(February 2024 Edition)
Hello again SafeStakers! It’s time again to join us as we take an exciting journey through the world of SafeStake and our unique DVT (Distributed Validator Technology) platform for Ethereum staking. There are a lot of updates in this month’s edition, so buckle up and get ready!
New to DVT and SafeStake?
If you’re joining us for the first time, welcome! Perhaps DVT and SafeStake are new to you. If this is you, let us take a brief moment to better explain what we do.
DVT and SafeStake essentially allow Ethereum validators to run on multiple nodes instead of a single node for increased network decentralization, maximized staking rewards, slashing protection, and enhanced private key security.
Instead of solo stakers running their own nodes that are prone to single points of failure, independent, decentralized entities, known as “operators,” run nodes that manage validators as a “committee.” These operators are spread out geographically and can run their infrastructure as they see fit, providing they meet the network’s minimum performance and uptime requirements.
With SafeStake, ETH stakers choose several operators to attest on behalf of their validators and pay a monthly fee for operator services and use of the SafeStake protocol.
The SafeStake protocol achieves extremely effective fault tolerance without risking double-attestations, allowing one of the nodes in the committee to be offline or compromised without affecting the validator’s performance. Only three (3) out of four (4) nodes are needed to produce a signature equivalent to that of the original validator private key, and the protocol never recreates the original key itself. It also prevents operators from doing so, giving stakers peace of mind that their investment is safe from theft and other malicious activity.
It is important to note that the SafeStake operator node has some distinct advantages over others:
- It is the first Ethereum validation client written in Rust and natively integrated for the best in security, resiliency, and performance.
- It is the only DVT solution to employ HotStuff instead of IBFT (Istanbul Byzantine Fault Tolerance), or it’s cousin QBFT, for operator committee consensus, providing superior slashing protection and validator performance in both normal operation and when a node in the committee is offline.
- Stage 2 features natively integrated, protocol-level DKG (Distributed Key Generation) for the ultimate in multiple-depositor (liquid staking) security.
Now that you have a better idea of what DVT and SafeStake are, let’s dive into the happenings of the past month and also look forward to all the exciting things coming soon!
🚀 🚀 🚀
Safestake on Holesky now open to the public!
The dev team opened the new SafeStake testnet on Holesky to public operators and validators on January 16th.
Testing the SafeStake tech stack on Holesky marks the final phase prior to private mainnet launch and offers several advantages over the previous Galileo testnet on Goerli, including faster block times, improved stability, and improved tokenomics. We’ve already had some amazing professional operators join as well as over 100 validators! But, we’re always looking for more.
Current Holesky testnet stats:
A special THANK YOU to the following operators for joining SafeStake on Holesky early and getting your nodes up and attesting properly.
InfStones, Pier Two, Stakely, CryptoManufaktur, Blockscape, Staking4All, lux8net, Orion, DVStakersSpacesider, Balxyz, The “Serge” Group, Ivan, Ivar, Ikuto, Namdokmai.
We appreciate your hard work and support!
Wanna help get SafeStake to mainnet?!?!?
Join SafeStake on Holesky today as an operator or validator!
✴️ Operators:
▶️ There are SIGNIFICANT incentives for running a node on Holesky and SafeStake mainnet!
▶️ The team is working hard in the background to onboard new operators but we can always use YOUR help! We’ve created an operator referral incentive program where you can earn up to 7500 $DVT for bringing other ops onboard!
▶️ Find the latest repo here, step-by-step instructions here, and a helpful video guide here.
✴️ Validators:
▶️ Join by creating a new validator on Holesky and importing it to SafeStake via the drag-n-drop web interface. You’ll need 32 HolETH (mine via the Holesky testnet PoW faucet or we may be able to help) and 120 test $DVT.
▶️ Watch this helpful step-by-step tutorial to run your SafeStake testnet validator!
▶️ Test NOW to get yourself ready for the mainnet validator incentives!
📊 Operator Performance
We have created and published an Operator Performance Dashboard for testnet. This dashboard is currently displaying results from Galileo, but will be updated for SafeStake on Holesky when performance rates there are more established.
CALL TO ACTION: At the current time there are operator nodes running on Holesky with no validators associated with them. If you are running a node on Holesky and expect to earn rewards as part of the incentive program, your node must be active and attesting for at least one validator to measure performance. Please do not wait for someone to create a validator and associate it with your node. Create and import your own validator instead.
IMPORTANT: To begin the final testing period leading up to the launch of SafeStake Private Mainnet, it is essential that we onboard a minimum of 20 independent professional operators and that short term node performance exceeds 95%. Our goal is to maintain longer term node performance of 98%+.
💰Operator Rewards (Galileo portion)
The pre-launch operator rewards for Galileo testnet have been posted here. Congrats to ops that earned $DVT during this phase! A hearty THANK YOU to all of the operators that participated in this phase of testing that lasted for a total of 113 days. Your commitment to SafeStake’s success has been noted and is appreciated
It appears that the liquidity issues that have been causing large price fluctuations in the $DVT spot price may be resolving themselves. Liquidity is currently hovering around $184K and recently, even large trades have not caused drastic changes to the price. With more trading volume expected soon, the future looks bright for $DVT!
To view the latest info about $DVT including price, volume, liquidity, and more visit:
$STATE to $DVT conversions have ended! (for real this time)
After many announcements, several deadline extensions, and numerous $DVT distributions, the final deadline for conversion (end of January) has passed and the final distribution of $DVT has taken place. Now, the team will calculate the amount of unclaimed/unstaked/unconverted $STATE, determine the value in $DVT, and hold a governance vote to determine how it will be used. Some ideas include:
- Boost mainnet rewards for operators and validators
- Boost $DVT liquidity
- Marketing campaigns
- Airdrops or retrodrops to active users
- Burn
With the final distribution behind us, the team looks forward to focusing all efforts and energies on propelling SafeStake to the next level!
SafeStake featured in Cointelegraph!
SafeStake was recently featured in Cointelegraph! Check out the article entitled Safestake announces imminent mainnet launch for their dvt product along with validator incentives and look for another feature article publishing around the time of SafeStake mainnet launch.
Mainnet Validator Incentives Unveiled!
Incentive pool = 1.4M $DVT + additional 1 ETH incentive!
For airdrops to the first 250 validators that join SafeStake mainnet and stay active for 90 days.
- Rewards: 1.4M $DVT incentive pool / 250 validators = 5,600 $DVT per validator
- Validator commitment: 60 days private mainnet + 30 days minimum public mainnet
- Additional 1 ETH incentive: when SafeStake mainnet reaches the goal of onboarding 250 validators, 2 random drawings will be held -
- Random drawing #1: 0.5 ETH — all OPERATORS that participate in testnet + holesky (30 days) + private mainnet (60 days)
- Random drawing #2: 0.5 ETH — all VALIDATORS that participate in 90-day period
- Rewards paid shortly after 90-day period
Spots are limited! Sign-up to reserve yours today!
Mainnet Marketing
We are currently working on several marketing initiatives and campaigns to coincide with the launch of SafeStake on mainnet. These campaigns include press releases, banner ads on beaconcha.in, and hopefully a KOL program, providing we can locate and come to an agreement with the right influencers and thought leaders in the Ethereum space. We are also gearing up for several X Spaces events in other communities that will be announced soon!
New Logo & YouTube Banner
Be on the lookout… The SafeStake logo is currently getting a facelift! Soon, it will stand out amongst others, be instantly recognizable, and better reflect the virtues of our brand. Additionally, we are working on updating the design for the banner on YouTube.
Zealy Rewards Program
It has been a while since we ran our last task-based incentive program on Zealy. To promote both the final testing phase on Holesky and the upcoming mainnet launch, the full details for a new Zealy sprint will be announced soon! Earn points to cash in for $DVT by participating in social media activities (AMA, Twitter/X, Discord, Telegram), setting up an operator node and/or validator, trading $DVT, creating and posting memes, and more!
Mainnet Launch
When SafeStake on Holesky supports 20 professional operators with node performance >95% for 30 days, SafeStake will launch on Ethereum mainnet in a “private” capacity, with a limited subset of operator nodes and validators. This private stage will last for 60 days, after which time we will open the SafeStake Stage 1 permissionless mainnet to the public, likely sometime in early-mid May.
CEX Listing(s)
The team is currently pursuing several CEX listings for $DVT, however, there is power in numbers and we could use your help! If you want to see $DVT listed on a particular centralized exchange, please work with other community members to send messages to their decision makers. We believe the best exchanges for a listing include Coinbase, Bybit, OKX, Binance, MEXC, Gate, Kucoin, and Bitget (in that order).
That’s all for this edition. Until next month, thanks for joining us!
SafeStake is a decentralized and pioneering technology company focused on revolutionizing Ethereum staking. With its cutting-edge Distributed Validator Technology (DVT), SafeStake provides an ultra-secure, fault-tolerant environment for Ethereum validators to maximize staking rewards and minimize penalties. SafeStake is committed to driving the growth, innovation, and decentralization of the Ethereum network while ensuring the security and prosperity of its participants.
