Crypto Gloss

Stader Labs

Stader Labs is a multi-chain liquid staking protocol issuing liquid staking tokens (LSTs) for Ethereum (ETHx), Polygon (MaticX), BNB Chain (BNBx), Hedera (HBARX), and other networks — operating a node operator network with a focus on decentralization through permissioned-but-diverse validator sets and NearX/SDx ecosystem integrations.

Overview

Stader Labs launched in 2021 with backing from Coinbase Ventures, Pantera Capital, and Three Arrows Capital (before TCA’s collapse). Its goal was to build liquid staking across multiple PoS chains rather than focusing solely on Ethereum — a differentiated approach at a time when Lido was dominating ETH liquid staking. Stader operates as a non-custodial liquid staking manager: users deposit native tokens, Stader delegates to its node operator network, and users receive a liquid staking token representing their staked position.

Core Products by Chain

The main product offerings are described below.

ETHx (Ethereum)

Stader’s Ethereum LST launched in 2023:

  • Permissioned + permissionless operator mix — unlike Lido’s purely permissioned validator set, Stader’s ETHx works toward opening to permissionless node operators
  • 4 ETH minimum node operator bond — lower barrier than Rocket Pool’s 8 ETH, enabling broader operator participation
  • EigenLayer compatible — ETHx is accepted as restaking collateral in EigenLayer AVS systems
  • Exchange rate: ETHx appreciates vs ETH as staking rewards accrue

MaticX (Polygon)

Stader’s largest LST by user adoption:

  • Non-custodial MATIC staking where MaticX represents staked MATIC
  • Integrated with Aave on Polygon, Balancer pools, and QuickSwap
  • Generates Polygon staking yield; MaticX held by ~100,000+ wallets at peak

BNBx (BNB Chain)

  • Liquid staking for BNB using the BNB Chain validator set
  • Integrated into PancakeSwap LPs and Venus Protocol

Other Chain Support

Stader operates or operated LSTs on:

  • Hedera — HBARX for HBAR staking
  • Near Protocol — NearX
  • Terra (pre-collapse) — LunaX (deprecated after Terra collapse, significant exposure)
  • Fantom — FTMx (deprecated after FTM chain issues)

SD Token

SD is Stader’s governance and utility token:

  • Governance — SD holders vote on protocol parameters, new chain launches, node operator onboarding criteria
  • Node operator collateral — ETHx node operators must post SD as collateral (aligns operator incentives with protocol health)
  • Staking rewards — SD stakers earn a share of protocol fees
  • SD token collateral requirement for operators creates natural buy pressure as the protocol scales

EigenLayer Integration

Stader positions ETHx as a restaking-ready LST:

  • ETHx accepted natively in EigenLayer’s AVS ecosystem
  • Stader’s node operators can participate in EigenLayer AVS validation
  • Targeted at users seeking stacking yield: ETH staking yield + EigenLayer restaking yield simultaneously

Terra/LUNA Collapse Impact

Stader was meaningfully affected by Terra’s collapse in May 2022:

  • LunaX held significant TVL that became worthless in days
  • Stader treasury held UST and LUNA as part of ecosystem participation
  • Required the team to write down Terra assets and refocus on surviving chains

Sources

  1. Stader Labs Documentation — Stader Labs Team, 2022–2024. Technical documentation for ETHx, MaticX, and BNBx liquid staking protocols — covering node operator mechanics, collateral requirements, LST minting/redeeming flows, and EigenLayer integration architecture for ETHx restaking.
  1. “ETHx: Stader’s Ethereum Liquid Staking Token” — Bankless / The Defiant, 2023. Product overview of ETHx launch covering the permissioned-plus-permissionless operator model, 4 ETH bond requirement vs Rocket Pool’s 8 ETH, and integration roadmap with DeFi protocols for ETHx yield optimization.
  1. “MaticX: Analyzing Stader’s Polygon Liquid Staking Dominance” — Delphi Digital / Messari, 2022. Research on MaticX adoption across Polygon DeFi — Aave collateral, Balancer stable pools, QuickSwap liquidity — and how Stader became the leading Polygon LST despite competition from Lido’s stMATIC.
  1. “Multi-Chain Liquid Staking: Stader vs Lido vs Chain-Native Options” — Messari Research, 2023. Comparative analysis of multi-chain LST strategies, examining whether protocols like Stader focusing on multiple PoS chains can compete with chain-specific specialists (Rocket Pool for ETH, Marinade for SOL) and Lido’s selective multi-chain expansion.
  1. “SD Token: Node Operator Collateral and Protocol Alignment” — Stader Blog / Token Terminal, 2022. Analysis of the SD collateral requirement for ETHx node operators — why requiring node operators to post SD tokens aligns incentives with protocol growth, how it creates sustainable SD demand, and revenue breakdown between holders and treasury.

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