Geode Launches on Testnet
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Since inception, Geode Finance has faced a tall task; create the liquid staking universe and transform the way Proof of Stake is viewed on Ethereum. By giving projects the opportunity to have their own ETH2 staking solution, we give the wider DeFi ecosystem the power to take PoS to the next level, across any chain! New products, yield opportunities and liquidity pairs will transform how we use ETH on Ethereum.
Today (Jan 5th, 2022) is the first step towards achieving our goal — making all ETH on Ethereum yield generating, in a safe and decentralized manner. We have officially launched on Ethereum’s Goerli Testnet!
Testnet gives users access to everything GEODE has to offer:
The Portal
Geode Portal is a first of its kind Decentralized Router that builds a trustless Ethereum staking Ecosystem for any Planet. A Planet can be a protocol, wallet, exchange or bridge that is a part of the Geode ecosystem. The Portal is the heart of the Geode ecosystem, allowing each Planet to gain access to our white-label staking solution thus allowing participants to stake their Ether in multiple validators without issuing trust between any party involved.
How does Portal work in a trustless manner? On our path to a Fully Decentralized Operational State, Geode Governance is the main decision-making mechanism in the Ecosystem with the power of upgrading the contracts. However, this would be a dangerous situation for any other Protocol that takes part in building the Ecosystem. To eliminate such a risk, we introduced the Senate, a control mechanism for all Representatives.
If you represent a DAO interested in becoming a part of our ecosystem, join our Discord and contact Oranges in the Operations department.
GeoDex
An ETH2 staking pool needs liquidity to be able to function properly. GeoDEX is designed to provide the maximal amount of liquidity for every x-wETH2.
Our liquidity pools, dubbed the GeoDex, will allow any user to switch between the different wETH2 staking tokens within our universe. This functionality is enabled by using ERC-1155 token standard to create and support multiple tokens under one name.
Move from using your wETH2 token as collateral to providing liquidity within a DEX in one transaction — no need to unstake and re-stake your ETH, just swap your token within our GeoDex.
GeoDex is Generating Yield for the Community!
Features include the ability to swap from one version of wETH2 to another:
You can also deposit assets easily for APY:
Oracle (Telescope)
Currently, we have created an Oracle to keep track of the price of various ERC-1155 tokens in a decentralized manner created by different Planets in our universe.
“Telescope” is powered by Geode Finance which basically has two main functions;
- transacting the balance of verified validators in Ethereum 2.0, a.k.a Beacon chain to oracle contract
- reassuring the amount of deposited Ether to prevent new validators creating vulnerabilities by providing incorrect withdrawal credentials.
Testnet Value
The launch of Testnet on Goerli gives our partners a great opportunity to see how we plan to change the game. Furthermore, it allows Geode community members to preview the smart contracts and assist with the testing phase.
To view our testnet, please visit https://www.geode.fi/, click App in the top right corner and connect to the Goerli RPC.
To learn more, help out, or enquire about joining our ecosystem, please reach out to us on our Discord channel. For updates, please follow us on Twitter, and we look forward to seeing you in the Universe!
-Geode Finance Team
