Stader Labs is a multi-chain liquid staking protocol — one of the few staking infrastructure projects to have successfully launched across over 8 different blockchains rather than specializing in Ethereum alone. On Ethereum, Stader’s ETHx product differentiates by supporting permissionless node operators with only a 4 ETH bond (vs. Rocket Pool’s 8 ETH or solo staking’s 32 ETH), increasing ETH staking decentralization while giving LPs a liquid ETHx token that earns staking rewards. SD is the governance token used to vote on Stader DAO proposals across all chain deployments, and node operators must stake SD as collateral (proportional to their ETH managed), creating a direct demand driver for SD tied to the growth of Stader’s validator set. Stader raised $12.5M from prominent VCs including Coinbase Ventures and is audited by leading security firms.
How It Works
ETHx (Ethereum liquid staking):
- Users deposit ETH and receive ETHx (a liquid staking token)
- ETHx auto-appreciates as ETH staking rewards accrue
- Stader deploys the ETH via permissionless node operators
- Node operators bond 4 ETH (much less than solo staking’s 32 ETH) and stake SD as additional collateral
- ETHx is used as collateral in Aave, Curve, and other DeFi protocols
Permissionless node operators:
Any operator can join Stader’s node operator set by bonding 4 ETH + SD stake. This requires less capital than solo staking, enabling more validators from more parties — improving decentralization of Stader’s validator set vs. centralized competitors.
Multi-chain staking:
Stader has live products on:
- Ethereum (ETHx)
- Polygon (MaticX, now migrated)
- Hedera (HBARX)
- BNB Chain (BNBx)
- Fantom (FTMX)
- SDex utility extends across all chains
SD collateral by operators:
Node operators must stake SD proportional to their managed ETH. This creates buy pressure as the network grows and penalizes operators who behave dishonestly (SD can be slashed).
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 150,000,000 SD |
| Investors / foundations | 30% (vested) |
| Team (vested) | 15% |
| Ecosystem / community | 30% |
| Node operator incentives | 15% |
| Airdrops / marketing | 10% |
| SD collateral stake | Required from node operators |
Use Cases
- Node operator collateral — Operators stake SD to secure their validator slots
- Governance — SD holders vote on Stader DAO parameters across all deployed chains
- Staking incentives — SD rewards distributed to ETHx holders and LPs
- DeFi integration — SD used in liquidity pools alongside ETHx
History
- 2021 — Stader Labs founded; multi-chain liquid staking vision developed
- Mar 2022 — SD token launches; Hedera and Terra (pre-collapse) products live
- 2022 — Expansion to Polygon, BNB Chain, Fantom; $12.5M Series A raised
- 2023 — ETHx launches on Ethereum mainnet; permissionless node operator design
- 2023 — ETHx integrates with Aave V3 as collateral; TVL grows
- 2024 — Stader focuses on Ethereum; ETHx grows in the liquid staking market alongside Lido and Rocket Pool
Common Misconceptions
“Stader is just another Lido clone.” Stader’s permissionless node operator model (4 ETH bond + SD stake vs. Lido’s curated committee) and multi-chain scope genuinely differentiate it. The ETHx validator set is more decentralized than Lido’s by design.
“SD tokens only benefit Stader shareholders.” SD’s collateral requirement for node operators ties SD value directly to network growth — every new node operator increases SD demand, creating an alignment between the validator network’s expansion and token holders.