Diva DAO approves the launch of the Based ETH (bsdETH) initiative powered by Reserve Protocol’s

FRIDAY, FEBRUARY 23, 2024 – Diva Staking, an ETH staking solution utilizing cutting-edge Distributed Validator Technology (DVT), announces Diva DAO’s approval to support the Based ETH (bsdETH) initiative on Base, deployed on the Reserve protocol.

Notably, the initiative focuses on launching bsdETH, a new 1:1 asset-backed RToken on the Reserve protocol. This endorsement includes allocating DIVA tokens to early bsdETH depositors, underscoring Diva’s commitment to Ethereum’s DeFi ecosystem expansion. Diva DAO is excited to contribute to this initiative, enhancing the accessibility and diversity of Ethereum staking solutions.

Diva Staking’s unique approach to liquid staking, underpinned by Distributed Validator Technology (DVT), will establish it as a pioneer in enhancing the decentralization and resilience of Ethereum staking. Diva Staking is currently in development and is projected to launch at the end of Q1/Q2. By operating a robust network of nodes, Diva ensures superior uptime and enhanced resistance to slashing and censorship.

Raul Calvo, co-founder of Diva Staking, says “This initiative represents a strategic alignment of goals between Diva Staking and Reserve, capturing significant LST liquidity on Base to engage a new depositor demographic. By leveraging Reserve protocol’s RTokens, this collaboration ensures Diva’s protocol is on the cutting edge of L2 adoption and ready to play in a sophisticated DeFi ecosystem at kick-off.”

He adds, “As we prepare for the mainnet deployment of Diva Staking, we invite the Diva community to engage with this pioneering initiative. Together, we look forward to building a more accessible, resilient, and decentralized Ethereum ecosystem.”

The collaboration with the Reserve protocol aims to attract a broad user group to pre-launch Diva Staking, ensuring the demographic are robust DeFi users. This initiative reflects a shared vision to enhance Ethereum’s L2 DeFi ecosystem by facilitating easier access to staking through bsdETH, a strategic component in the Ethereum-aligned Liquid Staking ecosystem.

Based ETH, an ERC-20 token on the Base Layer 2 (L2) blockchain incubated by Coinbase, is designed to support an evolving Ethereum-aligned Liquid Staking Token (LST) basket. Initially, it will comprise 50% Coinbase Wrapped Staked ETH (cbETH) and 50% Lido Wrapped Staked ETH (wstETH). Later, it will diversify to include cbETH, Rocket Pool’s rETH and Diva’s LST post-launch for 1/3 each. Furthermore, bsdETH will be usable in the broader DeFI ecosystem on the Base blockchain.

The Based ETH initiative is planned to commence shortly on Base. Once it starts, the allocation of DIVA tokens to holders of bsdETH will last for a total of 6 months. Depositing early allows participants to prioritize their DIVA token allocation, rewarding early engagement and facilitating DIVA tokens’ initial distribution. This campaign sets the stage for Diva’s anticipated official mainnet deployment, projected for the end of Q1/Q2.

Full details on the approved proposal can be found here: https://www.tally.xyz/gov/eip155:1:0xFb6B7C11a55C57767643F1FF65c34C8693a11A70/proposal/38314542060713027082977990523280607813521163704798044817782268218160075499416

About Diva Staking

Diva Staking is building an unstoppable liquid staking protocol for Ethereum powered by distributed cryptography and thousands of permissionless node operators. Fully aligned with Vitalik Buterin’s vision of Liquid Staking Enshrinement, which represents a trust-minimized and permissionless approach to Ethereum staking, Diva utilizes Distributed Validator Technology (DVT). DVT is vital to the future growth of Ethereum as it allows new, non-professional node operators to get involved in the blockchain, ultimately underpinning the future growth and scalability of the entire ecosystem.

Learn more about Diva Staking: https://divastaking.com/

About Reserve

​​Reserve is a free, permissionless platform to build, deploy, and govern asset-backed currencies referred to as “RTokens.” These tokens are always backed 1:1 by assets, enabling permissionless on-chain minting and redemption. Launched on Ethereum mainnet in October 2022 and on Base L2 in October 2023, Reserve epitomizes the principles of free, decentralized finance through its innovative use of permissionless smart contracts for asset-backing, over-collateralization, and governance. Overcollateralization is provided by RSR governance token stakers.

Press Contact

Valerie Spina
Block3 PR
valerie@block3.pr
Telegram @valeriespina

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