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LEEQUID is a non-custodial liquid staking protocol for the LUKSO blockchain. It emerged as a fork of Stakewise V2, a liquid staking pool available for the Ethereum blockchain, pre-Shapella upgrade. The LEEQUID protocol was the first to ever be deployed on the LUKSO blockchain and is the result of numerous upgrades to the Stakewise V2 protocol, advancing it to a pos-Shapella state, where withdrawals are enabled.
Progress over Stakewise V2 includes:
A full unstaking system, which effectively exits validators, recovering staked LYX and burning sLYX in the process. Exiting validators and withdrawing rewards became available for EVM blockchains like LUKSO after the Shapella upgrade, on April 12th, 2023.
The possibility to withdraw rewards to one's wallet. This means not only accruing them in the liquid staking token, but effectively transfer them as LYX, anytime, to a user controlled Universal Profile or Externally Owned Address.
A stake/unstake buffer to match incoming deposits with outgoing withdrawals. This buffer can transform waiting periods of days into minutes.
Adjustment to the LSP7 token standard, making LEEQUID the first LUKSO native DeFi protocol.
Update of solidity code to the newest version, benefiting from increased security and efficiency.
Support for Universal Profiles.
Being a liquid staking protocol, LEEQUID enables its users to deposit and withdraw LYX at any time, accruing rewards through the protocol’s interest-bearing token, sLYX. The rewards, which are distributed evenly to all stakers according to their share of the pool, come from the work of Proof of Stake validators, registered automatically in the LUKSO blockchain by the LEEQUID protocol.
LEEQUID distributes its validator load independently between its own infrastructure and 3rd party node operators, guaranteeing a high degree of fidelity and decentralization. By closely monitoring the performance of all validator in its network, LEEQUID ensures high efficiency and participation rates, which translate into maximal reward APY and resource optimization.
There is no upfront cost for users staking through LEEQUID. Instead, the protocol takes a 10% fee on accumulated rewards. See the section on reward distribution for more details.
The diagram below is a graphical representation of the interactions between LEEQUID's oracles, the smart contracts in the protocol, and user actions. The information in the diagram is complemented by this documentation as well as the official GitHub repository of the protocol.