Transforming the Staking Experience with the StakeStone Intent Adapter: A Case Study
In this case study, we examine how Router Protocol’s CCIF-based adapter for StakeStone allowed over $10m of assets in less than a month to flow to StakeStone from different blockchains, with over 19,000 unique users, underscoring its broad user base. CCIF Adapters can help any DApp attract users and liquidity from all chains.
What is Stakestone?
StakeStone allows users to deposit ETH and get STONE on Ethereum. STONE is a yield-bearing ETH with a decentralized yield-optimizing service. StakeStone has over $550m in TVL, and STONE is an omnichain token which helps because STONE was designed to support liquidity on Layer2s. The StakeStone adapter seamlessly integrates with protocols and platforms, enhancing accessibility and efficiency for acquiring STONE on Scroll with unparalleled ease and speed.
ETH -> STONE -> REWARDS
What We’re Solving
Consider a scenario where the objective of the user is to acquire STONE on Scroll to earn STONE Points and Scroll Marks.
This traditionally involves either:
- Swapping your tokens to STONE on a DEX on Scroll, which incurs slippage.
- Swapping to ETH, bridging to Ethereum, staking into STONE, and then bridging to Scroll, a process that is cumbersome and involves multiple steps.
Our Intent Adapter simplified this intricate process, making it as simple as strolling in the park.
Let’s explore how the StakeStone adapter streamlines the staking process. Large investments can incur slippage and swap fees, potentially reducing returns. To optimize this, let’s break this down into two scenarios:
1. For smaller transactions, we optimize by directly swapping on Scroll to maximize user returns.
2. For larger transactions, we transfer the user’s tokens to Ethereum, stake them, and then bridge the corresponding STONE to Scroll, ensuring maximum return optimization.
The StakeStone adapter simplifies these complexities seamlessly, enhancing user onboarding and retention by reducing steps and improving efficiency across different chains.
The StakeStone Adapter World
The demand for omnichain liquid staking token (LST) protocols and yield-bearing ETH is skyrocketing.
Individual stakers are eager for almost risk-free staking returns, while emerging blockchains are in dire need of ample ETH liquidity to avoid the opportunity cost of not staking directly on Ethereum.
StakeStone is already enabling users to start risk-free staking on L2 scaling solutions. However, a significant challenge remains for the end user: navigating through multiple decentralized application (dApp) interactions to begin staking.
This is the problem our Adapter aims to solve.
The StakeStone Intent Adapter is an efficient solution to get STONE on Scroll using any token on more than 10 chains! The adapter currently has the destination set as Scroll, but that can be easily changed to support more L2s.
With our Intent Adapter, users can stake and obtain STONE on Scroll in one place with the help of a single transaction. We abstract away all the complexities for the user, optimizing the staking process. Whether it’s more beneficial to stake ETH on StakeStone Ethereum contracts and then bridge the minted STONE, or to perform a direct cross-chain swap, the Adapter ensures the best return for any given request. Additionally, users earn Nitro Carrots as the underlying bridge is Nitro! This is the power of intents. The adapter creates a 10x improvement in user experience because users no longer have to visit multiple pages and perform 20+ clicks to achieve the same intent as they can do on the adapter page with just one single transaction.
Significant Milestones
Transaction Volume: The total transaction volume has surpassed $10 million in less than a month, showcasing the substantial value being staked through the adapter. This reflects the widespread adoption and trust users place in the StakeStone Adapter’s capabilities.
User Base: The number of unique users engaging with the StakeStone Adapter has grown to a whopping 19,000+, indicating a broadening user base and increasing market penetration. The adapter’s user-friendly interface and efficient functionality have attracted a diverse group of stakers, from individual investors to larger entities.
Efficiency and Speed: The StakeStone Adapter’s ability to handle a high volume of transactions efficiently has been a key factor in its success. Users have reported high satisfaction levels with the adapter’s speed and reliability, further driving its adoption. The median transaction takes just 40 seconds.
The rapid adoption and impressive transaction volumes underscore the success and growing popularity of the StakeStone Adapter. This represents the future of staking, offering a seamless and efficient solution for users to stake from any chain and any token and earn rewards on Scroll.
Conclusion
The StakeStone Intent Adapter is a game-changer in the staking landscape. It streamlines the staking process and makes it accessible to a broader audience. By eliminating the need for multiple transactions, signings, and approvals, the adapter saves users time and reduces transaction costs, making staking more efficient and user-friendly.
Together, we are transforming the staking experience, making it simpler, more efficient, and more rewarding for all.
Get in touch with us if you would like us to build an Adapter for your DApp! We are creating chain abstracted experiences for Web3, and we can transform any Dapp on any chain using an intent adapter. Expand your reach by attracting users from all chains! BOOK A CALL with our the BD team and let them help you onboard users and liquidity from all chains.
( PS: We can also help you make your existing token omnichain or help create an omnichain token from scratch).
Let’s keep pushing the boundaries of what’s possible in the interoperability space!
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