stader-labs
Stader ETHxDeFiB+
Staderlabs · Liquid Staking · Ethereum

Stader ETHx is a liquid staking token on Ethereum representing staked ETH issued by Stader Labs. Yield is generated from Ethereum consensus and execution layer rewards across a dual-pool validator network of permissionless and permissioned operators. Each validator is funded with a 4 ETH plus 0.4 ETH SD operator bond that absorbs slashing penalties as a junior tranche before any impact to ETHx holders.

AUM
$194m
Net APY
2.19%
Active Users
31k
Type
Liquid Staking
Network
Ethereum
B+
Elevated RiskCeiling AA-
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CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from B+ to AA- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security82
KMPKey Management Permissions78
MMarket73
LLiquidity70
CCollateral100
PMProtocol Mechanics90
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance56
FRFinancial Resilience60
TLCTeam Legal Compliance83
DTDocumentation Transparency100
Updated May 14, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 29.17%
$194m
Over the last 30 days, the total value of Stader ETHx has dropped 29.17% with $79.97M in outflows.
Net APY · 30D▼ 4.37%
2.19%
Over the last 30 days, the APY has decreased from 2.29% to 2.19%.
Active Users · 30D▲ 0.00%
31k
Over the last 30 days, active users have increased by 0.00%, reaching 30.8K wallets.
Market Details
ChainEthereum
Treasury$3.80M
Code AuditsSigma Prime (Smart Contracts) ↗Sigma Prime (Permissioned Stadernode) ↗Halborn (Smart Contracts) ↗Halborn (Oracle) ↗Halborn (Off-chain) ↗Code4rena (Public Contest) ↗
Oracles UsedStader Oracle ↗Chainlink ETHx/ETH ↗
Stated Withdrawal Time7-10 days
Component Ratings
Contract Addresses
Smart Contract0xA35b...00A15b
Oracle0xF64b...C2a737
SDToken0x30D2...04D10f
SDCollateral0x7Af4...3EE91f
StaderConfig0x4ABE...8d69DB
EmergencyAdmin0xAAfb...cd07AF
PermissionedPool0x0913...066572
GovernanceMultisig0x45B9...489fF6
Key Strengths
S1Extensive audit coverage from top firms including Sigma Prime end-to-end and Halborn across smart contracts, oracle, off-chain, and node software, plus a public Code4rena contest with all findings remediated.
S2Active Immunefi bug bounty running since July 2023 with a maximum payout well above standard low-risk thresholds.
S3Decentralized community multisig with all signers publicly identified, including reputable external industry figures, routing all upgrades through a 7-day on-chain timelock.
S4Senior-tranche depositor protection where each validator is funded with an operator bond that absorbs slashing and inactivity penalties before any impact to ETHx holders.
Key Risks
R1Stale audit cadence: all published audits date from April-July 2023 with no public re-audit cycle despite contracts being upgradeable via multisig and timelock.
R2No formal published incident response playbook for ETHx admin-key compromise or signer loss; only ad-hoc response demonstrated through a historical cross-product incident.
R3Manager Multisig signer identities are not publicly disclosed, preventing independent verification of signer independence.
R4Thin and concentrated on-chain liquidity representing a small share of TVL with the majority on a single Curve pool, creating stress-period dependency on a single venue.

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