Apr 10, 2021
Why SharedStake is the Future
An SGT community member’s missive about the project
In many ways, crypto has left its once libertarian roots. Projects are pre-sold to whales who later shill coins to their telegram groups and dump on unsuspecting retail buyers; projects are owned mostly by these whales who control the future of the project; and most importantly, staking requirements are generally so complicated that only these whales can benefit from them. With more than a billion people projected to join the internet over the next decade, this is not sustainable for the future.
Given that there is mostly no yield left in the real world (real interest rates are effectively zero and public equities are trading at all time highs), crypto staking must become available for the masses — everyone should be able to take part in the greatest wealth creation story of our generation, no matter where in the world they reside. This is why SharedStake exists.
Today, one needs more than 32 eth to participate in staking; already, the price of a single eth is too expensive for a population riddled with debt and lacking in liquidity. What’s the solution? Make it possible to stake any amount of eth you’d like (plus required gas fees). This opens the door for anyone to participate in the financial rewards of crypto and bypass the often centralized nature of whales and early pre-sale buyers. Now, with Ethereum 2, users can stake any amount of ether while also earning the marginal yield on top of their Eth-2 rewards.
This is revolutionary for many reasons. The DeFi space has been growing exponentially meaning that the price of keeping your eth locked up is incredibly high. One needs the ability to transfer their eth to any protocol anytime they want to and SharedStake makes that possible — you can remove your deposit at any time for a .3% transaction fee. This makes a frictionless experience, and is a core reason why the project is a fan favorite on Twitter and other social media platforms (official or not).
Furthermore, the team has agreed to lock away their tokens for a set period of time, thereby showing confidence to the community that they’re willing to work on the project for the long term. This isn’t common in defi projects — many teams want to sell right away, which reduces trust overall. Additionally, SharedStake has been audited by CertiK, proving that no major issues exist. The entire team is technical, so any minor issues get fixed almost instantly.
If this sounds interesting, the team has also planned an airdrop to come out in April. Read this piece to learn more about how you can participate.
DeFi 2.0
Beyond the technical details, we should remember that we’re still in the early days of the internet. Many people aren’t aware of the enormity of new players that will soon get access to the broader internet because of greater bandwidth penetration globally as a result of Starlink and other initiatives. Once this happens, the internet will look completely different — DeFi will skyrocket as people decide to trust decentralized protocols more than outdated banks who offer close to zero yield on invested capital.
For instance, Pakistan has a greater population than Brazil; Nigeria and Bangladesh have a larger population than Russia. These countries have minimal bandwidth penetration right now and a lower GDP per capita than they will over the next decade. When that shift happens, what will their citizens do? They surely don’t want to buy their countries bonds and many of them don’t have enough money to buy the prevailing stocks in those regions. In India, the biggest purchase amongst those 18–24 has been data packets, of which many use to buy bitcoin and other cryptocurrencies. This isn’t an anomaly, rather it is the norm in emerging and frontier markets.
We know the future is in crypto, but currently Decentralized Finance is not set up to deal with the overwhelming number of new players that will soon join the market. They need access to this blue ocean of value and SharedStake is the biggest player that can assuage this demand. SharedStake makes staking available to all and allows anyone to participate in the upside — this is a project that you can’t ignore.
For more info, check out this video by DeFi Expectations and check out the project here.
Stay Up to Date with SharedStake
- Deposit ETH now: SharedStake.org
- Join our Discord community
- Follow us on Twitter @SharedStake
Like all SharedStake material, this article was written by a member of the SGT community.
