Buy slashing insurance for stETH on Unslashed Finance

Proposals
3

That is a great proposal, just need to clear up some details.

  1. How much COVER will we get?
  2. How would we pay for it?

I think that we should start with a purchase of cover for 150000 stETH for half a year - we currently have 128k and it continues to grow, so getting a little extra would be prudent. That would cost us 56.25 ETH.

Insurance fund currently has 8.3 stETH received as staking fees (getting about 0.9 stETH/day and growing as rewards) - so we will be able to afford the cover from staking fees alone in ~a month. I think we should proceed faster than that.

My proposal is to purchase cover for 150000 stETH for 6 months by spending stETH from the insurance fund and topping up the rest by selling treasury’s LDO on the open market (a bit less than 28000 LDO by the current prices if done today; amount of stETH in treasury grows every day, though).

2 Likes