Geode Testnet is Now LIVE
Ethereum’s First Truly Trustless Staking Library, Now on Goerli
In our previous article, we outlined Geode’s vision to solve Ethereum’s well-documented staking centralization problem. Today, we are thrilled to take the first step in achieving that vision with the launch of the Geode Finance testnet.
We believe this to be the first truly trustless staking library on Ethereum. Launching as a public good, this is a one-stop-shop for any entity to launch their own customized staking solution in minutes.
Through a framework and vision to incentivize decentralization, this is the start of the journey to diversify the entities that control a significant portion of Ethereum’s stake, and, over time, create a diverse, sustainable and overall healthier Proof of Stake ecosystem.
Your Users, Your Keys, Your Fees.
The Geode Jigsaw
Geode is a developer tool that features a fully customizable staking library with considerable flexibility, allowing the user to design bespoke staking pools and liquid staking tokens (LST).
All customizations are achieved through a few intuitive clicks, and complete staking solutions are deployed with a single on-chain transaction.
The staking library is supported by our competitive node operator marketplace, which allows staking pools to manage their risk profile by selecting the node operators that can access their pool.
Geode’s entire solution is now available on the Goerli testnet.
Skip to testnet access details.
The Power of Full Ownership
With Geode, pool owners keep full control of their staking solution at all times. Every pool created is fully segregated, with withdrawal credentials pointing directly to the pool owner’s address. They can manage their risk profile by allocating validators to node operators however they see fit, or even run their own nodes. Plus, stake is segregated at the validator level, removing any risk of contagion.
Owners can even choose whether they wish to accept a future Geode upgrade, removing the lack of control over protocol upgrades experienced with other providers.
Pushing the Limits of Proof of Stake Design and Customization
Geode’s staking library allows for complete pool and token customization, including:
- Permissionless creation and ownership of staking pools: Create a public pool where anyone can access and mint a LST.
- Private pools: Only available to the pool owner and specified whitelisted addresses (great for treasuries who wish to self-custody and avoid staking fees).
- Choose your own LST type: From rebasing tokens, to value-accrual tokens, standard ERC-20, ERC-20 permit or even no token!
- Complete yield separation.
Geode will continue to realize its decentralized vision through development of additional features and functionality such as synthetic minting and more.
A Competitive Node Operator Marketplace
Pool customization even extends to the consensus layer. Our staking library includes a competitive node operator marketplace, connecting staking pools directly with node operators. Unlike traditional staking-as-a-service solutions where node operators are pooled together, Geode allows pool owners to choose which node operators they wish to use, giving them further control over their staking pool.
By requiring node operators to close a validator after a set period of time, we unlock the ability for pool owners to also change node operators over time.
This competitive landscape has three powerful effects:
- Node operators are incentivized to maintain a high performance, as they will likely attract the most stake (vs having no performance incentive when pooled with other operators).
- Owners gain complete control and flexibility of their pool, with the ability to choose and change who manages their nodes. Node operators can even be chosen for various KYC or compliance reasons.
- DAO communities can vote on how stake is distributed across different node operators.
How is Geode Trustless?
Geode has been built specifically to remove trust from the system, enabling any participant to have full control of their own staking solution and removing reliance on intermediaries.
- Every single validator has their withdraw credential pointed to the pools unique withdraw contract which is owned and controlled by the pool owner’s Ethereum address.
- Each pool creates their very own instance of Geode’s middleware smart contracts which is fully controlled by their Ethereum address.
- Geode cannot upgrade a pool instance without the pool owner’s permission.
Get Started on the Geode Testnet
To access the Geode testnet, connect to the Goerli network in your web wallet, then launch the app at stake.geode.fi.
Some things to try in the app:
- Create your own staking pool and LST
- Browse existing pools and choose one to join
- Check out the node operator marketplace and see how the seamless integration process works
Keep in mind that pool creation requires 32 GoerliETH. If you’re in need of GoerliETH to get started, you can claim a small amount through this free faucet, or swap mainnet ETH here.
Wen Geode Mainnet?
Soon™ — following the launch of our testnet we are keen to test and iterate on any community feedback.
We anticipate announcing our partnerships, additional features and ultimately a mainnet launch date in the near future.
In preparation for Geode mainnet, we’re actively onboarding more node operator integrations, so that pool owners have a wide variety of options to run their node(s) from day one. Additionally, external audits of the staking library’s smart contracts are in progress and nearing completion, these will be made public shortly.
In the meantime, please enjoy tinkering with the testnet ❤.
How Do I Engage With Geode?
To learn more about Geode checkout our website and docs.
Interested in launching your own custom staking pool? Or maybe you just have some questions, feedback or feature requests? Make sure you join our community on Discord to chat with the team and follow us on Twitter.
Your Users, Your Keys, Your Fees.
