Scale across the Multiverse. Build new apps, new economies, new worlds.

Jun 26, 2023 • 2 min read

The xLaunchpad Snapshotting Process Includes Liquid Staking Protocols

Lucian Mincu
Lucian Mincu

We've carefully considered the matter and are ready to share our approach of integrating LSTs (liquid staking tokens) into the xLaunchpad snapshotting process.

There are a few challenges and questions. How to manage the addition or removal of protocols, the potential complexity of generating snapshots for various types of tokens, and how to prevent system vulnerabilities while preserving fairness and simplicity.

In an effort to establish an efficient and secure process, that also allows us to move quickly so users don’t have to choose between the advantages of the launchpad and the benefits of liquid staking, we have decided to set two preliminary requirements and include the protocols that meet them: (a) code is fully open source, (b) code is audited, with published audit reports.

After a thorough internal review, the Salsa and VestaX protocols are checking both points and their respective token holders will be eligible to purchase lottery tickets in the Hatom launchpad based on their holdings of LEGLD and vEGLD.

All approved LSTs will be treated the same as staked EGLD in the snapshotting process. For this, we will deploy a special smart contract in the next few days, prior to the start of the snapshots, where users will need to deposit their liquid staking tokens for eligibility. Same as for regular staked EGLD, withdrawals will imply an unbonding period of 10 days.

Important mentions:

  1. For ease of use, protocols will need to make the smart contract accessible via their platform interface, and allow users to deposit from there
  2. Other forms of LSTs, such as those in liquidity pools or lending protocols, will NOT be considered for eligibility - depositing in the aforementioned smart contract is mandatory

We are open to adding more protocols and are therefore inviting those that meet the criteria to make a request below (submit as soon as possible, to have time for analysis and implementation before the 1st of July):

This is the first step. Our long-term strategy for the inclusion of LSTs into snapshot calculations is to follow a governance-based approach. Once the governance process for the DEX is fully operational, other liquid staking protocols will be able to be included in the evaluation and whitelisting process by going through community proposals.