LayerZero ecosystem LST StakeStone Achieves 150k ETH on Manta Pacific
StakeStone, the LayerZero ecosystem Liquid Staking Token (LST) protocol, has achieved a remarkable surge in its total minted value, reaching an impressive milestone of 150,000 ETH on Manta Pacific via New Paradigm. Over 120k ETH, which has been bridged to Manta Pacific, are staked in Lido by StakeStone, and the amount of stETH held by participants of Manta New Paradigm ranks top 5th on the chain.
StakeStone is an omnichain Liquid Staking Token (LST) protocol, revolutionizing the landscape by bringing native staking yields and liquidity to Manta Pacific in a decentralized manner. Boasting a highly scalable architecture, StakeStone supports leading staking pools and also paves the way for upcoming restaking endeavors. Users can effortlessly access automatically optimized staking yields on Ethereum or Manta Pacific. Simultaneously, StakeStone establishes a multi-chain liquidity market based on STONE, its native LST, offering users a plethora of use cases and yield opportunities on Manta Pacific.
Since its inception, $STONE has operated as an Omnichain Fungible Token (OFT), leveraging LayerZero and StakeStone’s customized contract for outstanding cross-chain compatibility. This approach facilitates effortless transfer between supported chains, eliminating the need for official bridges on each chain.
$STONE goes beyond simple transferability. It supports cross-chain price feeds, enabling real-time utilization by developers on multiple chains through LayerZero. As a non-rebase token, $STONE ensures that users can collect staking yields while utilizing $STONE in various use cases to earn additional rewards. The value of $STONE in ETH increases due to accumulated ETH staking yields, providing users with a dynamic and rewarding experience.
Acquiring $STONE is simplified on the New Paradigm’s website, where users can bridge ETH, and the received $STONE is calculated based on its price in the contract at the time. In Manta New Paradigm, users can deposit ETH on the Ethereum mainnet, receiving STONE on Manta Pacific instantly through a streamlined ‘staking’ and ‘bridging’ process in a single transaction.
For withdrawals, users can redeem their ETH in StakeStone based on $STONE’s contract price. Two withdrawal options, Request and Instant, cater to different preferences, offering flexibility regarding gas fees, slippage, and waiting periods. Withdrawals on New Paradigm will be available 69 days after the airdrop.
With $STONE, staking yields are further optimized by integrating new underlying assets, including upcoming restaking opportunities. Users can seamlessly collect yields wherever their $STONE is utilized, creating a comprehensive ecosystem that rewards active participants
$STONE finds utility in various DeFi capacities within Manta Pacific, including lending in LayerBank and Shoebil, trading on QuickSwap, Izumi, and PacificSwap, and EigenLayer Restaking (Optional).
With Celestia modularity, StakeStone on LayerZero, Polygon zkEVM, and Manta Pacific collectively, New Paradigm, supported by the early initial network effects bootstrapping, aims to establish a new paradigm for native yield on Layer 2 networks.
About StakeStone
StakeStone is an omni-chain LST (Liquid Staking Token) protocol aiming to bring native staking yields and liquidity to Layer 2s in a decentralized manner. With its highly scalable architecture, StakeStone not only supports leading staking pools but is also compatible with the upcoming restaking. Meanwhile, it establishes a multi-chain liquidity market based on STONE, StakeStone’s native LST, provides users of STONE with more use cases and yield opportunities.
StakeStone pioneers the first decentralized solution for liquid staking through an innovative mechanism called the Optimizing Portfolio and Allocation Proposal(OPAP). Unlike traditional approaches that rely on MPC wallets, StakeStone provides full transparency for underlying assets and yields. Meanwhile, OPAP allows optimization of STONE’s underlying assets, ensuring STONE holders to receive optimized staking yields automatically and effortlessly.
Based on LayerZero, STONE is a non-rebase OFT (Omnichain Fungible Token) that supports both assets and prices to be transferred across multiple blockchains seamlessly. Developers on Layer2s can effortlessly integrate STONE without additional complexities, leaving it as the most accessible LST ready for mass adoption.
About Manta Network
Manta Network is the modular blockchain for zero-knowledge (ZK) applications. Manta Pacific is the modular L2 ecosystem for EVM-native ZK applications and dApps that want to deliver the lowest cost and best experience for users. Leveraging Manta’s Universal Circuits to enable ZK-as-a-Service and Celestia’s data availability for modularity to deliver low gas fees, Manta Pacific offers the perfect environment for ZK-enabled applications. Learn more about Manta Pacific here.
Manta Network was created by a team of experienced founders from prestigious institutions, including Harvard, MIT, and Algorand. Manta Network has received investments from many of the top web3 investment funds, including Binance Labs and Polychain Capital. It has grown through participation in the best web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator.
