While Diva Staking is pre-launch, its novel DVT is positioning it to become a “killer app” in the staking ecosystem, building the most decentralized and resilient validator set as it allows anyone to run a validator node from only 1 ETH.
This is extremely important, as the $16B Liquid Staking market is currently dominated by Lido’s 85%+ share. The Early Staker vaults can help accelerate the transition to a more decentralized and balanced ecosystem.
Diva DAO’s Pre-launch TVL vaults are now live! These vaults, which run on Enzyme’s asset management infrastructure, enable Early Stakers to deposit ETH or stETH to earn DIVA tokens and participate in future governance. This initiative was voted by the DAO in DIP-02.
What is Diva Staking?
In the rapidly evolving world of Ethereum staking and LSTFi, innovation is the driving force behind progress. One project that’s been generating significant buzz lately is Diva Staking.
Diva extends Ethereum’s Proof of Stake providing new functionality for Stakers and Operators, including:
- Liquid Staking with its divETH token, which earns Staking Rewards
- Operators can run Diva nodes to earn additional Operator Rewards
Because Operators can run nodes from only 1 ETH, it is expected that Diva’s network will become one of the largest and most resilient operators set on Ethereum.
The Diva Early Staker Vaults are Designed to Accelerate Diva’s Launch and Adoption
The Early Staker vaults accept deposits in ETH or stETH. Once Diva launches, all assets held in the vault will be converted to Diva’s divETH Liquid Staking Token which generates Ethereum Staking Rewards.
Ethereum’s staking rewards are distributed among the Diva network participants according to their contributions. divETH is a receipt token and its balance updates daily to reflect the deposited ETH balance plus its Ethereum staking rewards.
While other solutions have some of these features, Diva is the first solution that fully integrates Liquid Staking with Distributed Validation, offering both Liquid Stakers and Operators the most efficient functionality.
The Future of Ethereum is at Stake
The increasing centralisation of Ethereum staking has become a pressing concern within the cryptocurrency community. While staking was initially envisioned as a mechanism to enhance the network’s decentralisation, the reality has been somewhat different.
A concentration of staking power among a relatively small number of entities and individuals has emerged (50%+ controlled by the top 3 entities), undermining the core principles of decentralisation that underpin blockchain technology. This centralisation can pose significant risks to the security and resilience of the Ethereum network, as a handful of powerful validators can potentially collude or become targets for malicious actors, threatening the trustworthiness of the entire ecosystem.
Addressing this issue is crucial for Ethereum’s continued growth and its ability to remain a secure and trustless platform for decentralised applications.
Understanding Diva’s Revolution: A Beacon of Decentralisation & Empowerment
Before we dive into the intricacies of the Pre-Launch TVL or Early Staker initiative, let’s take a moment to grasp what sets Diva apart in the competitive LSTFi arena.
At its core, Diva is more than just a staking project — it’s a vision for a decentralised future where Distributed Validator Technology (or simply known as DVT) becomes prevalent and thousands of stakers are empowered to participate in staking. DVT allows a cluster of nodes run by an individual, group, or community of operators to act together as a single validator on Ethereum, thus acting as a decentralising force on the entire Ethereum network while adding resiliency and reducing risk.
The Pre-Launch Initiative, Powered by Enzyme
DIP-02, a proposal voted by the Diva Staking DAO, introduces an incentive program for Early Stakers, with the aim of collecting TVL ahead of the mainnet launch of the staking protocol and set off a reaction of positive network effects that range from price oracles, operators planning & onboarding, DeFi liquidity and L2 integrations.
Here are some of the key terms and conditions of the program:
- Anyone except residents, citizens, entities incorporated in, or having registered offices in the United States or blacklisted/sanctioned countries.
- Early stakers can deposit ETH or stETH. There are 2 separate vaults, one for each denomination.
- A single staker can deposit a min of 0.1 ETH and a maximum of 10,000 ETH.
- Enzyme vaults are fully non-custodial. Depositors have full control of their funds and can withdraw at any time after an initial 24-hour lock-up period.
Deposit Start Date
- Tuesday 26 September 2023
Accrual Start Date
- Initial months determine depositors’ ranking based on first-come, first-served. DIVA Token accrual is determined with a retrospective calculation of a 30-day lookback from the formal Mainnet Launch Date (expected for Q4 2023 or Q1 2024)
Duration of Accrual
- The accrual period lasts for 6 months (183 days) from [Mainnet Launch Date — 30 days] to [Mainnet Launch Date + 153 days].
3 Phases of the Initiative
- The initiative is composed of 3 phases, from start in September 2023 to the end of the program, which takes place 5 months after Diva’s launch. The 3 phases are represented graphically in the following illustration.
For all other detailed information about T&Cs, you can check out the approved DIP-02.
Enzyme and Diva — Decentralising the Ethereum Staking Ecosystem
We are very excited to discover this new use-case for Enzyme and to support Diva on this transformative journey.
Enzyme vaults form the core tech infrastructure that the Diva Early Stakers rewards programme is built on. Thanks to Enzyme’s non-custodial smart contract architecture, stakers can retain full self-custody of their funds at all times. And with Enzyme’s fully automated reporting, 24/7 transparency and live dashboard, it’s simple and easy to track the TVL progress of Diva’s initiatives.
As a result of this partnership, Diva will be able to deliver:
- 🌱 No minimum ETH to stake.
- 👏 No requirement to run a node.
- 💧 Liquid Staking Tokens without lockups.
More Resilient Operations
- 🌳 Resilient: Nodes are fully disposable.
- ❤️🔥 Self-healing: Ability to regenerate lost keys.
- 💠 Redundancy: ~500x better uptime thanks to DVT fallbacks.
Incentives and Penalties
- 📈 Smooth Staking Rewards.
- ⛔️ Quick ejection of bad actors.
- 🪨 Trustless and permissionless.
- 🔐 “Can’t be evil” cryptographic systems.
- 🛡️ Collateral protection for Stakers.
Enzyme is an on-chain asset management system that enables access to digital assets and DeFi from one simple, unified app. It provides a front-to-back execution and order management system, which provides fully automated reporting, risk management, administration, governance and operations.
Enzyme has been live on Mainnet for nearly 5 years without ever suffering a security issue. Our smart contracts have been formally audited by PWC, Open Zeppelin and Chain Security and audits are available publicly here. We also maintain one of the largest bounty programs in DeFi together with Immunefi.
You can visit our LinkTree to access all of our social profiles.
Have any questions about the initiative or want to discuss some details? Send an email to firstname.lastname@example.org.