Stride has allocated 6.3% of the total STRD supply to various airdrops. All outstanding airdrops will be claimable at the end of October. There will be subsequent airdrops for new chains on-boarded to Stride.
Full airdrop details available here. Also, see airdrop-specific section further down FAQ page.
ATOM, JUNO, and STARS are supported (as of October 7th).
OSMO will be supported in the next few weeks.
Any Cosmos chain using IBC V3 with interchain accounts can be on-boarded via a governance vote. Here's a list of additional candidates, which may be supported by end of the year.
•Secret Network (stSCRT)
• Injective (stINJ)
•Terra V2 (stLUNA)
•Sei Network (stSEI)
Liquid staking is where a token is staked, and then another token is issued to represent that staked token. For example, a user deposits ATOM with Stride, Stride stakes that ATOM, and issues the user stATOM. stATOM represents underlying staked ATOM, and can be used to redeem that ATOM at any time. But unlike staked ATOM, stATOM is liquid, meaning it can be sold, transferred, or used in DeFi.
With liquid staking, users no longer have to choose between staking their proof-of-stake (PoS) tokens and using their tokens. Traditionally, users could either stake their tokens and earn staking rewards, or they could forego staking rewards in order to keep their tokens liquid. But with liquid staking users can do both: earn staking rewards without giving up the ability for tokens to be sold, transferred, or used in DeFi.
Stride receives PoS tokens, and in exchange issues stTokens. An stToken represents the an underlying staked token, and can be used to redeem that token at any time. stTokens are issued on the Stride blockchain, but using the native Cosmos IBC bridge stTokens can be easily and securely sent to any Cosmos blockchain (so long as it has IBC enabled).
There’s no need to claim staking rewards, as they are automatically compounded and accrue to the stToken, increasing its value against the token.
For example, take stATOM. At genesis, 1 stATOM can redeem 1 ATOM. But as staking rewards accrue to stATOM, it will gradually become worth more ATOM.
If the staking APY for ATOM is 18%, then one year after genesis 1 stATOM will be worth 1.1956 ATOM (more than 1.18 ATOM, due to to compounding). Staking rewards accrue to stTokens, making them appreciate against the underlying token at the staking reward rate. Note that staking rewards are given as an APR (annual percentage rate), but since Stride compounds staking rewards it becomes an APY (annual percentage yield).
By redemptions, we mean the ability to use an stToken to redeem the underlying token. Redemptions are crucial for maintaining price stability between tokens and stTokens. If the price of an stToken falls relative to the underlying token, arbitrageurs will buy the stToken on the open market, redeem it for the underlying token, and sell the underlying for a profit. Without redemptions, this arbitrage process would not be possible, and the stToken would be more likely to depreciate relative to its underlying.
The basic utility for stTokens is that they can be transferred or sold without having to either wait through a lengthy unstaking period or foregoing staking rewards. But in addition to this base utility, there is DeFi utility for stAssets.
Currently, stATOM can be provided as liquidity to the ATOM / stATOM pool on Osmosis.
In the future, there will be further integrations. stTokens may appear on other Cosmos decentralized exchanges, may be approved as collateral for Cosmos money markets, and may be approved as collateral for Cosmos CDP-backed stablecoins.
An important attribute of Cosmos PoS tokens is that they can be used for on-chain governance. At launch, Stride users will not retain the governance power of the assets underlying their stTokens. However, in our first post-launch upgrade, we will provide governance support for stTokens. Soon after launch, users will be able to vote in on-chain governance of host chains using their stTokens.
For context, no Cosmos liquid staking provider currently lets users retain the governance power of their underlying tokens. Stride may well be the first.
The validator set and validator weights will be determined by Stride on-chain governance, using the STRD token. See this article for full details on Stride's inclusive host-chain validator sets.
Many blockchains and applications offer their services virtually for free. Stride could do the same, optimizing for user acquisition. However, we believe it's more fair, transparent, and sustainable to charge a small fee for the service Stride provides. As such, Stride charges a 10% fee from the staking rewards of liquid staked assets. The fee is adjustable by Stride on-chain governance. Also, Stride governance is in charge of handling fee proceeds.
Note that Stride’s stToken auto-compounding often can offset this fee entirely, depending on the staking reward rate. For example, for a token with a 40% staking reward APR, auto-compounding gives users a 49% APY. After the 10% fee is deducted, the user is left with an APY of 45%. In this example, users earn more in extra yield from auto-compounding than they pay in fees.
Details are still being worked out, but it will go something like this:
Three months after an airdrop became claimable, all unclaimed STRD will be clawed back. It will then immediately be recycled into a new airdrop, which will be distributed proportionally across the original recipient set. Effectively, this means that users will have a chance to claim STRD that was left unclaimed by other users.
Full airdrop details available here.
Here’s how it works, using ATOM as an example. The Rebate Program works on a monthly basis, according to calendar months. Each month, Stride records the addresses that deposit ATOM with Stride and the amount they deposit. All addresses that deposit with Stride in a given calendar month are indexed at the start of the month and the end of the month. If the amount of staked ATOM in an address falls over the course of the month and the address deposits ATOM with Stride, it will be assumed that the ATOM deposited with Stride was unstaked for the purpose of liquid staking. This amount is eligible for the Rebate Program.
To be clear, the amount of ATOM staked with Stride in a given month by a given address is eligible for the Rebate Program up to a maximum of the amount of ATOM that was observed to be unstaked by that address in that month. So far in this article, ATOM has been used as an example, but the Rebate Program applies to all tokens supported by Stride.
Full airdrop details available here.
When Stride on-boards a new chain STRD tokens will be airdropped to members of those communities. Eligibility requirements will be similar to the genesis airdrop, i.e. snapshot taken just before announcement, airdropped to governance token stakers, exchange validators excluded, similar min and max thresholds.
Full airdrop details available here.
The "unbonding period" is the waiting period between when you unstake your tokens and when they show up in your wallet. This is a security measure implemented by the Cosmos protocol to prevent validator misbehavior and is not specific to Stride (all unstaked tokens go through this waiting period). Unbonding can take 2-4 weeks, so if you'd like to get native assets more quickly (e.g. ATOM), you can sell stATOM on a DEX like Osmosis for ATOM, and skip the unbonding period.
The Stride protocol custodies native assets (such as ATOM) and mints derivative assets (such as stATOM). Staking derivatives like stATOM are a voucher for underlying ATOM; stATOM can be traded and used in DeFi, while ATOM accrues staking rewards. The Stride protocol has automated logic that stakes the underlying tokens on users' behalf. If you ever want to redeem your stATOM for your native ATOM, you can burn your stATOM with the protocol, which will trigger an unbonding of your native ATOM to your Cosmos Hub address. Note, ATOM is just an example here, the process is the same for all blockchains that Stride supports!
IBC is a new technology, and sometimes the channels get clogged up. Standard transactions on Stride (and other Cosmos blockchains) can take a few seconds, IBC transactions should take around 30s on average and up to hours in rare cases. Importantly, your tokens are never lost. IBC transactions will timeout after a few hours, refunding you your tokens.
We recommend installing the Keplr chrome extension.
Stride gas fees are 0, so the experience of liquid staking tokens should be seamless.
This is an occasional issue with the nodes that the app is using. If you refresh the page, the token should appear in your Stride wallet and you can continue to liquid stake.
This is an issue with Keplr; their team is working to improve the user interface.
If you've moved any of your stTokens to another chain, those tokens are no longer on Stride's chain. You would have to move them back to Stride's chain for them to be visible on the app.
If you believe your tokens are on Stride's chain, please make sure that you're connected with the correct wallet. If you're connected with the correct wallet, try to clear your browser cache, and disconnect and reconnect your wallet to the app.
Right now, the Stride team needs to clear out unbonded tokens manually. There will be an UI update in the future that will allow users to do this themselves.
There are many current and up-coming Cosmos liquid staking providers. In a crowded field, here’s what sets Stride apart.
Stride is the only Cosmos liquid staking provider with a minimalist design. All other liquid staking protocols plan to share their blockchains with other apps, but not Stride. The Stride blockchain is like Bitcoin and Cosmos Hub: it just does one single thing.
Stride's minimalism makes it objectively more secure, because there are fewer moving parts. The simpler the blockchain, the smaller the attack surface. Minimalism also makes Stride completely neutral. Stride will not have a DEX or a money market or anything at all beside liquid staking. This neutrality means that Stride can more easily partner with other blockchains and protocols that other liquid staking providers.
Another differentiator is Stride's security. Stride has had two audits, has rate-limiting security features, and will soon have a large Immunefi bug bounty in place.
In post-launch updates, Stride team will implement a liquid governance feature, to allow stToken holders to vote in host-chain governance.
Finally, Stride will be adding the liquid staking module (LSM) when it becomes available. The LSM is an open-source module being developed by the Cosmos community that will allow staked tokens to be converted into liquid staked tokens without the need to unstake and miss out on staking rewards during the unstaking period.
Vishal Talasani ran tech at DFT (a quant hedge fund), and worked on ML at Bridgewater. Before that, he was an early engineering hire at algo stablecoin project Basis. His favorite conspiracy theory is that contact cases get slightly larger every year, and his favorite fun fact is that the universe is only 35x older than sharks. Check him out on LinkedIn!
Riley Edmunds worked on ML at UC Berkeley with Dawn Song, as a quant on the crypto team at Bridgewater and with Google’s Depth First Learn. His favorite cookie is oatmeal raisin 😱and you can find his childhood parkour videos on Youtube if you dig around! Find him on LinkedIn.
Aidan Salzmann led engineering and product at early stage startups, scaling core products to 100s of thousands of users and millions in ARR. See his LinkedIn here!
Sam Pochyly has extensive experience in high frequency telematics data and optimized + distributed computing infrastructure, previously at Arity. He had a brief stint as a semi-pro quarterback 🏈
Stride is proud to partner with some of the most Cosmos-centric validators and investors, including Imperator, Cosmostation, Everstake, Staking Facilities, Cerulean Ventures, 1Confirmation, North Island, Distributed Global, Pantera, Node, Road and Picus.
Check out our blog! All important Stride announcements and news can be found there.