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🔒 Chainbased Direct Staking

Overview​

Chainbased Direct Staking, developed in collaboration with Swing, offers a streamlined solution for staking cryptocurrencies across multiple blockchains. By integrating front-end systems with advanced smart contracts, the platform simplifies the process of staking tokens like Wrapped Ethereum (WETH) on both Layer 1 (L1) and Layer 2 (L2) networks. Users can effortlessly stake their tokens and receive corresponding liquid staking tokens (LSTs) without navigating the complexities of cross-chain operations.

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How It Works: A Seamless User Experience​

Staking WETH for wstETH (Lido Protocol Example)​

Chainbased Direct Staking provides an intuitive experience for staking WETH on L2 networks such as Arbitrum, Optimism, and Base. Here’s how the process unfolds:

  • Stake WETH on L2: Users initiate staking by using WETH held on a supported L2 network. With the Fast Staking option, they receive LSTs like wstETH (Lido’s staked Ethereum) directly into their wallets.

  • Backend Automation:

    • The platform automatically handles the transfer of WETH from L2 to L1 (Ethereum mainnet).
    • It stakes the WETH in the selected protocol (e.g., Lido).
    • The resulting LSTs are then bridged back to the user’s L2 wallet.

  • Cross-Chain Transfers: This process is fully automated, allowing users to continue using their tokens without interruption.

Chainbased Direct Staking leverages Swing’s Cross-Chain Interoperability Protocol (CCIP) for efficient and secure cross-chain transactions.

Two Staking Methods to Suit Your Needs​

Chainbased Direct Staking offers two distinct staking methods:

1. Fast Staking via Liquidity Pools​

  • Instant LST Receipt: Users receive their LSTs immediately after staking WETH on L2.
  • Liquidity Pools: The LSTs are provided from a liquidity pool, ensuring quick and efficient transactions.
  • Ideal For: Users who prefer speed and have access to sufficient liquidity in the pools.
  • Benefits: Immediate utilization of staked tokens without waiting for cross-chain transfers.

2. Slow Staking via Native Bridges​

  • Cross-Chain Transfer: Staked WETH is transferred from L2 to L1, staked in the chosen protocol, and the resulting LSTs are bridged back to L2.
  • Longer Process: Typically takes around an hour for L2-L1 transfers.
  • Ideal For: Larger transactions or when liquidity pools are insufficient.
  • Benefits: Suitable for large-scale staking operations with no token limits.

Real-Time Updates and Monitoring​

  • Wallet Balances: Users can monitor their wallet balances in real time, including staked WETH and received LSTs.
  • Progress Tracking: The platform provides updates throughout the staking process, especially important for the Slow Staking method.

Ensuring Efficiency and Security​

Bridging and Smart Contracts​

Chainbased Direct Staking employs advanced smart contracts to manage cross-chain transactions securely:

  • Custom Sender and Receiver Contracts: These contracts orchestrate the flow of tokens between users, liquidity pools, and staking protocols. Each supported protocol, like Lido, has dedicated smart contracts for seamless interaction.
  • Cross-Chain Bridging with CCIP: Swing’s CCIP ensures secure and efficient asset bridging between L1 and L2, maintaining a smooth user experience.

Supported Bridges​

The platform supports various bridges for cross-chain transfers:

  • Arbitrum, Optimism, and Base Bridges: Utilize specific encoding methods for fast and cost-effective transfers on these L2 solutions.
  • Native L2 Bridges: Provide additional flexibility for users preferring native bridging options.

Versatile Use Cases​

  • Lido Protocol Integration: Users can stake WETH/ETH and receive wstETH/stETH instantly without handling cross-chain complexities.
  • User-Friendly Automation: The staking process is fully automated, enhancing accessibility for users of all experience levels.

Future Expansion​

  • Scalable Architecture: Designed to incorporate new staking tokens, protocols, and custom token transfers as the blockchain ecosystem evolves.
  • Enhanced Functionality: Ongoing development ensures Chainbased Direct Staking remains adaptable to emerging technologies and user needs.

Why Choose Chainbased Direct Staking?​

Chainbased Direct Staking stands out for several key reasons:

  • Simplicity: An intuitive interface hides the technical complexities of cross-chain operations.
  • Instant Rewards: Immediate receipt of LSTs allows users to start earning staking rewards right away.
  • Automation: Backend processes are fully automated, reducing the potential for user error.
  • Cross-Chain Compatibility: Seamless interaction between L1 and L2 networks expands staking opportunities.
  • Transparency and Security: Clear fee structures and secure wallet integrations build user trust.
  • Advanced Technology: Integration with Swing’s CCIP and robust smart contracts ensures efficient and secure transactions.

Chainbased Direct Staking offers a powerful yet user-friendly platform for staking and managing crypto assets across multiple blockchains. Whether you’re new to staking or an experienced user, the platform’s combination of simplicity, automation, and support for leading protocols like Lido makes it an excellent choice for maximizing your crypto investments securely and efficiently.

Experience seamless staking today with Chainbased Direct Staking—your gateway to efficient cross-chain crypto management.