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Enzyme, a leading on-chain asset management system, is proud to power Diva Staking DAO’s Early Staker Initiative. The initiative, which enables Diva Early Stakers to deposit ETH or stETH via bespoke Enzyme vaults, aims to decentralise the Ethereum staking ecosystem and reward participants with DIVA tokens. More than $2M has already been deposited into Diva’s ETH and stETH vaults on Enzyme in the first 48 hours.
Diva Staking is an Ethereum Liquid Staking Protocol powered by Distributed Validator Technology (DVT). DIP-02, a proposal written by Avantgarde Treasury and voted on by the Diva Staking DAO, introduces an incentive initiative for Early Stakers, with the aim of collecting TVL ahead of the mainnet launch of the staking protocol.
While Diva Staking is still in pre-launch phase, its novel DVT architecture makes it a potential “killer app” in the staking ecosystem, building the most decentralised and resilient validator set that 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. What’s more, over 50% of ETH staking is controlled by just 3 entities, which can pose significant risks to the security and resilience of the Ethereum network. The Early Staker vaults accelerates the transition to a more decentralised and balanced ecosystem.
This initiative is only made possible thanks to Enzyme’s secure and flexible on-chain asset management infrastructure. Enzyme vaults form the core tech infrastructure that the Diva Early Stakers rewards initiative is built upon. Thanks to Enzyme’s non-custodial smart contract architecture, stakers can retain full self-custody of their funds at all times. 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 initiative.
Once Diva Staking launches, all assets held in the vault will be converted to Diva’s divETH Liquid Staking Token, which generates Ethereum Staking Rewards and can be freely traded on decentralised exchanges (DEXs).
Enzyme’s support for the Diva Early Stakers Initiative marks a significant milestone towards a more transparent and decentralised future for the Ethereum network.
Mona El Isa, Founder and CEO of Enzyme commented:
“We are very excited to discover this new use-case for Enzyme and to support Diva on this transformative journey to mitigating this risk of Ethereum staking centralisation. It is a priority that we work towards fostering a more balanced and secure Ethereum network, ensuring it remains a secure and trustless platform for decentralised applications.”
“As a non-custodial protocol, Enzyme vaults ensure that investors (depositors) retain full self-custody of their funds at all times. Additionally, the protocol’s fully automated reporting, 24/7 transparency and live dashboard makes it uniquely suited to power Diva’s Early Staker Initiative. As TVL in the Diva ETH and stETH vaults grow, stakers have a simple and easy way to track the progress of Diva’s initiatives.”
Pablo Villalba, Co-founder of Diva Staking, said:
“This is a critical time for Ethereum’s community, as its foundational layer is at risk of being compromised by a small number of entities due to winner-takes-it-all dynamics, which can only get reversed with well-executed initiatives.
The Enzyme infrastructure lends itself well to such an initiative. With Early Staker vaults, users have a simple and bulletproof way to support Diva’s launch and the continuing decentralisation of Ethereum”.
For more information regarding the pre-launch, including details about eligibility and start dates, please click here.
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