The moment has come to open a new chapter for the StakeWise DAO.
In this proposal, we seek your approval to upgrade some StakeWise V2 contracts, pause others, and update the domain name for the existing app to v2.stakewise.io.
This upgrade will support stakers’ ability to move their assets from V2 to V3 in order to benefit from the new functionality available in StakeWise V3, including native unstaking. It will also keep the distribution of rewards in V2 intact to allow users to migrate at their own pace.
As it stands, the StakeWise team is ready to release the successor to StakeWise V2 called StakeWise V3.
It’s a liquid staking protocol that features a brand new architecture, which has been praised for its versatility and potential to uphold the status quo in the staking market. It introduces an overcollateralized LST called osETH, and a staking marketplace where stakers can choose who runs their nodes and operators can join without permission to attract deposits and stake their own capital. It is a significant upgrade for the existing product of the StakeWise DAO, and an important step for the continued growth of the protocol.
With the release of StakeWise V3, existing stakers will not become users of the new protocol automatically. Instead, they will continue as users of the existing version (StakeWise V2), unless they manually migrate their stake to StakeWise V3. Once they migrate, they will become a part of the Genesis Vault, which is identical to the former StakeWise Pool in terms of the fees, operators and performance. For the full details of the migration, take a look at this updated blogpost.
Executing the migration this way requires the StakeWise DAO to approve upgrades to the existing smart contracts and pause some others. In short:
- Transfer PoolEscrow ownership to EthGenesisVault. PoolEscrow is currently used as the withdrawal address for StakeWise V2, and will collect ETH from the exited validators. This ownership transfer will allow the Genesis Vault to request ETH from PoolEscrow whenever users desire to unstake ETH or redeem osETH.
- Upgrade V2 contracts: Oracles, Pool, RewardEthToken, StakedEthToken. The upgrades will allow sETH2 and rETH2 tokens to be burned, and let the new set of oracles control the update of rewards for those who continue to use StakeWise V2.
- Pause V2 contracts: PoolValidators, Pool. This will implement a freeze on new deposits into StakeWise V2, for obvious reasons.
- Move V2 contracts and product to a new domain name: v2.stakewise.io
See the transactions in the Snapshot below.
Once the DAO votes on this proposal, we will collectively open the new chapter for StakeWise and, hopefully, staking on Ethereum more broadly.
The proposed migration path has been audited by Sigma Prime, Halborn, and the auditors in the Hats contest. The results of all can be found here.
The Snapshot for this vote is now live and will be open for 48 hours.