Introducing StakeEasy’s Enhanced Liquid Staking model for Secret Network: Upgrade to Two-Derivative Tokens

We are thrilled to announce an exciting update to StakeEasy’s liquid staking protocol for the Secret Network. As a liquid staking protocol, StakeEasy has always been committed to innovation and user-centric solutions. In line with this vision, we are introducing a significant upgrade to our protocol, which involves the implementation of a two-derivative token model. In this article, we will explain the reasons behind this upgrade, highlight the benefits of our new approach, and guide users on how to seamlessly transition from the previous seSCRT to the improved liquid staking derivatives.

It is crucial to understand the advantages of the enhanced StakeEasy protocol and why migrating to the new derivatives is beneficial.

• Overview of the Enhanced StakeEasy Protocol: Learn about the new features and benefits of the upgraded liquid staking derivatives for Secret Network.
• How to transition from the old StakeEasy: Step-by-step instructions on how to unstake seSCRT(old) and stake using the new interface once it is available on the mainnet.
• Advantages of SNIP-25 Implementation: Discover why the SNIP-25 proposal provides enhanced privacy and security, making it the ideal choice for liquid staking derivatives on Secret Network.
• The Benefits of bTOKEN: Understand the advantages of the manual reward token, bTOKEN, and how it empowers users to manage their staking rewards effectively.

Why the Change from seSCRT to Two-Derivative Tokens?

The decision to transition from the single derivative token, seSCRT to a two-derivative token model was driven by several factors. Firstly, contract migration is not currently available for the Secret Network, making it challenging to upgrade the existing seSCRT contract to incorporate the updated staking model, CosmWasm version, and SNIP-25 implementation. Therefore, implementing a new contract became necessary to introduce these improvements.

The Benefits of Two Derivative Tokens:

After careful analysis and evaluation, we have developed a two derivative token model for the Secret Network. This model has been tested and proven successful with our existing tokens on the Juno Network. Our two derivative tokens, $seJUNO and $bJUNO, have already showcased their unique qualities and provided diverse opportunities for earning yields in the DeFi ecosystem.

With the upgraded StakeEasy protocol, we introduce two derivative tokens for liquid staking on the Secret Network:

1. seTOKEN: The seTOKEN is an auto-compounded token, designed to optimize staking rewards for users. It offers an automated compounding feature, allowing users to maximize their staking returns without any manual intervention.

2. bTOKEN: The bTOKEN is a manual reward token that provides users with the flexibility to manually claim their staking rewards. This token empowers users with greater control over their staking rewards and enables them to manage their DeFi strategy according to their preferences.

Advantages of the Two-Derivative Tokens:

• Enhanced Privacy: With the implementation of the SNIP-25 proposal, seSCRT and bSCRT will become the first liquid staking derivatives tokens on Secret Network, offering robust privacy features. StakeEasy takes pride in being the only platform to provide truly private staking derivatives.
• Improved User Experience: The introduction of seTOKEN and bTOKEN offers users a more tailored experience, allowing them to choose between automated compounding and manual reward claiming. This flexibility enables users to customize their staking approach based on their individual preferences and investment goals.

Transitioning from seSCRT to the New Derivatives:

If you currently hold $seSCRT tokens, don’t worry! Your existing seSCRT holdings will still be available to you. However, to take advantage of the upgraded StakeEasy protocol and enjoy the benefits of seTOKEN and bTOKEN, we recommend following these steps:

• Unstake seSCRT: Visit app.stakeeasy.finance and navigate to the unstaking interface. Unstake your seSCRT tokens to make them available for migration.
• Stake with the New Interface: Once the upgraded StakeEasy protocol is available on the mainnet, access the new interface and stake your seSCRT(old) tokens. The new interface will support the migration process, allowing you to seamlessly transition from the old to the new derivatives.
• Moving to the new StakeEasy model offers several benefits to our users: The implementation of SNIP-25 ensures improved security, privacy, and efficiency for liquid staking on the Secret Network.

Transitioning to the New Model:
For users who have already staked their $SCRT tokens, don’t worry! Your $seSCRT will still be available, and in the StakeEasy UI, it will be labeled as $seSCRT(old). To switch to the new model, simply unstake your $seSCRT on app.stakeeasy.finance and use the new interface once it becomes available on the mainnet.

Conclusion:

At StakeEasy, we are dedicated to providing our users with the best possible experience in the liquid staking space. The upgrade to a two-derivative token model represents our commitment to continuous innovation, improved privacy, and enhanced user control. We invite all users to explore the new StakeEasy protocol and take advantage of both seTOKEN and bTOKEN offerings.
Happy staking!

StakeEasy testnet with $bSCRT and $seSCRT is live for exploration:
https://scrt-testnet-v2.stakeeasy.finance/

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