Since its launch, the Celo platform has relied on consensus mechanisms in the blockchain space. This is a proof-of-stake mechanism that relies on community members voting for a group of responsible validators, and by staking the CELO token, they are actively involved in the governance process and applications and projects of the Celo ecosystem. To do. Until now, staked CELO tokens could only be used for these purposes. With input from the Celo community, cLabs evolved steak do cello,* An open source liquid staking protocol. Encourage CELO stakers to participate more in the Celo community by integrating with other applications within the Celo ecosystem.
StakedCelo allows users to deposit CELO and receive Receipt Utility Tokens (stCELO) in return. An active participant in the protocol will be able to stake her deposited CELO. epoch reward Associated with staking and received by the protocol as a smart contract. These rewards will be evenly distributed among all owners of stCELO, but will not be released to participants when staking. A user can withdraw assets from the protocol at any time by returning stCELO and receiving her corresponding CELO (including accrued rewards). This protocol is completely non-administrative. This means that no one other than the user can withdraw the user’s funds.
stCELO is an ERC-20 compatible non-rebase token, intended to further encourage active user participation in the protocol, dApps, and the broader Celo ecosystem. Non-rebase means that the token is freely transferable and can be used like any other utility token in the Celo ecosystem. This also means that any user will keep a certain number of her stCELO tokens in their wallet for a long period of time (performing actions such as staking her CELO, transferring stCELO, etc.) if not). As a result, the value of one stCELO increases over time (measured in CELO) as epoch rewards occur in protocols and protocols used to engage the ecosystem.
Please note that a user’s CELO balance will only increase when receiving Epoch Rewards, not through lending, borrowing, or other activities.
A major advantage of using the Liquid Staking Protocol to contribute to the Celo consensus mechanism is the liquidity provided to users and builders and members of the Celo ecosystem. stCELO tokens are freely mobile and can be used throughout the Celo ecosystem. For example, it can be used to provide liquidity or pay gas bills on a decentralized exchange built on Celo. Ultimately, this will enable one of the main promises of the Celo blockchain: the composability of various decentralized applications and tokens.
Additionally, StakedCelo simplifies CELO’s staking process, allows more people to engage with the Celo protocol, and provides Celo builders with another leveraging tool to develop dApps. Staking his CELO through this protocol will be easier as certain actions are automated (such as validator group selection). This is useful for users who are not considering staking their core activity. As such, the more stakeholders that participate in the consensus mechanism and engage in the governance of Celo, the more inclusive the ecosystem will be.
StakedCelo’s core contract launched on mainnet on June 29, 2022. cello forumToday we are announcing the following integrations regarding the protocol:
- steak do cello: A web app that allows staking and unstaking of CELO and stCELO
- Valora: Integration into Valora dApp listings
The active participation and engagement of the Celo community strengthens the Celo ecosystem. For more information on StakedCelo, documentationFor questions, suggestions, or technical support, please email us. Also check out the StakedCelo community. discord and cello forum.
For more information about cLabs Inc., the mission-driven blockchain technology organization that supports the Celo network and ecosystem, please visit: cLabs.co.
* steak do cello Audited and reports published here.
Disclaimer: Nothing herein constitutes an offer to sell or the solicitation of an offer to buy any securities or tokens. As with all cryptocurrencies, market conditions are subject to the risk of volatility. Please do your own research.
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