How Dinero Is Reshaping Liquid Staking | 0xSami
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This is my view on decentralized stable coins. Right? I think that we, as an industry, DeFi side, crypto side, whatever it is, have not proven the ability to efficiently tokenize our own assets.
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What's up, guys? Thanks for the invite.
So throughout the podcast, we'll mainly focus on Denero. But before we get started, Sammy, do you wanna maybe give a quick overview of redacted and Denero, the product suite, maybe hidden in hand in Pyrax, and why you guys shifted away from redacted Cartel towards Denero? I
I think that throughout the throughout this whole, podcast, like, it'll start to make more sense than me just explaining it now. But I think that we launched redacted at the tail end of 2021. We raised around 72,000,000 between our public and private sale, with support from Maven 11 and some others. And at that time, DeFi was just in a different place. We had this very strong focus on creating liquid infrastructure for liquidity on chain. And the the interesting thing about that is that, we made we made very good money without having to spend a lot of money as in, like, tokens and stuff like t
So from what I can remember, when you guys first launched the white paper, De Niro was meant to be a stable coin backed by LSTs. And you guys moved away from this a bit. I guess, like, you have a separate liquid staking product now and an upcoming collateral backed, product, stable coin product. What, I guess, like, could you talk a bit about both of those?
Yeah. So we're still doing that. Right? Let so, you know, redacted was this, like, overarching brand, and one of the products was in hand, one of the products was Pyrex, and then the big one we were going for was Deniro. And then what we realized was that Denero was, a 3 pronged system. Right? Which is still is. It's, an ETH staking product, PXC, the stable point, which was called Denero. Now it's called PX USD, and, our relayer. And all 3 of them play all really well with each other, that create, like, very diversified yield that could, like, live on its own, and be sustainable without, you k
I I think that's a great overview, and I think we're gonna wanna ask about kind of all the pieces that you just mentioned. But, I guess looking at, on the LST side of things or the the ETH side side of things, you guys separated out, PX ETH and then APX ETH, in in the product. So, I guess, can you run over the differences between the two, and what was really the decision behind kinda offering both of those 2 different staking derivatives in this in this case?
Yeah. So our staking model is designed after, FRAX's, FRX ETH. It it's essentially like a a 2 tranche system. Right? You have a junior tranche, which is PXEITH, which is what everyone deposits into. PXEITH itself is not actually yielding the Ethereum yield, but it is where our treasury that we've built up over the past 2 years of, you know, influential assets like Ora and Convex and Velo and all these other stuff, goes towards incentivizing people to hold on to PXEET
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