Anoothi on liquid staking solutions across multiple blockchains

0:01I'm Ashton Addison from blockwest capital for investment pitch media and today on the crypto coin show we have annuity the head of Tara and near at stator labs and Nancy welcome to the show and thank you for taking the time hi Ashton thank you so much for hosting me and today pleasure talking to you and thanks everyone of whoever's watching uh super grateful for the community and all

0:24their support and happy to answer any questions likewise and I'm interested in diving into staking Solutions and you know everyone's curious about staking and liquid staking and more importantly especially because uh it's been in the news with the ethereum merge uh but they're staking on so many different blockchains and we're going to dive into that today I'm specifically interested

0:45in hearing about the near uh protocol and and near X on that front but before we begin uh there I would love for you to just explain overall at a high level uh what stator Labs is bringing into the blockchain world and then we'll dive into all those details yeah thank you so much Ashton for asking that question would love to do that so student apps is a multi-chain liquid

1:11sticking solution and our vision is to onboard uh one billion plus users uh onto staking so that the internal passive income on their data crypto tokens so a pretty daunting vision and in order to achieve this we have really been executing at Rocket speed so we launched on the Earth's file Terra which is now Terra classic in the November of last year and reached about one billion

1:35dollar in TBL with 35 000 wallets staying with us in a matter of a few months however we always wanted to be multi-chain unfortunately we were quick to expand to other blockchains by the April of this year so by each review we will present on a total of four different blockchains and um you know as of today we are pressing across its different blockchains having launched on

1:58near nbnb just a few weeks ago uh so our current tvl is 80 million dollars class and we have some 70 000 wallets that have stayed with us and the goal is to expand our presence to all the major peers blockchains going forward and we are really looking at some exciting avenues like the Aptos blockchain and the suing blockchain going forward so uh we are here to stay and meet the liquid

2:24sticking experience as cool as possible and really maximize the earning opportunity for the users through staking great and that's some great growth so far and great to hear you have expanded on the blockchains as well for those people who you know they've just dabbled in staking a little bit maybe it's on a centralized exchange with some coins or on one of the blockchains maybe you can

2:46talk about uh Staters solution in being multi-block chain and more importantly the advantage of the liquid part of the staking solution and and how that benefits people to stake on stator absolutely I think liquid staking is a really powerful solution that has been unlocked by the crypto Wars so uh just to explain to people what simple staking does is that users can deposit their

3:11native tokens uh on these taking infrastructure in the blockchain and they earn a passive study yield on the amount of tokens that they have deposited but while during The Times They are earning receipts their tokens actually get locked so you cannot use it anywhere else right so uh just imagine like a fixed deposit or Bond equivalent in the web 2 space however what liquid

3:36sticking does is that it's really you know enhances the capital uh efficiency of staking and it allows users to give their native tokens to the staking infrastructure all the studies taking wheels on their funds while getting back a mirror token which is equivalent in value to the native tokens that they have deposited so just to give you an example on here users can deposit neon

4:04into stereo's gap which is a staking infrastructure and get near X and return now this mirror X is a mirror liquids taking derivative this mirror X can then be used for example you can definitely on the staking yields and then on top of that you know on LP rewards you can earn

4:32Returns on senior X as a collateral or for Learning and borrowing or even for like buying nfts and even funding new projects through launch pads and so uh this is the image on yield and has a truly multiplier effect on earning potential wow great to hear and yeah I'm familiar with staking on on you know the near blockchain directly and I do have a few

4:57tokens staking there but they're locked in and you don't get any uh you know you don't have access to those tokens uh while you're staking just directly on near so uh to be able to take advantage of uh that you know switching those assets for something like near X and then being able to capitalize on that even more uh sounds very beneficial um I'm specifically interested in how the

5:22growth of uh the the near staking on stator Labs uh went after you launched that because I know a lot of people are staking near directly on the blockchain and they're also looking for you know uh this kind of synthetic assets where they can get uh the liquid staking so how did that go when you launched near X yeah so it has been a terrific uh you know story of launch so we launched on

5:52the 9th of August at 4 pm UTC and we really had an overwhelming response from the users so really uh you know heartwarming to see all the support from the community within the first 48 hours we hit five million dollars in tvl and that was really you know unheard of in the near ecosystem and uh within the first week of launch we had clubbed in over 14 million dollars in TBN and uh

6:18our liquidity pool on ref had crossed three million dollars in liquidity and uh our liquidity pool and jumbo which is the second index had become the biggest pool on jumbo so really record breaking performance and uh it has really been heartwarming to see all the support in the community and what I can definitely promise is that the as the upgraded nearex is just around the corner we are

6:43going to offer this and much more to the users so when we launched on uh near we came up with the you know Bonanza of the launch month where we were offering 150 000 in rewards and we had exciting competitions like the Guild Wars and staking competitions and the upgraded near decks will come with all the Integrations and all the promise of rewards and more

7:05wow great to hear and when users deposit their funds whether it's near or these other tokens into the this staking Solutions uh those are some kind of smart contracts as as I understand and uh I'm curious to know on you know the security and the safety of those assets and the users funds uh being put in there how does that work and how does stator Labs ensure that the funds are

7:33secure and nothing's going to happen to them okay yes so how it generally works is that you know staking is a middleware infrastructure so it is built on top of the L1 blockchain and uh we write a smart contract which executes this right so uh one of the critical ways to ensure security is ordered and um you know near x uh was audited by two major uh

7:59Auditors had gone which is one of the leading Auditors in the web free space and box Tech which is uh the leading auditor on the near ecosystem uh so I think audits is uh one way to do it and then there are several other security measures that you know users can take uh we'll be happy to share everything that stator is working on going forward with the upgraded DRX launch during the

8:22course of this interview uh but let me know if you want to cover it now or later well that's great to hear um and yeah I was just curious because I I saw that there you know sometimes things aren't perfect and there's in ethereum at least there's been a lot of uh smart contract little blips here and there um and it's always good for users to be precautious and hear about Audits and

8:46other protection mechanisms of their funds um because uh there there's there's risks to investing in everything and you know some are high some are low but there's always some kind of risk um I I was reading into the near X launch and it seemed like something happened where um I know you guys are upgrading um so was there anything that you know was unexpected on on the near X launch

9:11uh with regards to uh the liquidity pool or or the smart contracts foreign yes absolutely I would love to share that uh so basically you know we have a terrific launch week and uh then on the 16th of August uh we had a security incident with the nearest Smart contract uh this was really unexpected because you know we are one of the few protocols that

9:37came in with two audits right so this was not got by the Auditors as well and what happened was that the exploiter was able to Mint uh 20 million mere x uh by transferring near X to his own account in a loop and um you know we call it a transfer call and it is um and uh it is a case that is unique uh to the near ecosystem where the center and receiver address can be

10:04the same and this needs to be uh avoided for in the code and um uh you know this uh this was obviously you know um not not recognized and so uh by and we actually got the incident in a matter of minutes it resulted in a drain of 165 K near from the liquidity poor on ref and Jammu however the 2.5 million year that was staked on the stereo smart

10:31contract and was completely safe with the validators so the majority of the funds were 100 safe and we were able to pass the nearex smart contract and transfers just in time through what you said and uh that was you know that was really uh good uh and uh you know however however there was you know uh an adverse implication and uh stator is reimbursing all the users in full for

11:03the 165 game year that was drained from the LPS so users will be made completely whole for the near near X that they hold the detailed reimbursement plan based on the Holdings user had before the exploit the transactions that they made during the exploit and also for the transactions that happened even post the exploit after the nearest contract was

11:26washed have been uh explained and full in the nearest reimbursement plan our users can visit our social handles so our Twitter handle underscore underscore year and the reimbursement plan has been pinned on our Twitter handle so please feel free to go there and we have a detailed list of wallet addresses and the amounts or to each of them which will be covered in the reimbursement

11:48plan so that is uh you know what uh typically happened and um it was really unexpected because it was the first security incident that Steeler has ever faced however it has been a moment of deep learning because uh you know we are building uh going forward on blockchains which are evolving Dynamic and new right so uh how do you how do you even bolster Security

12:15even more in that's an annuals is something really important and Stater has really deployed a multi-layer security process going forward so we'll be happy to talk about it uh you know in our conversation yeah thank you for those details annuity and uh it's it's a crazy story but you know people uh they often don't expect these different kinds of risks you know

12:41they think okay as long as I have my tokens then they're safe and you know sometimes uh if there's a a hack of an exchange or something people lose access to their funds but there's also these other kind of vulnerabilities where someone's able to Mint token and if they are minting tokens for free they're able to dump those on the market and maybe you still have your tokens but because

13:03somebody printed Infinity of them and sold them then they're worth nothing you know um and uh so there's all these different kinds of risks but it's great to hear that stator Labs you know is fixing the contract reimbursing the the lp holders and you know so in the next steps towards the upgraded near X how do you prevent things like this from happening

13:31and to ensure that peace of mind for everybody who's using liquid staking on stator yeah uh so you know as I said post uh the exploring we have been thinking really hard about security and the stator has deployed a multi-layer security program going forward uh for a solution on your ex so the first thing we are doing is we have onboarded a third order osec uh which is uh coming

13:58highly recommended by the Neo foundation and proximity Labs posts some of the great work that they have done on the Neo ecosystem and we are also asking our first two Auditors which is harborne and block set to do an entirely fresh audit on the updated near X smart contract with a team of brand new Engineers so it will be an entirely new team which will

14:21uh reorder the entire near X smart contract code all over again so uh practically undergoing uh three new audits uh that is the first thing the second thing we are doing is that we are bringing in a buck Bounty program in collab operation with immune file so once the audits are complete and the nearest Smart contract code can be open sourced we will start bug Bounty program

14:46where white hackers will get the chance to uh you know identify gaps in the smart contract if any and on rewards of up to one million dollars depending on the criticality of the bar the third thing we are working on is strengthening the internal testing and review process so we have really uh you know strengthened the peer review process by adding additional team

15:11members uh to that process and we have increased the number of checkpoints required before the code can actually go for audit so uh those two things have already been Incorporated and uh we are actually uh working on a tool uh called Prometheus to monitor all the data which is relevant uh to uh us so for example the fourth thing that we are working on is

15:39uh actually additional security upgrades so for example the monitoring tool Prometheus will allow us to monitor the LPS it will allow us to track the near near exchange rate on the dexes and on the smart contract so that any aberrations are instantly alerted to the developers through integration with Slack and this will allow absolutely continuous monitoring and we are also

16:05starting channels of community channels where users can reach out to us through dedicated email IDs uh for any security issues that they might face the exact details of that uh will be revealed very shortly like today or tomorrow in a detailed blog post great it sounds like a lot of measures you're taking to uh ensure the peace of mind for for the current uh near near X

16:32holders I'm curious moving forward as you continue to grow what are some of the ways that your team is looking to increase you know at least with near people who aren't staking on stator labs yet um do you look for more ways to capitalize on on near X or just other marketing you know how can you bring more attention uh to current near holders to start staking on stator lives

16:59yeah that's a great question Ashton so we are really trying to keep education uh you know front and center and uh we're trying to spread as much awareness as possible so the first thing we are planning to do is uh spread awareness about uh liquids taking in general and the opportunities that it unfolds so uh we are doing multiple amas across the board with not just protocols but also

17:25local communities and Guild members um so that our voices can reach to as many people as possible we have also kept our social channels open for any suggestions so if users feel that a community is being missed out we will be more than happy to you know incorporate them and do a dedicated AME with them the second thing we are working on is uh an educational content series called New

17:50York nuggets so we in order to spread awareness about the near ecosystem the power of its technology and uh the solutions that it offers including staking me we have started very simple to understand uh you know uh bite-sized content in different formats be it videos threads uh tweets and even medium blogs uh so that people can you know educate themselves more about the near

18:14ecosystem the third thing we are working on is uh you know something like a pop quiz so we are doing near Pop Quiz where once people have learned about the ecosystem they can actually participate in quiz and earn exciting prizes uh while deploying their learnings so that it becomes more interactive and engaging and uh you know last but not the least we are really trying to make

18:37this an incredible opportunity for the users to stick their mirror uh with speeder through um you know incentives and SD token which is Trader's native token so we will be giving out more than 150 000 in rewards as a part of the launch Bonanza and uh that will translate into really high uh you know news for the users and we are also going ahead with very rapid integration across

19:02multiple protocols such as dex's Landing protocols and field optimizers where we will be deploying dual incentives so that users can on additional yields by participating on those D5 protocols well that's a lot of ways and maybe it's just the inner nerd in me but I do love a good pop quiz uh and the rewards uh from stator as well sound like great incentivization tools and I feel like

19:30near itself um is you know their marketing of just uh the the blockchain growing and more dapps becoming available on near I know right now there's the near con uh conference going on and some of my friends are there uh and they're starting to build uh their applications on near I feel like it's such an up-and-coming protocol that the growth of near itself will just bring more

19:54attention to people wanting to stake their near with stator absolutely absolutely and we also have one of our co-founders who will be attending near Khan uh and he will be a part of the panel discussions there one on staking and secondary defy ecosystem on here uh and uh you know if anybody is admir Khan and wants to connect with him uh that would be a great opportunity

20:17unfortunately I could not make it because of these issues but uh you know super excited about all the community getting together and we are gone amazing annuity thank you for that and for the viewers that want to learn more about liquid staking in General on the education and about near and the near x uh staking on stator what is the best way for them to learn more and to get

20:39involved yes I think uh the easiest way to learn more would be to follow our social so our Twitter channel is called underscore underscore near and uh our Twitter Channel and our telegram channel is called Street around the school year underscore official so uh please feel free to be a part of these two channels and we also have a dedicated channel on

21:01Discord which is uh also available uh in the by link of our Twitter handy so please feel free to reach out on these channels and uh stay tuned for the updates we keep retweeting about uh education content Studio nuggets we also retweet all the stuff we write on our blogs so the Twitter handle is an easy way to get access to our medium blog and uh self-select what articles you want to

21:26read and um uh stay tuned the other thing uh to do would be to just go and explore the state adapt we will be coming up with many interesting how to stay guides to simplify the experience for the users but you you you are free to just go to our tab which is near.statelabs.com and try uh just the entire staking experience there uh and if you're interested in other

21:51blockchains feel free to go to statelabs.com and uh you can enter any of the blockchains you are present on through the main landing page amazing thank you anuri and I will leave the Social Links and the dab Link in the description box below for the viewers to make it easy all the best on everything moving forward on your front with with near and Tara and all of the other

22:12blockchains that stator Labs is working on and let's follow up in the near future thank you so much Ashley it was a real pleasure talking to you and thank you everyone for watching this