rETH
You can read more about overall security and risks of using the Flashstake Protocol by heading over to Security.
Important
Flashstake Strategies are used by the Flashstake Protocol to facilitate where the staked tokens are directed towards as well as how up-front yield is generated when burning fTokens.
Flashstake Strategies can be developed and registered with the Flashstake Protocol by anyone but the Flashstake DAO chooses which Strategies are listed on the frontend located at app.flashstake.io
Contract Addresses
Network | Contract Address | fToken Name | fToken Address |
Ethereum | 0x90185c4daD355cFf27a708BD0132688A03cE1FF7 | FY-rETH | 0x4588ef44721aef888f34e69caaf437733b437756 |
Please note: The code for this Strategy can be found via block explorers such as Etherscan.
Strategy Information
This is the first generation of strategies built on top of the Rocket Pool protocol.
This strategy is built on top of Rocket Pool's rETH token which as of May 2023 has over 550k ETH staked. This consists of over 2,500 node operators.
Rocket Pool's rETH token is one that represents all the staked ETH within Rocket Pool combining both initial deposits and staking rewards. rETH tokens are minted whenever ETH is deposited and burned when redeemed.
As the supply of rETH changes, its price in relation to ETH will also change to ensure that the value of rETH stays proportional to the underlying ETH.
The strategy accepts WETH tokens and then automatically handles rETH conversions.
Learn more:
Please note this strategy does not allow the Controller to manage deposited funds in any way. The strategy controller does not have any permission to withdraw WETH or rETH (user funds) on a contract level.
Risks
In the event a smart contract bug is found in this strategy the Owner/Controller has no ability to “Rescue” funds.
In the event the underlying protocol (Rocket Pool) is compromised, staked tokens may be at risk.
Beacon chain balances are reported to the Rocket Pool Protocol via the Oracle DAO though a consensus mechanism. The members of the DAO include Bankless, Coinbase Ventures, Rocket Pool, Beaconchain, Etherscan, and several others. If all DAO members collude, they could potentially manipulate the balances reported to the Rocket Pool Protocol.
This could lead to a number of problems, including:
Invalidating the security of the Rocket Pool Protocol
Diluting the value of staked ETH
Causing losses for users of the Rocket Pool Protocol
It is important to note that the DAO is composed of a variety of reputable organizations, and it is unlikely that they would collude to manipulate the balances. However, it is a potential risk that should be considered by users of the Rocket Pool Protocol.
The specific details and mechanics of how the price of rETH is determined may be subject to the implementation and governance decisions made by the Rocket Pool protocol. Therefore, it's recommended to refer to the official Rocket Pool documentation or community resources for the most up-to-date and detailed information on the specific mechanisms employed.
Controller Powers
This Strategy implements Ownable and is controlled by the Flashstake DAO. There are limited powers available over this contract as explained below:
Ability to withdraw any ERC20 token that is not the WETH or rETH token. This is to ensure users can be refunded if ERC20 tokens are accidentally sent to this address. Please note, principal tokens cannot be withdrawn by the Controller.
Ability to set the maximum staking duration (only impacts new stakes)
Ability to permanently lock the maximum staking duration (only impacts new stakes)
Ability to permanently lock the user incentive address (only impacts new stakes)
“Flashstake DAO” consists of a multisig located at the following addresses:
Network | Multisig Address |
Ethereum | 0x8603FfE7B00CCd759f28aBfE448454A24cFba581 |
Optimism | 0x3144F26fBc2421e5E69f87Ff8c54799e60a4fBB9 |
Arbitrum | 0xEeB3f4E245aC01792ECd549d03b91541BC800b31 |
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