Steven Pack

Or you could do liquid staking.

You could mint STEs, for example, and pay 10% fee for that and have your stake on validators where you don't know.

There's a wide operator set on Lido, and so that just wasn't acceptable for some institutions.

This latest incarnation of Lido called V3 seeks to strike this balance where validators

And this is what we do.

A depositor can choose.

So in this case, we are the like ST vault operator.

We have a deal with P2 that says any ETH that comes onto our vault, we send to your validators and you run them for us.

Best performance, like, you know, super high quality node operator.

And then what the vault allows you to do is mint ST ETH against that ETH on validators.

So instead of the validators being locked up in eLiquid, while they're state being locked up in eLiquid on validators, you can now mint ST ETH against it.

And so we do that and leverage it up.

But the difference being it's being leveraged up on validators of a known operator, right?

So now if you're an institutional client, you're like, I want, I'm okay with some leverage.

I'm okay with some DeFi, but I need to know where my stake is.

Like this solves that problem.

And this wasn't possible before.

So it's really innovative.

It's really new, but it targets a very specific type of institutional staker who wants to go from 2.5% to 5%, 6% with a very well-constrained strategy that's back-tested, that has risk disclosures, all this stuff.

And yeah, we just launched.