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Semantics of Staking 1: Liquefaction — The price of agency

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Many thanks to Anders Elowsson for initial discussions prompting these series of posts and for his many helpful comments on the text. Thanks also to Caspar Schwarz-Schilling, Julian Ma, Thomas Thiery, Davide Crapis, Mike Neuder, Drew Van der Werff, Kydo and many others for discussions and comments on the text. Cover photo by Pawel Czerwinski on Unsplash. Staking, re-staking, liquid staking, liquid re-staking, re-staked liquid staking tokens, node operators and capital providers… We’ve observed since the launch of the Beacon Chain back in December 2020 an increasingly varied collection of mechanisms and constructions, starting from the protocol’s own staking mechanism. In discussions within our team, we felt the need for a precise language allowing us to eliminate ambiguities regarding the architecture of these mechanisms. We hope to emphasise the existence of control points and incentive misalignments through the use of notation and balance sheets, since nuances matter a lot in surfaci

Many thanks to Anders Elowsson for initial discussions prompting these series of posts and for his many helpful comments on the text. Thanks also to Caspar Schwarz-Schilling, Julian Ma, Thomas Thiery, Davide Crapis, Mike Neuder, Drew Van der Werff, Kydo and many others for discussions and comments on the text.Cover photo by Pawel Czerwinski on Unsplash . Staking, re-staking, liquid staking, liquid re-staking, re-staked liquid staking tokens, node operators and capital providers… We’ve observed since the launch of the Beacon Chain back in December 2020 an increasingly varied collection of mecha

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