What is the motivation for the team to build the Aspida project?
As an asset protocol, Aspida features easy conversion, transferability across multiple chains, and no limitation on the amount of funds.
Ever since the Merge shift Ethereum from PoW to PoS, Aspida had leveraged the future of Liquid staking and aimed to provide a safe and decentralized staking option for the market. While we are exploring the Distributed validator technology (DVT) application by SSV network and Obol network, as well as LSDfi war & LRT growth, we find it’s a proper time to join the battle of LSD.
What is Aspida?
Aspida is an efficient liquid staking protocol built on Ethereum that offers a decentralized, secure, and highly compatible staking service. By leveraging the power of liquid staking, Aspida allows users across different layers and networks to earn profitable rewards while maintaining the flexibility to participate in multiple staking opportunities.
Aspida offers a range of features that set it apart from other staking protocols.
- User’s Efficient Staking Experience: Aspida strives to create a seamless and user-friendly staking experience.
- Enhanced Flexibility: Aspida provides users with the freedom to stake their assets across different networks and layers. This flexibility allows users to diversify their staking portfolios and maximize their earning potential.
- Dynamic Yield Optimization: Aspida utilizes advanced algorithms and unique interaction designs to optimize the yield generated from staking activities.
- Robust Security Measures: Aspida prioritizes security and ensures the safety of users’ assets.
- Seamless Interoperability: Aspida is designed to be highly compatible with different networks and protocols. This interoperability enables users to stake their assets across multiple networks, ensuring they can take advantage of the best staking opportunities available.
How does Aspida work?
Users pledge their ETH assets or stETH assets through the Aspida protocol and receive aETH tokens. Aspida includes stETH as part of a liquidity pool, forming a trading pair (stETH, aETH), allowing users to make instant exchanges. By depositing aETH into a staking contract, users will receive saETH along with the accumulating yield generated from the staked ETH.
Simultaneously, Aspida batches user ETH tokens for staking with validators and routes the staking packages to network staking contracts.
Detailed explanation of aETH&saETH
Aspida’s ETH LSD consists of two tokens.
The first is aETH, a wrapped ETH token minted at a 1:1 ratio with ETH.
The second is saETH, which is minted by staking aETH into a staking contract. saETH serves as a yield token, representing the accruing staked ETH yield.
aETH constitutes the deposit certificate of the native ETH token, can be minted with ETH at 1:1 ratio and withdrawn into native ETH via unstaking or users could simply exchange between aETH/ETH via Aspida’s native liquidity module. In addition to ETH, Aspida currently accepts stETH (Lido LST) to mint aETH, thereby improving the conversion efficiency of user assets. Whether stETH will continue as a minting channel in the future, or if more LST will be accepted, will be decided by Aspida DAO governance. You can use aETH in DeFi applications such as lending protocols in the market just like stETH.
saETH is a staking certificate issued by Aspida staking tokens, an ERC-4626 compliant vault that is minted upon aETH staking. Users are required to stake their aETH into saETH in order to capture Ethereum’s staking yield. This results in structural liquidity yield, where staking yield is only provided to those who have staked aETH into saETH. As a result, saETH holders receive a structural leveraged yield, which is higher than the native staking yield (the more aETH non-staked, the higher the saETH yield). Simultaneously, the returns accrued through the validator will be converted into an equivalent quantity of saETH added to the vault. Through this restake modality, stakeholders can convert a greater quantity of saETH. You can use saETH in DEX & L2 vault in the market just like wstETH.
Does Aspida have thought about Bug bounty?
Yes. The Aspida Bug Bounty Program is set to kick off on February 21, 2024. Participants can report bugs and earn rewards via the Immunefi platform at: Aspida Bug Bounties | Immunefi. The rewards will vary depending on the severity of the detected bug.
Does Aspida have an audit report yet?
Yes, we had audited with Mixbyte and you can check the audit report through both sides’ GitHub. Click here to check the details.
Describe the security of using Aspida?
Aspida offers a comprehensive range of security features aimed at mitigating users’ exposure to slashing risks. Here are key aspects that underline the safety protocols of Aspida:
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Aspida owns security measures;
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Aspida protocol is non-custodial, minimizing counterparty risk;
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Aspida’s codebase is open-source;
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Aspida pledges ongoing audits of smart contracts;
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Aspida minimizes stakers’ staking risk through its cohort of veteran node operators.
