol and users will be issued $brktETH, an LRT representing the aggregate yield of the underlying assets. In this phase, $brktETH can be deployed into strategies and other earning opportunities.
More on Phase II to come . . .
Participating now gets us that much closer to the platform launch and helps us create a strong excitement to stack rewards and build the future of Liquid Staked DeFi.
We are looking forward to what lies ahead and encourage you to get active in our community for the latest updates.
You’re still early!
[Mike]
