[Serenity Premium] A Quick Check on Dinero pxETH [Initial Review Jun 2024]
Dinero pxETH is an ETH staking product by Redacted Cartel, the team behind Hidden Hand (bribery markets) and Pirex (auto-compounder for booster tokens). Dinero pxETH is only about 10,000 ETH in size, which is relatively small in the world of staking service providers (Lido, for example, is 10m ETH in size), but recently it is providing good yield.
Concept of Dinero pxETH
Dinero is a standard ETH liquid staking protocol, where users deposit and delegate their ETHs to Dinero for staking in Beacon Chain. Users get pxETH as a receipt for depositing ETH with Dinero, and this can be redeemed back at any time on a 1:1 basis. In addition, pxETH can be staked for auto-compounding pxETH, or apxETH, which is a yield bearing version of pxETH. pxETH does not have any yield; apxETH carries a yield.
Dinero charges a small fee for the staking service:
Yield Tax = 10%, which is similar to Lido
Redeem (normal withdrawal) = 0.03%
Instant Redeem (through ETH Buffer) = 0.5%, this is why not all the ETH are immediately deposited into Beacon Chain
For more details of Dinero, please refer to the official documentation. This is an architectural chart for anyone who is interested.
Reconciliation of the pxETH
As part of the initial review, we double-checked the pxETH and its Etherscan transactions to make sure it's working in the designed manner. First of all, there are 10,034 pxETH in existence now, per Etherscan.
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