Liquid Staking on Your Own Node - StakeWise V3 and Dappnode

let's get this show on the road good to go awesome Wicked all right guys um thank you for joining us uh it's great to have you here in person and also uh hopefully there's plenty of you joining in on the stream as well um so we're excited to present to you and walk you through this workshop on how to liquid stake on your own node from home um I guess to start with a bit of housekeeping the the plan is to do a couple of presentations firstly showcasing Dapper node and then showcasing uh Statewide V3 um we are then also going to run you through the Statewide V3 test net and hopefully you guys can get involved with setting up your own Vault the the V3 testing is not actually live yet we're planning to launch the private test net later this week so anybody who's taking part today gets a sneak peek into ultimately what the uh V3 test net looks like um and there's also going to be a website which you guys can find the details to follow along to um which will show on the presentation shortly so let's get this started I guess first off let's do some introductions so for me uh my name is Jordan Sutcliffe I am the business development lead at stakewise and my job is anything to do with Partnerships and protocol growth um hey good to see you um yeah and hi everyone my name is Dmitry um I'm the founder of stakewise and currently my job is to lead the development of stakewise V3 and yeah make it a great technical product awesome and then we've got Paul joining us from dap mode what up there yes Paul from dabnode uh we our mission is kind of make it extremely easy for everybody to be able to run infrastructure for ethereum and this way we get a lot more people running nodes into the centralized Manner and we help both people participate in the validation and the networks to be more resilient by being more decentralized alrighty um so I mentioned there's a website QR codes there there's also um the it's docs.stakewise.io forward slash Workshop if you want to follow along um please do um and yeah so that was a good fantastic introduction I've got a couple of questions so who here is a solo Staker nice that's good so the aim for you guys is to show you exactly um what you can do as a solo sticker with V3 that is minting a liquid staking token against your own node and also being able to attract delegations from others to potentially spin up more validators and maximize the potential of your node okay next question is who would like to be a solo Staker who's interested but they're concerned because maybe of the technical difficulties or economic difficulties alrighty nice okay and this is where depth node comes in um these guys will and our goal for you guys is to show you how simple it is to just take from home and obviously then you can access all the benefits of being a solo sticker with V3 so without further ado Let's uh crack into what dap node offers all right yeah so so yeah so our purpose is to to help you run your infrastructure with the minimum amount of hassle possible right um the goal is that no matter how technical you are you can be absolutely zero Technical and you will be able to run a validator or you will be able to run a node or you will be able to run um anything that is infrastructure and when I say anything I mean anything because we are absolutely open source free and open source and we have an SDK and if you have your sorry what's your name RJ so if you have RJ chain and you have your node you can use our SDK to put an RJ node onto the DAP node store a download dab store and this is completely permissionless um so so yeah we can get uh when we say we can we want to help people run any infrastructure without any technical knowledge we mean it now there's two ways of doing that that we're doing this we're doing this with as I said free open source software that you can install in your machine but what we found out is that there's people who want to run validators and they've never installed Linux in their lives and they might not even want to do that so we also offer a plug and play solution this piece of Hardware right here which literally come arrives to your your home you plug it into your router via an ethernet cable you turn it on follow the instructions and you have everything on a beautiful UI from your own laptop you don't even need to connect connect a screen or have a keyboard for this it generates a hotspot Wi-Fi and you connect to this and then you can start configuring everything from your own laptop or even a mobile phone right the main use case for dap node right now is to run validators to run solo validators mostly and we can see I just checked these numbers this morning we have 3582 validators on mainnet ethereum and 11k in gnosis chain that's a lot of validators and this is I have to say that this is self-reported validators and when I say we have I don't mean we dabnode doesn't even know where those validators are this is people running their own infrastructure their own Hardware at home that are using dap nodes and they have self-reported that they are running dab nodes to run these validators by putting it in the graffiti as you can see this is the graffiti cloud and we can see here and why do I say self-reported because we actually have no idea how many dab nodes are out there we collect no Telemetry we have no metrics which is a conversation killer for all the VCS but actually our um our Allegiance is not to VCS is to the users and we we consider self-sovereignty extremely important for the user so self-reported uh 3 000 3.5 K validators on ethereum but a lot more because for example I myself have changed the the graffiti and I haven't another graffiti um that that is not the default one so we we imagine that we will have a lot more validators same in uh in nurses chain and the we're going to see later during the demo what dab node is exactly and how it works but the idea is that I don't know if you can see here it's a little bit small but the idea is that you need you can configure everything with a couple of clicks right what do you need what do you need to run a validator anybody what do you need to run a validator Hans you need Hardware you need an internet connection fantastic what software do you need to run in this Hardware hands over there oh wait a second is it an execution client and a consensus client that's right you need an execution client a consensus client and you'll need also a validator client and then if you want you can have add-ons like Mev boost right you you want to if you want to opt if you wanna delegate the block construction uh to to Mev to me researchers you can also plug in Mev boost so that's exactly what dapno does it gives you this beautiful UI you you choose your execution client okay girly uh sorry guess Aragon you want the consensus client you want load star you want the Nimbus you want to go you're on prism then we use a web3 signer from the techu team and you can choose optionally to use Mev boost or not and that's the configuration that that you need to do you click click click click uh here you'll be asked with the recipient address for your validators and easy we're gonna see how this works later during the demo part but our our goal is to make it stupid simple like five minutes you got everything configured but as I said it's not only for validators you we have like a adapt store with a bunch of different options that you can install um we could have RJ node RJ chain node in this app store right here um we have Bitcoin Monero ethereum classic Z cash own cloud which is not even a blockchain application but since you have your own Hardware your own server you can use it for that um we have rodkey we have other chains like Avalanche well you name it you can put anything you want over there with our SDK and I think that makes it for the Dublin introduction thank you sir um already so let's take a look at the stakewise side um first question who is very comfortable with the term liquid staking who knows exactly what we mean when we say liquid staking explain liquid staking well liquids taken allows you to have your capital state but also use a representation of it which still has a Korean rewards and an exposure to the risk of the underlying eth that's taked got it for sure and so I think we can agree here that the two main benefits of liquid staking is one the ability to unstake instantly there's you know native withdrawal times uh on on networks so being able to sell a liquid staking token on the markets instantly allows you to to unstake On Demand but um as as mentioned the ability to use your state capital across defy and and tend to do whatever you want with it is a really powerful tool so Statewide has been offering liquid staking now for the best part of two years um we we launched back in March 2021 um Dimitri as mentioned was the founder built stakewise because he wanted to become a validator on ethereum but didn't have enough ether to to stake at that point it was way more than 32 each year required and so the only way that Dimitri was ever going to be out of stake would be to pull Capital with his friends next thing you know Statewide is being born and over the past couple of years we've been heavily developing the protocol um and we are soon to be launching our next version called stakewise V3 now the way I like to view this stakewise V3 protocol and the way I like to picture in my mind is essentially the Baseline foundational staking infrastructure on ethereum ethereum doesn't have a native staking infrastructure like Cosmos Etc and so we're essentially building it and this this um this protocol has two layers we have the first layer which we're calling volts these is essentially the the heart of V3 and this is where the the ethereum is staked uh ethery State and also it'll be on on notice chain as well and then we have a second layer which sits on top which is uh the liquid staking token layer which takes that stake ethereum and makes it into turns it into liquid staking and we're just going to dive into both of these layers quickly now so the first layer is volts volts are isolated staking pools and there's a there's a you can see on the on the image here this is our current Statewide staking pool the only pool that exists on stakewise currently when we launch V3 we're going to allow hundreds thousands of different staking pools all to run in parallel each of these pools are fully permissionless they can be created by any node operator or group of node operators and as I mentioned they're fully isolated they're their own unique staking pools so we've got some examples here so like maybe you've got a group of solo stakers who want to run their preferred DVT solution like opal or SSV we could have a commercial node operator like block demon who wants to spin up a vault for the institutional capital each of these votes are non-custodial this whole platform is non-custodial when you deposit ether into each of these vaults you get a unique erc20 token to represent the pulp the volt that you've deposited in and this volts layer is essentially fully automated as as a as a node operator setting of a volt takes a couple of minutes um and once you've done that it handles everything for you it handles it can accept Eve delegations of any size it bundles those each delegations into 32 ethers it automatically submits it to the beacon chain these vaults can also collect your fees there's a node operator for you they are it's they basically just handle everything for you all you need to focus on is just running your node uh and the last thing to mention here is that they're highly customizable so the first thing to mention here you can have public or private vaults so public vaults will allow delegations from anybody maybe you're a solo Staker and you want to you know attract delegations from from the public you can do that or you can make them private if you're a solo Staker and maybe you just want to stake your own Capital that's absolutely fine you can create the vaults and just make it private whitelist your own address to stake into it and then yeah you're simply staking your own Capital so this layer is essentially as I said the kind of the Beating Heart of V3 and it creates essentially an Open Marketplace for anybody to run their own staking solution the next layer which sits on top of volts is ose this is the liquid staking token layer and as you can see it essentially creates a single layer of fungibility across the entire volts ecosystem this is where you can mint OSD and get access to defy this is the the key to the success of liquid staking and anybody who deposits into a specific Vault within the within the V3 ecosystem we'll be able to access and mint OS to turn their stake liquid the one thing to flag here is I mentioned each of these vaults are isolated and so in order to ensure that the risks of say an operator getting slashed in one volt does not impact operators in another volts we need to make sure the OS token is over collateralized um this this ensures that if somebody's minted OS against Vault one and say Vault 4 but if Vault 4 gets slashed without any over class realization that that slashing event will actually bleed through into the other into the rest of the ecosystem and so in order to stop this we only allow OS minting at a set LTV it's probably going to be around 90 and that LTV is based on the true slashing risk in the network uh based we're going to be monitoring the network and we can calculate or estimate have a strong estimate what the risk is and how much a validator would lose if it got slashed at this point in time and will automatically be updating the LTV of os to account for those losses um so what so for you guys and the audience as solo stakers V3 will allow you to create a vault stake into that Vault and you'll be able to Mint OS against your own node um and as also mentioned if you want to make the Vault public you can try and attract delegations you can do this however you want there's actually no collateral requirements on V3 we're letting the marketplace decide you know what what how much collateral do stakers need to see from a solo stakers in order to be happy to stay with them maybe it's one eighth maybe it's 10 East we'll let the marketplace decide um and you can essentially there's various ways that you can attract Capital as a solo Staker into your votes so as I mentioned collateral is the obvious one we're also working with various insurance providers for a node operator to take out insurance on their vaults um and we're also planning to do a native insurance policy using the stakewise dial token called suise lots of fun ways and also obviously you can advertise this is like this this is the cool thing you can actually just create your own business and sell it and Market it however you desire um so that is the quick run through of stakewise V3 and obviously dapload previously it might be a good time just to pause if there's any questions um but if not then we can quickly crack on to actually seeing V3 in action okay so I'll be the designated Noob right so uh I do run a lightning node don't hold it against me I'm looking at the ethereum you know doing an ethereum node and one of the new questions you have is the slashing thing right so Noob question can I just set up my node and say okay just make the right decision you stupid node so I don't get slashed and I think you kind of addressed that question but if you could restate it in new new terms that'd be great sure thank you hey perfect yeah that's a that's an excellent question and actually I'm glad you asked it because a lot of people have this misconception about slashing and inactivity penalties so as a solo Staker um there's two things that can happen or as any sticker there's two things that can happen uh the number one is the scary one you do something against the network you double sign you try to forge the results you put signatures that are not valid you do weird that the network doesn't like something against ethereum you get slashed if you double sign you do something weird you get slash you big penalty forced exit from develop from the validator set you will lose a big chunk of your eth and you will not be able to validate anymore you will be forced to exit the validator set now this is not what happens when you're offline when you're offline for a few days um you actually don't lose that much and what that is called that's called inactivity penalties or inactivity leak because your balance kind of leaks a little bit but it's it doesn't go down in a dramatic way and this is actually by Design um the design of ethereum took into account the fact that we want a lot of people running notes a lot of people running notes in situations that might not be professional settings therefore when they took when they were designing the penalties they were like okay what's the amount of time that you can be so basically if you are two-thirds of the time two-thirds of the time online and this is fairly easy to do over the period of a long period of time two-thirds of the time is pretty is a pretty reasonable thing to do you're already making money with with staking so the inactivity leaks are very very very um forgiving now there's another type of um of penalty that people do not know and it's the correlation penalty and the correlation penalty is another type of penalty which is in the consensus protocol which means which will check like okay if you're offline we said that you have this inactivity leak right but if you're on offline at the same time as a lot more validators you get a multiplier on the penalty that you get and you'd say like wait what and this is actually in order to force or to in to uh incentivize decentralization because if you have a Big Data Center and all of the validity all of your validators are in this Big Data Center and this big data center goes down you're kind of because then is when correlation penalty kicks in and your inactivity will be multiplied by the correlation penalty multiplier okay so it's actually a lot safer to stake as a solo Staker than to have in a professional setting well this is kind of like a controversial statement what is safer you can lose your keys but but yeah in terms of penalties you if something happens it is more likely that you'll get a bigger penalty if you are staking in a data center if the data center goes down then if you are a solo Staker and you just have one validator or two in your um in your hardware and this Hardware goes down social media hello oh yeah um so you mentioned every Vault has its own erc20 token and on top of that is that always eat how do they interplay or like how is it working in the first place with the erc20 token and how can I translate that to OS got it yeah so for those who might not have heard the question was um how are so oh I'm back what's the connection between the ERC 20 tokens of each of the individual volts and Os Ethan and how does it work in practice so as I mentioned each Vault has its own erc20 token these tokens are effectively repricing um they could be their own liquid staging token if they really desire what we cannot do though as state wise is provide liquidity for you know thousands of these different unique Vault tokens and so what we're doing is we're focusing our efforts on OS eth and allowing ultimately anybody to Mint that single token osc's will also be a repricing token and the way to think about OS is it will accrue the yield the average yield from all the different Vault tokens that have gone to Mint it so if you if you're like a one-click Staker for example and wanted to buy osc for the secondary markets you're actually getting a yield from a super highly Diversified sets of of node operators there are mechanisms which we have oh we're building out to ensure that OS maintains a quality yield and one one question we often get is or what if I stake into a vault which is heavily underperforming and then mint OS ethergate against it my my poor Vault performance is going to be impacting OS and that's true it would be but what we're what we'll end up doing for you or the person who who mints OS against underperforming volts there'll be extra charges to essentially compensate um the the reduction in yield that you that you're that you've caused at OS so essentially obviously there's going to be taking the yield from a like a highly Diversified set it's effectively the average yield across the statewide's B3 ecosystem but we have mechanisms in place to make sure that overseat itself remains you know a quality LSD and the yield itself remains hope it helps answer your question hello um so does that mean like the friends I guess who stake on me do they get always eat or do I get the erc20 from me and my erc20 is like always easy it's the security for that sorry so the question was so what does my my friends what are they actually getting are they getting the OS eth or the erc22 got it yeah good question so it depends ultimately how you stake in statewise but the question let's say you've created a vault and you want your friends to stake with you when they when they deposit their ether into your specific pool they are getting your unique erc20 token that then can be used uh essentially locked as collateral to Mint OS against it right so having this Open Marketplace allows stakers and gives stakers the freedom to choose exactly who they want to stake with they can specify their node operators um there is another type of Staker though and that is one that doesn't want to choose the node operators they just want to buy a liquid staking token and absolutely they can do that they can also just buy overseas great questions thank you okay this will be the last one because I'm conscious of time but yeah yeah thanks going back to what you are saying about um adjusting for the different rewards in different worlds that you would somehow I'm not sure if you reward the better wall votes or you just punish the the bad ones what are the mechanisms in case of some slashing events if some of in some of the vaults how do you handle that got it so there is no plan so first of all this is not yet finalized and we'll be launching we're not going to be launching a working group to to finalize these details um the plan so far is not to penalize people who perform who are in over performing volts um people who stake with really high quality votes and mince OS against it they actually end up in a position where they're collateral their unique erc20 tokens representing their specific bolts actually a crew in price faster than OS eth so if you think about it in that sense they're they're a very safe borrower of os eth and their their LTB will slowly decrease over time because their their vaults are performing better than overseas um the mechanism for on the on the slashing side if a volt gets slashed and you've missed uh the the buffer the capital buffer that's in place because of the LTV mechanism on OS eth will mean that even if let's say volt one gets slashed here and all the OS is minted against that Vault will still have it'll still be over collateralized so let's say we have um a 10 out Capital buffer on on OS eth the the slashing penalty will probably be five percent of that we then have to have extra but Capital buffers in place to reward people for liquidating uh bad or unhealthy OSD positions so essentially the LTV on osc uh accounts for multiple things one slashing losses but also two liquidating uh or rewarding Liquidators within this whole protocol that liquidation mechanism is just very similar to what you see across across D5 today um and there's also going to be a small like an extra small buffer just just for security um yeah hopefully that's all good alrighty Dima you're up let's have a look at um V3 in action uh Dimitri is going to set up a vault on the V3 test net as mentioned there is a website that if you guys want to play around uh with this yourselves you can do it's on docs.stakewise dot IO forward slash Workshop but other than that thank you um let me put it here all right hi everyone um I'm gonna I'm gonna show you how uh V3 looks in the current our stage namely I will focus on the first layer of uh of what Jordan has presented uh and that's basically um creating creating and staking into the world the osc part is still uh we're still developing it and it will be ready in around like a month or so so let's go to the demo.

stakewise.io and the one those who wants to follow uh follow the demo and uh also like stake into the vaults they can just uh uh yeah go to that page as well there are only two requirements you need to have right now first is you need to have a wallet and the second one is that you also need to have some girly ether on that wallet available so if you don't have one you can always go to like dogs that say Quest that IO slash workshop and here you can find like forces for uh getting some girly eat there is there's a couple of them right so getting back to the volts page so this is something what you're gonna see when you land on the stakewise be free and here you have two options like first one you can scroll and see through different uh vaults so those volts as already mentioned they are created like permissionless in a permissionless manner you can think of it as creating a liquidity pool on on uni Swap and you can so basically if you have less than um less than 30 to eat you can select one of those volts to to stake there um and uh and also you can see here you can search for a specific one you can filter based on score APR or tvl and score is basically like we are currently still working on it and it will uh show how well uh that specific vault is performing so you can see like based on its uh performance uh like how how many attestations blocks it's missing what's uh the map strategy they have like whether uh the owner of the Vault has provided some has taked something into into its own Vault um and if that's the case then there is some additional Insurance in that case so let's go ahead and and connect the wallet I'm going to use metamask here so once I'm connected uh I'm I'm gonna just let's say there you can as you can see also here there are some private vaults so private vaults are the ones that um that are created by someone and who and and that person wants to actually uh control who can stick into their world for example if you have friends and you want only your friends to stake there um you can easily do that or if you want like offer staking as a business let's say and you would like anyone to stick there you can make it public so if we open this Vault for example I can see that I cannot stay here as as that's as that's the private Vault but if we go to another world which is like space eat here I can go through I can see like the graph of tvl and APR over the time what's the current like locked ease what's the epr and the score see the description um different actions of this world I can also see uh what are the validators that are that are like generating rewards for for that Vault and I can like there is a link to let's say uh girly Beacon chain where I can see more like performance and and how well that vault is working also there are some additional details that we can see the vault is public it has its own like erc20 token which is called space eth um every volt is a contract it's fully non-custodial and and you can check that contract on either scan as well um yeah and uh let's assume I'm I'm I'm happy with this world and I can stay here some amounts so if I'll stick one either um I will need to confirm it here and the transaction is on its way um so so yeah so while it's confirming I can like just describe the vault is basically uh uh ERC it's it's uh it's a year C20 contract which has like rebalancing tokens so over the time my uh my ether gonna so I will have the same amount of tokens but the amount of ether that I exchange those tokens for uh will be increasing um and later on let's say so yeah here I can for example now I can add that token to my wallet um and that will be in my metamask here um right so that's that's the rebalancing token that I'm gonna get so what exactly I could do from here for for example uh like later on I can lock that Vault token um in the controller and and mint OS if on top of it and let's say then I can go to to any project that supports OSF that has integration of OSF and do something with it for example it could be uh borrowing like uh Stables on top of it or it could be um like doing a call strategies and etc etc or I can let's say do uh more of a um leveraged staking I can exchange that let's say to Ether and stake more and do do other things but let's assume now that um I have 32 ether and or let's say I have myself and my friends we have uh together 32 ether that we would like to stick and we want to do that just specifically for us run the note then we can create a vault so here we have two options whether we go public or we go private so public again is for those who uh want to have more of like open gate for anyone to stick there or private is the one where you control uh who can stick into that Vault so let's choose private here um and here we are presented with different setups how I can run the validators So currently we have like two available kubernetes that's the one that we've been running on V2 for two years and it's large scale setup where you can run like many validators if you wanna do like sticking as a business then that could be interesting for you to check but also we are we're having Integrations with dap node and there are other Integrations that are coming later and and we want to simplify this taking um and make it like easy for you not to only kind of create Vault but also through the different means uh run run the validator on on different infrastructure so here I'm gonna select custom and and here basically we have two addresses so for those of you who know like when you create a validator you need to specify the withdrawal address where ether gonna land after that validator gonna exit from staking so here we uh um so the withdrawal address here is actually will be the Vault that will be created we can pre-compute that in advance and show it here so you can generate the deposit data the deposit data is used to register validators and there is a few recipients a few recipient is an additional contract that you must specify for your validator client to um where the priority fees and map rewards gonna land so those two addresses are available right here in front before you even create a vault so what I'm going to do now is that I have um I have downloaded the value key again that's like the tool for generating validator Keys um I'm just gonna open it here um and you can also install it so there is a link in in the workshop um where's that so it's here if you click on it it will take you to the GitHub page where you can download it download the key you know generator from here for your specific platform and open it so um yeah let me open that application so first thing here is that you need to do that through the control uh because it's not verified producer Mac is a bit complaining here but right so we have that opened and so basically when you generate validates now what we are doing we need to generate some validator keys where we gonna stake our ether so we're gonna use that tool here and usually you generate a seed phrase I'm going to choose girly Network here because like yeah the test net is running on girly and I'm gonna generate the mnemonic here the mnemonic is the one that you always keep in private it's the way that you can uh back up like or recover your validator keys in case you're gonna lose them so make sure like if you generate that for the production environment that you do that on the air gap machine and it's fully secure but just for the example here I'll I'll not even save that but uh use that for generating um the the validator keys so I'm going to generate one key and I need to provide some password here I'm not gonna um yeah do you like very secure your password but let's so here basically when it asks for ethereum withdrawal address we're going to provide the address that our vault has pre-generated here so we're gonna copy it and and paste it here that's the Vault address that we're gonna end up with in later um and I'm gonna choose where to save the validated keys and okay now it's generating the validator keys and um the one validator key here in in that example and the deposit data file so uh listen we're good here let's continue and now we are asked to upload the deposit data so if you ever created a validator through the Launchpad uh you probably know that you have to upload the deposit data that's uh uh that actually specifies like to what validator you want to assign your 32 ether what's the public key of that validator so now it's we can see it's generated it has generated the key store the deposit data file and there is a recovery phrase that I have just generated so let's go to the folder where I have where I have the validator keys and here is the deposit data file just from here I will rename it to the deposit data.json and let's upload this file here all right so basically the UI will check that the deposit data file is generated with correct withdrawal credentials the withdrawal address that was like shown before it will check that the validators in that deposit data file are not registered in Beacon chain so far and in general that the signatures the network and other things are are correct so that's for the safety of the Vault creator so here's the next step uh we we can provide the name for our token so as we we can run our own let's say liquid staking business here or we can just like come up with a interesting name for our token let's call it uh uh Denver staked and uh the token symbol will be then eat so yeah there is a capacity the capacity is basically you can limit how much ether you want to get into your validator we're going to keep it unlimited and also you specify as an operator the fee percent that you want to have what you want to charge those who gonna stake into your Vault I'm Gonna Keep it ten percent here uh let's continue and here I can provide some additional branding that's for for the list of all the vaults I'm gonna call my Vault Denver um East volts and just add here a logo from here so it will add a bit additional branding to to this wall all right here we have a summary and um we are good with everything we see here and we deploy the vault so um yeah it gonna deploy the the contract for the vault um through the factory um and uh it's gonna specify the the parameters that we we have provided here so just to add here there are like the the one who creates the Vault becomes an admin on this world which means that um there are several things I can change I can add the I can update the deposit data file if I want to generate more validators if I want to add more validators to my um to My Vault or I can for example change the fuel recipient address by default it's myself so the field recipient address is the one who gets the 10 cut from from the rewards that users gonna receive here and there are some additional settings that me as a as a owner of the Vault can perform so here we can see our vault is successfully created there is a very small like deposit that's a security deposit for uh Vault inflation attacks to prevent them and and here we have like different settings that we can do like change The Branding upload the deposit data file change the view recipient and as it's the private Vault I can also let's say if I don't want to manage the list the white list of the user settings take here I can change the access manager so the address that is here gonna will be able to um uh to whitelist addresses that can stake or the keys manager is the one who can upload the deposit data file the new deposit data file in case let's say I run out of the validators I can always add more uh by like the same way we just did through them mnemonic I can allocate more validator keys and also there is a vault access so this is like as again this is the private Vault here are the addresses that I can manage like that I can whitelist who can stake into that fold all right so um I think here we can do that an example of let's say uh there is I'll take another account copy it here we can see that I don't like as an account here if I'll go back yeah our vault actually has been created here um where is that we have this one the Denver evolved we have it here um and as I'm not like as I changed account I cannot do any um any modifications and of course that's everything through the smart contracts and that's controlled fully by The Vault contract that uh We've deployed so let's go back to the admin here and add another address uh that can stake all right so we will add it to the white list of our vault and the transaction will be confirming here for some time and basically once the address has been confirmed uh the transaction confirmed that user gonna will be able to to stake into that fold right so what would be the next steps for example if if um yeah so once someone Stakes into that vote be the private Vault or a public Vault uh Next Step could be for me to Mint OSF if let's say if that Vault wants to manage their own liquidity that's fine you can like do a pair with with ether on like uni swap or curve or balancer um and um and you can manage your own activity but but that's quite difficult thing to do uh so in case you don't want to do that you can mint osc and you can benefit from all the liquids taking that is available uh while running your own note while uh being fully controlled over um over your stake and not delegating that to any operator all right so we added that address let's change the accounts and see whether we can stick from it yep we can now stake I can stake like 32 ether here um to run a validator yeah I can also take you through the process of let's say there is an additional Service as a node operator you need to run this is called stakewise with free operator and basically there is a need for for those who so the main responsibility of that service is that you you need to run it close to that you need to run it to register the validators um on the um like for your Vault so basically once it monitors when the Vault has 32 ether it takes the next validity key from the deposit data and moves um ether from that Vault to the ethereum uh staking contract all right so um okay okay right so we have some more time here and I will um I will show you how like that operator service runs so basically it needs to have execution node it needs to have consensus node um there is like multiple clients provided like on ethereum Basu Aragon and get and by the way yeah we're gonna be supporting gnosis as well and uh you can run validators on gnosis or ethereum um uh based on how you where you want to like stake uh so there is also the you have to generate key stores and deposit data file that's something we already did with the value key generator and the next thing is to generate a hot wallet so hot wallet is basically used by the operator service to uh register the value so that could be any ethereum wallet private key with some ether for gas in it so here I'm gonna use vanitye um I'm just gonna generate a random wallet here here is the address I'm gonna send some girly ether to that address for the guests let's add like 0.1 and and confirm so while it's confirming I will save the private key to [Music] to somewhere where I connect later it to the um through the operator service so here's the file I'll move it to just move it to all right we have here to the demo folder all right let's call it if hot wallet and move it to demo yeah so we are good we have a we have a hot wallet now here generated and the next step would be to um like change a bit the environment file here and start the operator service so I'm gonna just adjust this is the environment file and you you have to specify the network we we use girly here the Vault contract address that's that's the one I'm gonna copy from here uh right paste it here there is some directories the the nodes the like the execution and endpoints for the consensus execution notes and like path to the key stores the key stores are used here to generate the exit signatures and uh spread those exit signatures across Oracle so that in case validator wants to exit oracles that can do that process for for the vault itself right so uh we're gonna save it and run here our operator service let's see it's gonna start it's very uh still experimental we are just launching our test net so there could be some demo effect here um so we can see that it has connected to the operator account it can can connect to the lighthouse and get and connect it to the oracles now we load the key stores and it will notice that the Vault has 32 ether take the next validity key from From the Vault contract and register it so while that's happening we can spin up our lighthouse validator the first thing is to import the validator key so for that we use um we use that commands where is that command here so you can see that also from from the documentation page of the lighthouse you can run it through the docker or for other way or any other way I'm gonna use the docker command here so it provides the provide the passwords and now we imported the key so the next command would be to to start our validator so we're gonna use Docker command here again Dr Ron and yeah so here is an important part so as as the recipient where the map and priority fees gonna go uh we're gonna specify the address that we have like map recipient here so we're gonna copy it and uh paste it for the suggested fee recipient of the validator client all right so it managed to get the of the public key and at the same time our operator clients has registered the validator so if we're gonna take this one and go to to the girly Beacon chain and paste that public key here let's see it's gonna find it yep so we can see that our validator was deposited the withdrawal credentials are the same as the Vault address I'm not sure if you can see it here but maybe if we paste it in the URL okay it's a bit formatted differently but but that's the Vault address here yep um so yeah that's it for the demo uh hope you enjoyed it and if you have any questions feel free to ask them thank you thank you [Applause] hello awesome so thanks Dima so I guess just a quick recap um so Deema that I spoke through uh creating a vault on the stakewise UI um hopefully you saw that's very simple and there's a lot of customization that you can do to create that Vault itself the step he was just talking through there is running the one the only specific software we require nerd operators to run is the stakewise operator software um Dima showed how to set it up using CLI and running through the docs um we are building our own um operator software at stakewise to make that even simpler but this is also where companies like daphnode come in and Paul is about to show you how to do the same process but doing it via the DAP node software and show you how how essentially how easy it is alrighty let's do it yeah I'm gonna plug in with mine one two one two checking for signal it's doing stuff on my side no different dongle all right so um basically what we saw right now is how to run the stakewise operator software which you need because it out it automates all of the um validated registration and it's where you um you you let the Vault know that the validator is there and ready right um repeat it's extended display now yeah they're built in this way yeah okay we're having some technical trouble foreign [Music] is I'm going to show you how to run your execution clients your consensus client the stakeways operator software and then we're gonna spin up a validator for one of the volts that I have already created following exactly the same process as Dima has showed you how to do at the Mac as well okay cool reopen windows Co rebooting the Mac so basically what uh it's gonna take not too much time because as you have seen um that has already a UI that allows you to install your execution client and your consensus client with a couple of clicks so as soon as that is done we just need to download a package just like RJ could could deploy the uh RJ nodes then stake wise we have deployed a package for the stakeways operator foreign we're going to use that package and it's going to have instructions on uh that are going to guide us how to do all of this without having to use the um uh the command line at any point okay yeah all the ship's opening now let's get more stuff hmm wire guard on your Mac two decimeters yeah exactly come on come on come on yeah damn [Music] thank you [Music] foreign [Music] foreign [Music] thank you thank you [Music] foreign [Music] thank you [Music] foreign [Music] okay fantastic good so we got it I think and yes Perfecto good so thank you all right thanks Dima for uh lending me your your laptop for the demo let's try to connect to my Dev nodes [Music] foreign [Music] through a VPN wireguard so I'm connecting to a dab node that's all the way over Europe to my dad's house actually and uh let's [Music] okay excellent so good so here's the here's my dab node right and the first thing that we need to do is we need to install the execution client and the consensus client right so I've already done this so it will be synced uh before we before we start but in that note the only thing that you need to do is you need to go to the Staker section and you need to select for example gorley Aragon or nethermines and here you're going to use Deku for example you just you choose whatever you want and then if you're gonna go you're going to use any Mev and if you boost you just click it from here at this moment I'm just gonna leave it as it was and then I would go here and I would go like apply changes and what it would do right now is it's going to install it here in the packages okay so now we have the first things that we need to have when uh when we want to run our own node when we want to run a validator we need these pieces right we need the uh we need the consensus client we need the execution client and we already have that so now the next piece that we need to have is the stakewise operator which I'm going to share the so the package so we're going to install this package live and Dima can I send this to use excellent so now we have the we have the package as we said we could have like anybody's node right here and we're going to install the Statewide operate operator software and here we go like hey okay you want to run a validator yeah so you will need the volt contract address and Dima has created a vault before and I let's check if we can go here and try to find the volts that we have created so one of the volts that we have created is the dab node decentralization maximalist volt right and we can go and take the contract address and bring it here and we just hey I want to become a node operator for this vault and I just put it here then as as Diva mentioned I need a hot wallet I need a hot wallet that will be registering my validators so we could create one through my ether wallet offline or my crypto desktop app and you create you basically create a keystore and you can uh and then you can start um registering the validators so maybe I'll just send my stuff over and I will share this via Telegram [Music] right here cool here it is so we can put this now into the package I can go here choose file downloads was it downloads it can be organized by date added you to see here perfect and this is we have created these um and now we need to put the passwords um that would be a lot more simple if I could just like copy and paste stuff but uh sorry about this okay now we have the passphrase perfect then we need the deposit data and the deposit data of we need to create the key stores and deposit data of the validator that we're going to be running and this is going to be an empty validator it's going to be a validator that we want the Vault to fill in right so we're saying what we're doing here is we're saying hey I'm running all the hardware I'm running all the software and here's my validator that I'm running in this machine please put 32 ethernet and start running uh and start validating um and I will start validating for you right here so here we go I'm going to do exactly that I'm gonna go back here download deposit data download the key store and there we go so um Dima has already shown how to create the validator with the wagyu key gen and therefore I'm not going to show how this is done but I've created these deposit data making sure that the withdrawal address is the same of the Vault that I that I want to be an operator for so this same one right here right and then I need the keystore file which I've already sent to me right here fantastic and then the passphrase for the key store so now I'm going to submit all of the information I'm going to accept and now it's going to install and what Dima has done with the dot and with the environment file configuring everything everything is managed in the background when you're using dap node so basically the only steps that you need to do is you need to know which Vault you want to be an operator for you need to know um you need to create the deposit data and the key stores with a tool like wagyu and once you have done that then uh you can you can basically like use the dab node package and go through all the packages and then you're going to be a stakewise operator and now basically you're running you're running all the software and we can go here and see the logs of what's happening it's going to do the same as we've saw uh on DMS presentation it's going to connect and I've already done this I did this um I did this yesterday so basically what we can do is I I did exactly the same process on that note and I created a validator in the same way that we have done and right now there's not enough staked balance in here so it's not going to put automatically the 32 eth into these validator that we have created but it's but it what it's what it did yesterday when I created this I deposited 32 eth and boom yep it uh it the Vault automatically deposited 32 each in the key store that I had registered right here so we can check this and we can go here and see that it's spending and the queue in Gurley right now is massive it takes three days but in three days the volts the volts dab node Max the centralization maximalists will have one validator running and it will have two actually if uh if somebody wants to put 32 each more or 23 either more in the dabno decentralization max as we have already as we have running this right here uh it will basically be running it will be ready and automatically it will deposit the 33 into this validator that we're running and that's how it's going to work and that's how you do it with dab nodes awesome thanks Paul uh obviously apologies for the technical details uh these things happen but hopefully you can see two things one how simple it is to create a vault on the on the UI on the stakewise UI itself the actual Vault creation is super simple Dima showed you how to do it versus command line that's a little bit more complicated but using software like dap node you know it is there's no command lines it's super simple um and the key thing to flag here is that if you're if you're a node operator you're done at this point right the volts is going to handle everything for you it handles your fees it handles a validated registration um it handles all the pooling and of eth there's there's essentially nothing for you to to continue doing other than continue running your node um and you know this whole system is designed to be um as seamless as possible and as automated as possible um I'm conscious of time we've obviously overrun now so I will not ask for questions on stage I will stick around afterwards if anyone's got any questions um as I mentioned the test net for V3 is going Live this week it will be private to start with as I mentioned you guys got a bit of a sneak uh preview but there will be a public test net launching very very soon and we'll be super excited to get you guys uh involved there but yeah I'm going to wrap it up and see you on the flip side [Applause] foreign [Music]