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DeFi DAO StakeWise Secures $2M Fund to Simplify Ethereum 2.0 Staking

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by Bhushan Akolkar · 2 min read
DeFi DAO StakeWise Secures $2M Fund to Simplify Ethereum 2.0 Staking
Photo: Depositphotos

StakeWise announced its mainnet launch on Monday after the seventh-month beta-testing. Besides, it also launched its $SWISE governance token to further democratize the governance process.

Although with a slow start in December 2020, the Ethereum 2.0 staking has gathered steam with big players joining. Platforms in the crypto space are now making solutions to simplify the ETH 2.0 staking process for individuals.

Defi decentralized autonomous organization (DAO) StakeWise announced a $2 million fundraise just ahead of the public launch. Before the launch of the Ethereum 2.0 Proof-of-Stake protocol, StakeWise aims to streamline the staking process entirely.

Greenfield One, along with Gumi Cryptos, Collider Ventures, and Lionschain Capital led the funding round. Also, a large number of other private players also participated in the funding round. after a seventh-month long beta testing, StakeWise has finally announced the launch of its public mainnet. As per the platform, StakeWise now has more than 1400 participants.

StakeWise claims to be different and better than other staking protocols in a way that it employs a “unique tokenomics model and commitment to give majority voting power to the community.”

StakeWise Governance Token $SWISE

The StakeWise protocol further seeks to democratize the entire governance process by launching its own governance token. With its liquid ETH2 staking process, it allows users to continue using their locked ETH in DeFi.

The StakeWise protocol plans to distribute 2% of the $SWISE token supply for the first 25,000 ETH coins deposited with the SatkeWise Pool. On the other hand, users can claim a proportionate number of $SWISE governance tokens based on the ETH they deposit into the pool. So far, the early stakers have already claimed a third of the $SWISE token supply.

This protocol has already got some good market competitors like Lido, Rocketpool, MyEtherWallet, and others for the ETH 2.0 staking. To stand out from the competitors, StakeWise has put its focus on ease of use, yield strategy optimizations, as well as transparent DAO governance. StakeWise founder Dmitri Tsumak said:

“Our choice of tokenomics and governance principles reflect the community-first attitude we adopted from the outset. We’ve made StakeWise into a protocol where users can earn elevated yields and gain unparalleled control over their staked capital. Those who recognize this early will profit the most from staking with our network.”

As aid, the demand for ETH 2.0 staking has been rising significantly. so far ~3.5 million ETH coins have been already locked in the Ethereum 2.0 deposit contracts.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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