Hord has introduced a new functionality: wstETH staking. stETH staking will also be added in the near future. Stakers can still deposit ETH, but now it’s also possible to stake the Lido’s LSD tokens and will be rewarded with an extra APR.
Behind the scenes, wstETH is dynamically converted to ETH and staked at Hord when needed to fuel the launch of additional validators. These validators generate profit by verifying transactions and producing blocks, which are shared among stakers.
Stakers of wstETH are rewarded with hETH, which represents their stake combined with rewards and can be withdrawn for ETH at any time. Withdrawals are usually completed within 24 hours, although larger withdrawals may take up to 3-4 business days as Hord's Ethereum staking pool validators enter an exit queue. For those who need faster access to their assets, hETH holders can convert to ETH via Uniswap.
Stakers of ETH & wstETH all receive a boosted APR comprising of additional HORD tokens. The key difference is that stakers of wstETH receive an even higher APR than ETH stakers. The number of Hord tokens allocated to the Hyperyield pool is 500K for the next 30 days.
The Hord tokens awarded to stakers give them exclusive rights on the platform. These rights include influencing Hord’s future via governance and earning a portion of the platform's profits.
Staking wstETH on Hord is not merely a lucrative venture; it's a strategic move toward enhancing the Ethereum ecosystem. Through Hord's approach, users actively contribute to the network's decentralization. Staking with Hord boosts Ethereum’s security by actively lowering Lido's dominance, a significant step towards fostering a more distributed staking environment.
With Hord, stakers not only unlock attractive returns but become integral players in the evolution of Ethereum's staking infrastructure. The combination of earning potential and ecosystem contribution makes Hord a compelling choice for those seeking both financial gains and a meaningful role in Ethereum’s future.
Stay tuned for more significant upgrades, Hordlers!