Singapore, Singapore, Oct. 11, 2022 (GLOBE NEWSWIRE) — Stader Labs is a multi-chain liquid staking solution with a vision to empower 1 billion+ users to earn passive income through its staking infrastructure. After launching on the previous Terra in November 2021, Stader reached $1 billion+ in TVL with ~35,000 wallets betting at its peak. The startup then made a strategic decision to diversify across other Layer 1 blockchains as well. As of today, the protocol is present across 6 major blockchains (Hedera, Polygon, Bnb, NEAR, Fantom, Terra 2.0) with $150Mn+ in TVL and 70K+ wallets staking with it.
Last month, on September 16, Stader launched its upgraded NearX on the NEAR Blockchain. The upgraded NearX comes with a best-in-class multi-layered security program including:
- Three full audits by leading cyber security firms – Halborn, Blocksec and Osec
- Bug Bounty in partnership with Immunefi with up to $1Mn in rewards
- Partner with Prometheus, the premium monitoring and alerting system to enable
- Tracking of all relevant metrics for $NearX across Stader Dapp and Dex
- Instant notifications to slack channels for developers for faster response
- Improved internal testing with additional unit and integration tests
- Smart contract upgrades such as multi-sig led pause functionality to protect user assets in emergency situations
NearX has received an overwhelming response from the Near community and currently stands strong at ~$6.5 Mn TVL with an increased stake APY of ~25% (roughly 2.5X the return on native staking). NearX is currently live with a NearX<>Near LP on REF and Jumbo. NearX is also live on two order book Dexes – Tonic (NearX<>Near pair) and Spin (NearX<>USDC pair). The coming weeks will further see NearX<>Near LP on Trisolaris; NearX is listed as a security for Burrow and NearX integration with Fluxus Finance on the NEAR protocol. It will soon also be available at Oin Finance.
Some interesting updates about these integrations are as follows:
- NearX<>Near liquidity pool on REF passed $2Mn in liquidity in less than 24 hours of the launch. Powered by dual incentives, current APR on LP is ~15%
- NearX<>Near LP on Jumbo became the largest pool on Jumbo Exchange within 5 hours of being alive. As of now, the pool is ~$600K in LP size with ~20% APR
In addition to the increased stake APY and double incentives on the LPs, Stader.Near offers up to $11,000 in rewards through exciting contests. These include:
- Stake Contest: Users with a minimum stake of 500 NEAR can earn an additional 50 NEAR in rewards.
- Gleam Contest: This contest is aimed at cross-platform users. Users can participate with a bet as small as 10 NEAR and must complete a series of activities. Lucky winners get a flat 10% of their stake as a reward.
- Giveaway with KOLs: Giveaways were done with 6 key NEAR and cross-chain KOLs to create buzz about NearX and increase interest in the same. The prize pool for the same has been earmarked at $900.
- Guild Wars: Guilds are a fundamental building block of NEAR intended to foster a sense of community and bond. Guild Wars gives them a competitive edge with members pledging and pledging allegiance to a guild. Guilds with top players win prizes across weeks. The bumper prize at the end of the month brings the total prize pool to $3,000.
- Trading tournament on Spin Finance: NearX<>USDC pair on Jumbo will go live with a trading tournament on October 18 with a total prize of $2000
The Stader team is working further towards launching on Aurora by the last week of October 2022. On Aurora, $NearX will be integrated with Trisolaris, Bastian, Bluebit and Pink Pea.
For the Stader team, however, this is only the beginning. Their goal is to make NearX the go-to token on NEAR by unlocking unlimited possibilities through DeFi integrations. As the first multi-chain protocol to bring liquid staking to NEAR, Stader will bring its cross-chain expertise and help strengthen the NEAR staking ecosystem. It will further bring a whole range of return generation opportunities across NEAR and Aurora backed by $SD (Stader’s native token) rewards. Stader will also support decentralization of $NEAR as users will bet with a carefully selected set of best performing but low voting validators.
NEAR’s scalability, sustainability and cost-effectiveness position it as one of the leading blockchains of the future, and promising Web 3.0 protocols like Stader Labs will play a central role in this growth story!
Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or other product or service in this article. This is not investment advice. Please do your own research.
Contact information
Company name: Stader Labs
Place: Singapore
Contact Person: Shalini Umrao
Contact email: [email protected]
Newsroom: socials.submitmypressrelease.com
