Curriculum·Junior·J305
Staking, Restaking, and Yield Architecture
Renzo, 24 April 2024. The liquid restaking token ezETH, designed to track the price of ether, traded as low as about $700 on some markets, a fall of 79 percent in less than an hour, per DL News.
Lesson 1 opens on
The Celsius examiner's report, 31 January 2023
Shoba Pillay, appointed by the bankruptcy court as independent examiner in the Celsius case, filed a 476 page report, 689 pages with its appendices.36B greater than its net revenue between 2018 and June 2022, and appears never to have been profitable, recording a pre-tax loss of $811M in 2021 during a market-wide advance. It used new customer deposits to fund withdrawal requests in June 2022 and possibly on other occasions.
The lessons
- J305-01The yield taxonomyClassify any advertised yield by who is paying itabout 30 min · opens on The Celsius examiner's report, 31 January 2023
- J305-02Native staking and LSTsDistinguish what native staking pays from what a liquid staking token paysabout 33 min · opens on StakeHound and Fireblocks, 2021
- J305-03Restaking and LRTsEnumerate the claim stack behind a liquid restaking token and name each issuerabout 32 min · opens on The risk that arrived after the deposits
- J305-04Points programsState what a point is as an instrument, and what it is notabout 32 min · opens on The EIGEN airdrop, May 2024
- J305-05The risk-stacking problemCompute the survival probability of a stack of independent layersabout 42 min · opens on Ankr and Helio, December 2022
Labs
J305-L
Decompose three supplied advertised yields into what is paid out of revenue, what is an emission, and what is points; compound each stack's survival; adjust each yield for the probability of losing the principal; rank them and see how far the ranking moves from the advertised one.