Selenian Network Staking Derivatives Module

Updates From Selenian Protocol

So much has happened since our first transmission. We had been learning & heads down building. As we’re launching our staking derivative module this week on Secret Network Mainnet, we want to share updates from the Selenian Protocol.

First of all we changed our website design, (link http://selenian.network) give us a visit, jump on the feedback channel on discord and follow us on twitter if you have any comments. Always happy to get your feedback.

We learned a lot during this time period and decided to focus on what’s important. Shipping. And more importantly be ready for the approaching storm that is IBC and be fully compatible with the interchain future. We will be sharing more insight into how we leverage IBC as an enabler for the most secure and the best UX for cross-chain applications.

But first let’s take it from where we left off in our last Medium post. Our staking derivative module is now in production on Secret Mainnet, and we’re very excited for you to try it and share your feedback with us! Please create issues in this repo for your feedback or jump on the feedback channel on discord.

We will announce SelenianDAO and how we will give back to our community soon, but rest assured that we’re planning something sweet for our users. Keep an eye on our Twitter account for updates! (alphaalpha_winkwink)

Liquid Staking — How does Staking Derivatives work, and how to leverage dTokens

We’re starting off with liquid staking to provide liquidity, efficiency and security for the network while creating a constant demand for the native token through auto compounding staking rewards. We will be starting our first staking derivative with Secret Network $SCRT.

Let’s go through the Selenian user story to explain how liquid stakers can leverage dTokens.

Alice visits selenian.network and connects her wallet to start staking. She sees her $SCRT balance and decides on the amount she wants to stake.Selenian protocol gets 0% commission as the transaction fee*. Alice completes the transaction by clicking the submit button, and voilà she has dSCRT minted.

When Alice wants to withdraw her $SCRT, she can do so by clicking on the “withdraw” tab and choosing from the “Convert” or “Unstake” options.

If Alice wants to convert and withdraw her $SCRT immediately, without having to wait for 21 days, she can choose the “Convert” option. This option will be run through Secret Swap.

Similarly Alice can choose to wait for 21 days and redeem her initial $SCRT and her reward amount (her ownership percentage in the dSCRT pool), she can choose the “Unstake” option. She can then her $SCRT to her wallet from the same tab and withdraw at the end of 21 day unbonding period.

As previously mentioned, we believe staking derivatives are the secure base product for future DeFi tools, and we will be building relentlessly to serve #IBCGang.

If Alice wants to leverage her dTokens using Selenian Protocol, we will be offering collateralized debt positions (CDP). Once Alice puts her dTokens as a collateral to the protocol, Selenian will mint SelUSD, a collateralized stablecoin that will help Alice collect multiple yield. If Alice wants to maximize the return on her initial base asset, she can run this $SCRT→ $dSCRT → $SelUSD → $SCRT → $dSCRT → $SelUSD cycle according to her risk appetite. Moreover, this will all be available with one-click experience. But let’s keep this for another blog post.

We will keep shipping products and we’re looking forward to serve #IBCGang with our safe and secure DeFi tools.

Next Up:

Collateralized Debt Positions (CDP) and On Chain Collateralized Stablecoin (SelUSD)

SelenianDAO & Selenian Token (Utility, Tokenomics & Airdrop)

Join Us

If you’d like to help build the Selenian Protocol and future of secure & private DeFi on IBC, please don’t hesitate to hit us up and say hi!

Follow us on Twitter / Discord / Telegram

Read about latest updates on our Medium

Or just send a cute cat photo to info@selenian.network

* Selenian Protocol runs this transaction through its own validator that collects 5%.