DeFiPunk'd

Stader

Liquid Staking

TVL $276.4M
Type Liquid Staking
Chains Ethereum, Hedera, Fantom, Terra2, Binance +1
View on DeFiLlama ↗
Control criteria
Upgradeability Upgradeable Bug bounty immunefi.com Governance forum forum.staderlabs.com Docs staderlabs.gitbook.io
About

Stader is a non-custodial liquid staking platform enabling users to stake cryptocurrency across Proof-of-Stake networks (Ethereum, Polygon, BNB Chain, Hedera, Fantom, Terra 2.0, Near) while maintaining liquidity through derivative tokens (ETHx, MaticX, BNBx, HBARx). The protocol operates a multi-pool architecture with permissioned and permissionless validator sets, governed by a 6-of-9 community multisig with 7-day upgrade timelock and managed by Stader team through operational multisigs. All core contracts are upgradeable via transparent proxy patterns.

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 9 addresses on file · 1 run Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source + 6 audits

    Protocol publishes a GitHub repository and has at least one audit on record. This is a coarse Phase-0 signal only: auditor reputation, scope, and post-audit review coverage are not yet weighted.

    Run your own prompt Submit run ↗
  2. Autonomy tentative
    Validator set reduces autonomy

    Liquid staking and restaking protocols hand solvency to an external validator set with slashing dynamics they do not control. At Phase 0 this is a category-level heuristic; a real Autonomy assessment (oracles, fallbacks, governance-mutable dependencies) arrives with onchain review.

    Run your own prompt Submit run ↗
3 dimensions not yet assessed (Control, Ability to exit, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

Stader has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 13addresses
  • 3verified source
  • 2proxies

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-05-14.

Arbitrumsafe multisig (Arbitrum governance)0xe85f…308fdiscovery———multisig
ethereumTransparentUpgradeableProxy0x4f4b…dcf1TVL✓proxy——
ethereumTransparentUpgradeableProxy0x7af4…e91fTVL✓proxy——
ethereumStader0x30d2…d10fTVL + disc✓——governance
Ethereumcommunity multisig (6-of-9 governance, 7-day timelock)0x45b9…9ff6discovery———multisig
EthereumEtherscan Stader Labs Insurance Fund contract (proxy); holds ETH reserves; implementation via transparent proxy pattern0xbe37…1f20discovery————
EthereumEtherscan Stader Labs Penalty contract (proxy); transparent upgradeable proxy pattern0x8464…6ed6discovery————
Ethereummanager multisig (operational decisions, parameter updates)0xaafb…07afdiscovery———multisig
Ethereumoperator (node operations, validator management)0x8f30…737ediscovery————
Ethereumproxy_admin (config/core protocol upgrades)0x4abe…69dbdiscovery————
Ethereumtoken (ETHx liquid staking receipt)0xa35b…a15bdiscovery———token
Optimismsafe multisig (Optimism governance)0x71a0…2799discovery———multisig
Polygonsafe multisig (Polygon governance)0x5135…9a2adiscovery———multisig

Protocol Info

Security

[curated] Source: curated human overlay [:] Source: DEFI@home quorum
Security contact
admin@staderlabs.com

Technical

[:] Source: DEFI@home quorum
Voting token
SD Ethereum: 0x30D20208d987713f46DFD34EF128Bb16C404D10f
Upgradeability
Upgradeable

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-09-28 12:50 UTC

Hallmarks

  1. May '22UST depeg