Shanghai upgrade is coming soon, how to scientifically obtain ETH Staking benefits?
Original author:CapitalismLab
Original author:
The Shanghai upgrade is imminent, and the liquidity betting track is hot. After the Shanghai upgrade, since unstake is enabled, the magnitude and risk of de-peg such as stETH will be greatly reduced, which is suitable for more users to participate.
As shown above, in general:
There is not much difference in the rate of return among different companies. Pure staking is about 4% -5%, and AMM is about 7%. Frax currently has a certain early bonus;
There is a huge difference in liquidity. For a slippage of 0.2% (half a month of pure Staking income), stETH can sell 40,000, while bETH can only sell 10;
In terms of decentralization and transparency, DeFi is significantly better than CeFi.
Lido
Ethereum Shanghai is about to upgrade, how to obtain ETH Staking income in the most scientific way?
With good liquidity and many ways to play, it is the most universal, and it is the best choice for users with large funds.
Since wstETH has been cross-chained to Op/Arbi, the Gas Fee has been greatly reduced, which is more friendly to users with small capital and beginners who want to try.
There is currently a 1% discount on stETH, and it is recommended to purchase through 1inch.io (L2 is also applicable). As mentioned above, novice users are advised to play on the L2 first.
More information about Lido can be found inThis articleThis article, you can also addLido Chinese Community
Exchange questions.
Introduction to wstETH Arbitrum Ecology
AMM：
Balancer:https://arbitrum.balancer.fi
Kyberswap:https://kyberswap.com/pools
Curve (To Launch):https://arbitrum.curve.fi
Lend：
Radiant(To Launch):https://radiant.capital
Option：
Premia:https://premia.finance
Dopex(To Launch):https://app.dopex.io/ssov
Perp:
Mycelium(To Launch):https://mycelium.xyz
Rocket Pool
The gas cost is less and the income is higher.
The feature is "no license required", everyone can become a node operator, users can use 16 ETH to build a node on the server, and the other half of 16 ETH is provided by non-node operation users.
rETH is suitable for people with cheap server resources, and the income is as high as 9%, because it can enjoy RPL rewards and share other users' commissions.
Frax
For non-node operation users, the protocol draws 15%, and there is no advantage in terms of yield and liquidity, but the degree of decentralization is slightly higher.
It was only released at the end of 22, and it is in the early dividend period. The current income is relatively high. The ARP on sfrxETH exceeds 7%, and the Convex/Curve LP is more than 10%.
However, there is almost no discount on frxETH, and there is no benefit from narrowing the discount.
The frxETH protocol draws 10%, and currently has not paid any fees to node operators. It is suspected of self-operation, and the degree of centralization is slightly higher than the first two.
Generally speaking, it is more suitable for users who are familiar with the Frax/Curve ecology and more professional DeFi users.
frxETH specific design logic
frxETH = stETH without staking rewards
sfrxETH = wstETH, plus the staking reward of frxETH.
The design of frxETH is novel. When you deposit SETH into Frax, you will get 1 to 1 frxETH, which is the same as 1 ETH = 1 WETH.
In order to get staking rewards, you have to stake frxETH to sfrxETH. If only half of the people turn frxETH into sfrxETH, then sfrxETH holders will get twice as much.
Let me look at Convex, you will find that the base vPAR of stETH-ETH is much higher than that of frxETH-ETH pool, why?
This is because LPs can also get stETH staking rewards, which allows Lido to allocate less LDO rewards to reach the target apr and liquidity.
Coinbase
Frax has a lot of CVX that can be used to bribe crv rewards, and as the algorithmic stablecoin narrative ebbs, they may want to put CVX to other uses. They can use Crv rewards instead of staking rewards in Curve, which is probably why frxETH is designed to earn staking rewards.
ETH 2.0 service from Coinbase, 25% commission.
It is relatively mediocre in all aspects, and may be more suitable for institutions with US compliance requirements?
Binance
There is also a certain Alpha when there is a large discount, so you can keep an eye on it.
Deposit into Binance's ETH 2.0 service pledge to get bETH, and its secondary market currently has a ~3% discount.
Binance is opaque in terms of fees and underlying operators. The text game on the interface misleads users. "My actual measurement is currently about 4%, and it is estimated that the commission is about 20%." Node operators such as Ankr of Black History.
Liquidity is scarce, 10 bETH will be sold at 0.2%, and there are fewer DeFi Legos. It is more cost-effective to buy at a substantial discount. Remember not to deposit directly, but to buy bETH in spot.
It also includes Matrixport, which provides transparent products. In a word, if you don’t make pledges or liquid pledges yourself, depository institutions will actually do this either implicitly or explicitly.
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