As we continue with the development of StakeWise V3, we regret to say that not all of our partners will continue on this journey
04 Nov 2022, 16:00
As we continue with the development of StakeWise V3, we regret to say that not all of our partners will continue on this journey together with us.
On Monday, October 31st, the Verihash team informed us about their intention to exit from the StakeWise node operator set on both Ethereum and Gnosis Chain. The team has cited a conflict of interest between their internal developments and StakeWise’s upcoming migration to V3, preferring not to pursue both efforts simultaneously. In their message, Verihash have also outlined the different options for off-boarding, which have been thoroughly analysed by the StakeWise team prior to this announcement. For transparency, the statements communicated by Verihash to the StakeWise team are attached below.
Both teams have identified the transfer of the validator keys on both Ethereum and Gnosis Chain from Verihash to the remaining operators as the preferred off-boarding path. Verihash currently manages 191 Ethereum validators and 9,942 Gnosis validators which will need to find a new home. However, the StakeWise DAO approval will be required to confirm that stakers are onboard with the plan.
For the past few days, the StakeWise team has been working out the technical details of the re-homing process and has been in active contact with the teams at Cryptomanufaktur, Finoa Consensus Services and T-Systems. All the node operators support the off-boarding path chosen by StakeWise and Verihash and are working together closely to execute the re-homing with minimum friction. A slashing cover from Nexus Mutual for another 3 months will be purchased by the StakeWise team to mitigate any potential risks related to the procedure.
Everyone involved is committed to making the migration process as smooth as possible, minimising the potential risk for the stakers. Once the planning for re-homing is complete, the StakeWise team will publish a full breakdown of the steps to be performed during the off-boarding procedure for DAO approval. It will then launch a Snapshot vote seeking DAO support to initiate the re-homing.
The StakeWise team is sad to see Verihash’s decision to exit. StakeWise DAO started the journey towards decentralisation about a year ago when StakeWise Metro launched, and Verihash was a genesis operator. The mission of Metro was to introduce a diverse node operator set given the volume of deposits StakeWise handles, and we continue to stand by this mission. StakeWise V3 is a perfect example of that. Today, however, we must take a step back to move forward.
We will remain on hand for the next few hours to answer any questions you might have about the off-boarding. Thank you.
Verihash statements: