Background
Since 2018, P2P Validator has been working on building the most secure staking products across multiple ecosystems, with the primary focus on Ethereum. P2P now operates across 50+ different networks, with more than $1.6B staked assets (June 2023 number). Recently, P2P introduced the permissionless staking dApp, which was warmly welcomed by the community, and helped multiple investors stake more that 154,080 ETH by the second quarter of 2023.
Being early supporters of ETH since its ICO, we have participated in all important testnets, were among the Wave0 validators for Lido, and have never had slashing events on any of the over 12,000 ETH nodes we maintain.
This document outlines a proposal from P2P Validator to use a part of Mantle’s ETH treasury to generate yields in the most secure way.
Proposal
Allocate a portion of Mantle’s treasury of 40k ETH to direct non-custodial staking with P2P
Fee structure:
- 0% validator fee on all staked ETH for the first 3 months after delegation
- 4.5% validator fee on all staked ETH starting from the 4th month after delegation
Slashing coverage:
100% incident coverage with 10m. USD limit coverage (which, considering the size of the risk, is enough to cover a delegation of more than 100 million dollars in ETH) at no additional fee.
SLA:
We guarantee that Mantle will receive at least 99% of all the rewards they are entitled to. If the value of the rewards received becomes less than 99%, we will make up the difference. (Not to be confused with the Uptime SLA which is a wider metric that should not be applied if a certain percentage of real rewards is guaranteed. A provider may have 99.9% uptime, but still miss blocks and have incorrect attestations, and thus deliver less rewards, so a certain % of rewards guaranteed is a more advanced level of SLA)
Additional services and features:
- Geographically distributed infrastructure with backups of every node
- Advanced validators’ keys management powered by Threshold cryptography
- Multi-node setup with diversified consensus and execution nodes
- 24/7 customer support and nodes monitoring
- Custom reporting and dashboards
Why direct staking:
This is the most secure method for generating rewards:
- There are no additional smart contract risks
- There are no AML risks, as the staked ETH doesn’t get mixed with ETH of other delegators
- You have control over your staked ETH
Why with P2P
We stand out for its unrivaled technical prowess, obsessive security measures, and diligent financial stewardship, offering an unmatched level of security over the staked assets.
- We employ Threshold cryptography to secure validator keys. No one ever sees the keys; they are instantly created as shards using multiparty computation. Key managers are stationed on bare-metal servers that reside in physically isolated racks, locked by electronic mechanisms with access control and under constant video surveillance. Thus, we create an infrastructure that assures key safety by rendering physical access to the servers impossible. We have set up three racks containing key managers to maintain a 2 of 3 threshold. These racks are situated in various geographic regions’ Tier-3 data centres to provide disaster resilience.
NOTE: Validator key is not a delegator’s private key. P2P is fully non-custodial and has no access to private keys of it’s delegators. - Every infrastructure element has a backup: the validator itself, CL and EL nodes
- P2P offers slashing coverage not only from its own balance sheet but also from a professional insurer, RELM
- In direct staking with P2P, the delegator has full control over the staked ETH:
a. The withdrawal address is controlled by the delegator themselves.
b. Even before the validators are activated, the delegator receives a Voluntary Exit Message (VEM), which allows for withdrawal independent of P2P
Control over the withdrawal address + control over VEM = full control over the delegated ETH, which cannot be achieved with other staking options.
P2P performance (APR and Effectiveness rating) is above the market:
- P2P always ranks at the top in terms of APR and Effectiveness rating based on Rated.network
- Our APR for the last 30 days versus the market APR for the same period: 5.18% (P2P) VS 4.33% (Market average)
