PowerUp Talks with Avado: A Recap

In a recent PowerUp Talks, we hosted Avado, a plug-and-play staking solution. The session included Anoothi, Business Head at ETHx, Bernd, CEO at Avado, and Stefan, CTO at Avado. In this blog, we’ll summarize the key points discussed during the session, focusing on the collaborative efforts of ETHx and Avado to simply node operations. Let’s explore the valuable insights shared in the event.

Anoothi | Stader Ethereum: Quick introduction of ETHx & Power Pledge

I’m Anoothi, Head of Ethereum business at Stader. Excited to share that our liquid staking platform has finally gone live on Ethereum on the 10th of July at 2 pm UTC. We have also published the ETHx Power Pledge, which is our pledge to keep Ethereum decentralized by building a liquid staking solution that is accessible, reliable, and rewarding.

Anoothi | Stader Ethereum: Please introduce yourself & Avado

Bernd | Avado: Introduces himself

My name is Bernd, CEO of Avado. I came to the blockchain space in 2014 when I learned about Bitcoin. In 2015 I joined the Ethereum Foundation as an advisor. Through the Ethereum network, I met Stefan. Since then we started working on multiple side projects together. Eventually, we came out with Avado in 2018.

Stefan | Avado: Introduces himself

My name is Stefan, CTO of Avado. I’ve been in the blockchain space since 2015. My background is in computer engineering. As Bernd already mentioned, we have a good track record together in the blockchain space. Now for the first five years, I’m building Avado.

Bernd | Avado: Introduces Avado

Avado is a mini computer that makes participating in crypto staking, a piece of cake.

It’s as simple as using your smartphone, no coding or technical knowledge is needed.

You just connect the device to the internet router, plug it into electricity and use the integrated dapp Store, which is similar to your phone app store, and then you download the Stader package. And you’re all set!

Anoothi | Stader Ethereum: Shares ETHx metrics achieved till now & role of Avado in ETHx roadmap

We have close to $13 million in TVL, 70+ node operators, 300 validators, and 200 validators in the queue. With Avado, our intent is to lower both technical barriers to becoming an ETH node operator. Anybody who was considering Ethereum node operations, but did not have the requisite capital, can now run an ETHx node with just 4ETH and an Avado.

Anoothi | Stader Ethereum: Why did you choose to partner with Stader?

Bernd | Avado:

The partnership allows us to offer a wider range of staking and validating services, expanding the usefulness of Avado Device. Besides Stader allows individuals with as little as 4 ETH to run a full validator, making it an appealing option for those who don’t have a large amount of funds.

Anoothi | Stader Ethereum: Talks about USPs of ETHx

• Lowest Capital Requirements: ETHx, offers the lowest capital requirements in the Ethereum ecosystem for permissionless node operators. With just 4 ETH and 0.4 ETH worth of SD, it significantly reduces the entry barrier compared to solo staking by 85%.
• Higher Returns: The reduced capital requirement and leverage offered by ETHx enable users to augment their returns, earning 35% higher returns compared to solo staking.
• Additional Rewards: ETHx has allocated 1 million SD in rewards for node operators, which will be accrued on the bonded SD throughout the year of launch. This means that node operators can earn north of 40% in returns on the SD they bond.
• Blended Return: Users can earn a blended return on their bonded ETH, including the user commission of a boosted 7% and the SD returns of close to 11%.

Anoothi | Stader Ethereum: Why should a user run an ETHx node on Avado?

Bernd | Avado

• Incentives: Stader generously offers $100 in SD tokens for each validator run on an Avado device, helping the device pay for itself. Users can claim rewards for up to 16 validators. Plus, the partnership with Stader allows users to earn rewards from other users’ stake, providing additional benefits.
• Accessibility: Avado’s plug & plug solutions along with Stader’s 4 ETH bond, make Ethereum node operation accessible to all.

Anoothi | Stader Ethereum: What measures are taken by Avado to ensure security?

Stefan | Avado

• Minimal information storage: Avado stores only the necessary staking data, eliminating the need to store sensitive information like mnemonic phrases.
• Pre-set withdrawal addresses: Withdrawal addresses are predetermined, ensuring the safety of funds even if the device is stolen.
• Network security: Avado utilizes router and firewall security, reducing security concerns when running the device at home.
• Encrypted remote access: Remote access is encrypted, allowing secure management of Avado from different locations.
• Backups and restore: Avado encourages regular backups to ensure data availability and easy restoration, even in the event of device failure.

Anoothi | Stader Ethereum: Talks about ETHx security

ETHx smart contracts are triple-audited by leading security firms like Sigma Prime, Halborn, and Code4rena. We have ongoing $1M bug bounty programs with ImmuneFi. We are also going live with real-time monitoring with Fortaa. Alongside these, we are exploring an insurance partnership with Nexus Mutual for added protection.

Anoothi | Stader Ethereum: How will a user claim rewards if they use AVADO?

Stefan | Avado:

Users will be able to claim rewards through Avado by following these steps:

1. Activation: After activating the standard package and going through the onboarding process via the web UI, users can create hot wallets and add validators.

2. Waiting Period: There is currently a queue for activation, which may take more than 30 days.

3. Rewards Claim: Once the waiting period is over and the validators are active and attesting, users will see a button next to each validator in the app.

4. Verification and Payout: After pressing the rewards claim button, Avado will verify the validator’s status and deposit the rewards (e.g., $100 or $50) directly into the user’s hot wallet.

5. Utilizing SD Tokens: The convenience of this approach is that users can immediately use the received SD tokens to increase their API. They can either deposit the tokens to earn more yields or, if they accumulate enough rewards, use them to spin up another validator.

Anoothi | Stader Ethereum: What are the future plans for Avado? What community & educational initiatives are being undertaken?

Bernd | Avado

At Avado, our mission is to make staking easy and user-friendly. We are committed to continuously expanding our range of staking solutions and products to cater to the diverse financial risk profiles and budgets of our users.

We are proud to have a vibrant and supportive community that actively shares knowledge and offers assistance. For newcomers, we are developing comprehensive guides within our packages. For experienced users seeking to explore advanced package features, our Discord platform serves as a hub for in-depth discussions. Additionally, we regularly publish YouTube videos including a detailed explanation of the Stader ETHx package.

Anoothi | Stader Ethereum: Covers community & educational initiatives — ETHx Node School

At Stader, we are excited to launch the ETHx Node School, an initiative providing comprehensive support and education for aspiring node operators. Our live workshops and demos will guide you through the process of setting up an ETHx node, explaining rewards calculator and addressing any queries you may have. To ensure accessibility for users worldwide, we are developing multilingual guides to eliminate language barriers. Our 24/7 Discord support, facilitated by our community mods proficient in seven-plus languages, will be available to assist you at any time. Additionally, we will be introducing a content grant program and bounties.

Stader Labs launched on Ethereum with our liquid staking token ETHx on 10th July, 2023. With ETHx, node operators can spin a node with 85% lower capital (just 4 ETH) and get 35% higher rewards vs solo staking!

We launched ETHx Node School with guided onboarding, live workshops/demos & sharing multilingual resources. Subscribe to our newsletter to stay updated with all the latest opportunities related to ETHx node operations.