As we usher in a new era of LSDfi innovation, we are thrilled to introduce reshETH and SENT - the two main building blocks of Phase 1 in Project Sentience. The unparalleled support we have received from within and outside of our community since the initial pre-launch announcement has been overwhelming. We are excited to say that this is just the beginning.
reshETH: Bootstrapping Tomorrow's LSDs
reshETH, or Receipt Sentience ETH, marks the start of Phase 1 in Project Sentience. But what exactly is reshETH? It's serves a dual purpose:
First, bootstrapping TVL for shETH: As unshETH's bespoke LSD design, shETH was designed to become a fully open-source, zkDeFi-enabled LSD. reshETH will play a pivotal role in gathering the necessary TVL to make shETH a success.
Second, our aim is to lower the barrier to creation of new LSDs: reshETH will make it easier than ever for teams to create their own LSDs, democratizing access to DeFi's most powerful asset class and further building on our aim of contributing to the accelerating decentralization of the Ethereum network
Users will be able to mint reshETH using any one of these initially supported assets:
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unshETH
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Frax sfrxETH
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Rocketpool rETH
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Lido wstETH
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Coinbase cbETH
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Wrapped Origin ETH (woETH)
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Ankr ankrETH
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Meta Pool mpETH
More assets will be added in the coming days!
After November 16th, assets which have not yet been added to the unshETH index will be redeemed and entered into shETH validators.
reshETH aims to write the playbook for the cambrian explosion of LSDs. We will provide teams with a tested and proven framework for TVL and liquidity bootstrapping. By suggesting a new model that is fully open-sourced and powered by a growing network of communities, reshETH seeks to lower the technical and financial barriers to entry in the rapidly growing LSD space.
SENT: The Incentive Layer of Project Sentience
During Phase 1, SENT is a non-transferable ERC-20 token, claimable weekly. The SENT rewards model can be defined as a measure of staking participation
SENT will be distributed proportionally to the ETH deposited into reshETH. 75% of SENT will be airdropped on a weekly basisweekly over a six-month period, while the remaining 25% will be allocated to vdUSH holders at the end. As a bonus to early Project Sentience supporters, Phase 0 depositors will earn SENT at 2x the standard rate.
Periodically, LSDs with the most SENT points earned within a given epoch will be automatically whitelisted into the unshETH index, temporarily fast-tracking the standard UWP process and further inviting other teams to build in concert with unshETH’s vision and LSD network. After the launch of shETH, SENT will transform into a redeemable asset. More details on this will be available closer to shETH launch.
A Sneak Peek into shETH
As the full rollout of Project Sentience approaches, we cannot help ourselves but to give you a sneak peek into shETH, which will launch alongside Phase 2. shETH will be zkDeFi-enabled, meaning it will feature a zkTVL oracle for trustless information relay between the consensus and execution layers. shETH will also support restaking, and will, like unshETH, be omnichain. Last but not least, shETH will support DVT via an infrastructure partner, which enables unshETH to move closer towards its goal of becoming an all-in-one powerhouse for LSDfi. Phase 3 of Project Sentience will see the addition of permissionless node operators to shETH.
Conclusion
The launch of reshETH and SENT marks a significant milestone in our journey towards a more decentralized and inclusive Ethereum and DeFi ecosystem. As we continue our journey towards completion of Project Sentience, we invite you to join us and become a part of this revolution. reshETH your ETH today at projectsentience.xyz!