Liquid staking over the NEAR Ethereum rainbow (EVM) bridge - Claudio Cossio

okay everybody so thank you very much for your time great talk okay by the way um so my name is claudium i'm one of the co-founders for medical which is a liquid staking platform for the near protocol and today i'm going to be talking about staking assets through the near evm rainbow bridge uh shout out to my partner lucio who's hearing us from buenos aires he is the mastermind behind all of this so shout out and due to him as well so what is metapo we're the first liquid staking solution on your protocol basically we let users take their near and receive a liquid asset which is called astineer right now one of our main goals is basically to liberate the more than four more or less 400 million near tokens that are on the different validator notes on the network and helping that capital flow back into the ecosystem so that's one of the main advantages of building a liquid-staking solution on top of a proof-of-stake network one of the other thing that is really important for liquid on stake is for a liquid a liquid token is that it enables users to immediately unstake their tokens or their assets so that means that they don't have to wait on the cooldown period for near it's really noble it's around 56 to 65 hours so it's not that bad but at the end of the day when you're going to cash out well you don't want to wait three days right so anyhow so we enable estimator token holders to on stake immediately and of course they get their near back their token and their rewards as well so this is how medical works basically you have a tons of stakers they deposit their near um to stake or they can also participate in the liquidity swap pool i'm going to tell you a little bit about our design so with metapool we do not it's not the estenir token is not a rebasing asset that means that we're not sending tokens back to the wallet basically the near token is it's the estimator by itself it's a cranium value every epoch which in your protocol is 13 hours um and this allows us to for anybody that is holding astineer to pair it in an lp as an lp token for farms and for pools and also of course for borrowing and lending because since the since the token is accruing in value every 13 hours it you can easily this is a self-paying asset and we will talk about that a little bit later so what is our goal our goal is basically to solve three problems with a proof of stake network one is the liquidity yes of course you're staking you're near you're you're securing the network you're providing censorship resistance to the network but at the end of the day it's not capital efficient it is occurring in value you are getting the rewards but at the end of the day that capital is not flowing back into ecosystem through a staking solution we're allowing this and then if you go and use a rainbow the rainbow bridge which is an evm compatible bridge for near then you can send that liquidity to any evm compatible network which in this case is aurora i'll be talking about them in a little while longer so immobility is another one right now when you're staking your tokens or your assets you're basically making a decision do either i want to stake or do i want to participate in d5 or lending or buying nfps or whatnot with that token and so we're allowing now in this um for near token holders not to have to choose they can stake their near they get a liquid token back and they can participate in d5 with that token since it's not a rebasing asset you're not losing the rewards which in the case for other liquid staking solution providers that's a big issue they're rebasing the asset they're sending that ste or whatever else token back to the wallet and so if you do that and create an lp token with that you're going to be losing out on the rewards through westineer we we avoid that problem one of the things that i forgot to ask to tell you as well is why is it not a rebasing asset the design of metapo is super easy and not complicated we're pulling all the near all the token being staked into one single pool and that single pool is distributing all of the tokens to the different validator nodes of the network and that way it makes it super easy to calculate the amount of rewards that are coming to the whole pool so but that that again presses some other issues but i'll talk about them later the other one is accessibility right now most of the relationships with proof proof of stake tokens is it's a one-to-one one delegator to one validator node we believe that that's not the optimal solution because it as any network grows there's a power loss structure there the top 10 validator nodes in any proof of stake network are going to accrue the most the the biggest amount of tokens because that's the way it is that's the way networks are built with a proof-of-stake protocol that creates a problem because the nakamoto coefficient is gonna it's not gonna be there for you because of course people are gonna go and if they see a validator called bison or they see a one called coinbase they're gonna go there right because that it's a name brand but they do not know there's there's other 100 validator nodes on the network which can provide the same service or even do a better apy with metapol what we're doing is we're distributing to the 95 validator nodes on the network outside the top 10. so we're helping the network be more censorship resistance so we believe that that's a good design for a liquid staking solution okay so now talking about dvm i know many of you guys maybe have heard about aurora so that's the native near protocol evm it's full-on ethereum compatible and one big thing here is that it provides the nearest scalability for some of you that heard elia's talk a few minutes back on the laser stage he discussed this how charting has now been um how how sharding is now on mainnet for near so aurora is feeding off of that scalability as well one and the third thing is that it's a trustless bridge i'll talk about that how we're leveraging that and basically it allows any any any p 141 token in near to go and be bridged over to evm compatible and so any any dex amms sushi dodo can support that token and you can create lp farms sorry lp tokens for farms or pools it's a low cost uh it used to be free not anymore but at the end of the day well you know somebody's got to pay for the party and but it's you you pay an ease so you do it all through bana masks basically and you get exposure exposure to more than 80 80 80 plus daps that are coming from the near ecosystem or from the ethereum ecosystem as well so lots of growth potential so if you want to check it out please do so it's aurora.dev so why use it rainbow bridge for us is we want it for to build one of the core building blocks for d5 you know in in both aurora and the near ecosystems so an opportunity when you're bridging liquid assets is that you can bring liquidity for many of the two on any of the two networks into the different texas or the amms or the lending and borrowing borrowing platforms and so this creates some and at the end of the day i think many of us right now know that the future is cross chain but one of the key problems here is how you can how are you going to be migrating liquidity from one system to the other and so that that's uh one of the things that we're trying to solve here and for and we believe that a liquid asset can be a core asset for any dex and amm because that asset is occurring in value every 13 hours of course the fiat price is going to fluctuate but the base token is always going to be accurate in value so you basically are creating a sale self-paying asset to be used indexes and amms so yes there's arbitrage opportunities as well for those traders but then again that's what makes uh capital flow right um and the other one is also when right now the the basic asset of near that has been used in aurora is wrap near we believe that that's not a capital efficient asset because those assets are not being staked right now on the validator network for the near protocol this can also be applied to any other any other proof-of-stake solution that wants to bridge over to the ethereum ecosystem um and so with that like i said the future is crushing and we believe that there's a lot of potential for growth here that has not been assessed at the moment so uh we hope to be one of the first uh let's see if we were a little bit lucky so right now we have a couple of partnerships there's already amms using our liquid asset token one of them is trisolaris there's already around maybe five million six millions of tbl there this is basically demonstrating that there's a need and also that lp providers are hungry for this type of asset to be used in amms and dexes there's more storm farms coming with wanna swap near pad as well shout out to the new ecosystem there and now one of the big things for a self-paying asset assassineer already or other liquid staking tokens is that it is the basic asset for borrowing and lending so rose is going to be one of them uh first partners in the aurora network to support estinir and then the this is the other crazy thing i know maybe many of you guys have participated in gals sorry about that my manners have participated in in ido platforms right the problem with ido platforms right now is that they only work on a bull market when the push comes to shove and when it's uh not the right time people are not willing to risk their assets one of the things that we're partnering with near mint is that do not risk the basic asset risk the rewards so we're going to be launching on the evm compatible near mint xyz i think it's the uh the url and what you're going to be doing is basically a project wants to launch and what you're going to be deposed depositing is astineer assets in it and the project is going to get the rewards from that asset and the user gets back the native the native asset which in this case is near uh it's going to come back as rapneer it's going to be a little bit of a craziness but that's uh we'll we're alpha beta testing as we go we'll see how that goes so what's the potential for staked assets one is the reasons that we bridge our assets over to aurora is that it enables validator nodes to get access to the basic token and in this case is rapnear which is going to help decentralize the network for near and at the same time provide the security for the aurora vm the other one is can you do liquid staking with rap assets so that's another thing we're experimenting can you grab your rap mirror send it to the bridge unwrap it stake it get stiner back send it to the bridge back again and then use it well we're going to find out in two or three weeks so for those that are willing to experiment in alpha beta test please hit me up or send a message on telegram for sure so this will provide a liquid staking mechanism using your metamask wallet you do not have to have the near native wallet in order to do liquid staking with near over dvm um and like i said we're auto bridging all of the assets and distributing to more than 95 validator notes on the network so this is helping not only strengthen the near protocol network but also the aurora evm and for us we believe that there's a leverage opportunity here of course one of the things is as astineer gives you the basis of what the accruing rewards in the near protocol gives you which is 11 apy of course the party is not going to last forever but at the end of the day the three four years five years to bootstrap the protocol we will be able to provide the 11 and then we will see how that things go um other than that uh yeah i think uh hopefully i have some time for questions and so people can shoot your shot if they want hopefully i can answer something uh you got my details there please uh send us an email or ping us on on twitter or whatnot likely to be talking to many of you guys about liquid assets and how they can be bridged over to the aurora bridge uh and bringing liquid asset to evm compatible bridges thank you very much guys have a good one and stay safe questions oh there you go um yeah there you go dan thank you very much man uh thank you for the presentation uh how do you ensure the security within the bridge you know there are lots of exploits happening on the bridge and what kind of like unique solutions do you provide to the users yeah so sorry your name john john thank you very much for your question john and this is something really bad that it didn't say all throughout the protocol it's non-custodial so we're not holding the keys for any any of the transactions that the user does either either through the evm or directly on metapool so at the end of the day yes just watch out for the links that you're clicking right but the idea here is that the user is always in charge of all the transactions going through the bridge going back again and depositing the assets the user is the one doing the all of that right there's an automation process there we are we uh that's the other thing we did get audited by blocksec thank you very much guys for uh giving us the the okay that everything was safe but yes we there's not enough uh audit that you can do to understand the vector of attacks uh going through the bridge but right now since it's non-custodial so we're we think we're i cannot guarantee the that the transaction is gonna go right but at the end of the day is the the user is in control of the assets in every point in any in any point of contact with the system so hopefully i answered that question anyone more no more questions nope okay so thank you very much guys enjoy denver and regard your drinks and looking forward to meeting every one of you thank you