StakeWise

StakeWise is a liquid staking marketplace on Ethereum where anyone can open a Vault and accept delegations without permission. It targets the concentration created when staked ETH flows into a handful of large providers: each Vault runs its own validators, fees, client diversity and MEV strategy, and rewards or slashing losses settle only inside that Vault, so delegators can choose operators against their own criteria. Stakers can mint osETH against their own node for up to 90 % of their stake. osETH is an overcollateralized repricing token whose exchange rate rises as staking rewards accrue, with the excess backing absorbing slashing losses, while StakeWise oracles derive the rate from Vault performance and the DAO takes a 5 % fee on rewards.

Exchanges and funds run private Vaults restricted to operators they have cleared in due diligence, keeping client assets non-custodial, while retail users screen Vaults directly on fees and client diversity. The treasury's income is the 5 % fee the DAO charges on osToken rewards, about $7.4 million in 2026, of which roughly $7 million went to supply-side nodes and $368,000 to the treasury. The division of labour against a single-pool provider such as Lido is that StakeWise hands operator selection to the delegator. The osETH yield tracks the lowest-yielding 99.99 % LTV Vault, so the outperformance of the most efficient operators is spread across all holders, and operators of such Vaults must post a 5 million SWISE bond.