LSD Proposal - ENKI

Approved
1

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Executive Summary

Metis’ decentralized Proof of Stake (PoS) sequencer pool, a cornerstone of its blockchain infrastructure, offers enhanced network decentralization and stability through a multi-sequencer system. This model permits users to partake in sequencer benefits directly. However, the complexity and high entry threshold of becoming a sequencer node—requiring a minimum stake of 20,000 METIS tokens and passing through election and whitelist verification—render it inaccessible to the average user.

ENKI introduces a groundbreaking Liquid Staking Derivative (LSD) protocol, setting a new standard for participation and liquidity in the Metis ecosystem. As the first of its kind, ENKI aims to revolutionize how users engage with DeFi by removing technical barriers and democratizing access to staking rewards. Our protocol is designed not only to simplify the participation process but also to enhance the rewards for all participated users. By integrating with Metis, ENKI leverages the platform’s advanced Layer 2 features to offer a seamless and efficient staking experience via the Sequencer Node Ecosystem.

User Earnings and Participation Mechanism

ENKI’s user-friendly interface and straightforward staking process mean participants need not understand the intricacies of sequencer node operations to earn passive income. Users stake METIS tokens, which are then converted into eMETIS, entitling them to staking rewards. Further restaking of eMETIS into seMETIS amplifies their earnings potential, adhering to ENKI’s unique distribution rules.

Upon earnings claims, 70% of eMETIS is credited instantly, with the remaining 30% allocated to the eMETIS Vesting contract. This structure not only highlights the additional utility of ENKI tokens in enhancing profits but also promotes long-term engagement within the ecosystem.

Furthermore, ENKI is committed to enhance liquidity by encouraging users to pair their eMETIS with METIS tokens, generating additional revenue streams through staking and liquidity provision within Metis ecosystem DEXs.

Innovative Features of ENKI

ENKI offers a suite of features designed to optimize user experience and maximize rewards, including:

  1. Simplified Staking with eMetis&seMetis: Users can easily stake METIS tokens to earn rewards, without the need for technical know-how.
  2. Dual Revenue Streams: By participating in ENKI, users can access staking rewards and liquidity mining benefits, enhancing their income potential.
  3. Decentralized Governance: ENKI token holders will have a say in the protocol’s future development and decision-making processes, ensuring alignment with community interests.

The interdependence between Metis and ENKI strengthens the ecosystem, with ENKI’s contributions expected to be a linchpin in Metis’ DeFi strategy. As acknowledged by Metis, “LSD will be the cornerstone of the Metis DeFi ecosystem,” underscoring the critical role of protocols like ENKI in realizing this vision.

ENKI Genesis Plan: Fantasy - Overview

As part of our launch strategy, ENKI introduced the Genesis Plan: Fantasy, designed to incentivize early supporters and participants. This program is a testament to our commitment to rewarding our community and fostering active participation from the outset. For more details on the program and how to participate, please visit here.

Conclusion

ENKI is poised to redefine the landscape of decentralized finance on the Metis platform. By bridging the gap between complexity and accessibility, we aim to usher in a new era of participation in DeFi. Our mission is grounded in the belief that everyone should have the opportunity to benefit from the innovations within the Metis ecosystem, and through ENKI, we are making this belief a reality.

Stay Connected with ENKI:

Join us as we redefine DeFi.

51 Likes
2

Hello ENKI, to be honest, I was following you before. You managed to excite me.
But first, I have some questions for you;

•What are ENKI’s main goals and how do you plan to contribute to the Metis ecosystem?

•What is your vision to redefine the decentralized finance (DeFi) landscape and how does ENKI aim to achieve this?

How does ENKI’s liquid staking derivative (LSD) protocol work and how is it revolutionizing how users interact with DeFi?

•How can users earn passive income by staking on ENKI and how has this process been democratized?

•What profits can users gain by staking on ENKI and how does the participation mechanism work?

•How does ENKI’s user-friendly interface and simple staking process facilitate the process of generating passive income for users?

•How does the interdependence between ENKI and Metis work and what is ENKI’s contribution to the Metis ecosystem?

•How does ENKI’s integration with Metis improve users’ experiences within the Metis ecosystem?

•What are the innovative features offered by ENKI and how does it optimize user experience?

•What are the future plans and goals of the protocol and what steps do you plan to take to achieve these goals?

•Can you tell us more about how ENKI encourages community participation and how the community can contribute to the project?

•What channels do you use to follow the project and engage with the community, and how can users participate?

10 Likes
3

You are now the main contender for a leading role in LSD. You have an interesting proposal now with really innovative features.

I think ENKI will be 1st LSD Metis Layer2

5 Likes
4

Thanks for the great proposal, Enki. Good luck on the process! I’m pretty familiar with what all are building thanks to all the documentation you have released already, so kudos to that.

My main wonder is about the Dual Revenue Streams. Can you provide more detail on that? And how exactly do stakers benefit from this dual stream?

2 Likes
5

Your role seems a bit like Lido in Ethereum, which I think is a great project because it allows more people to participate in validation. I’ve noticed that you’re also involved in the incubation of P1XLabs. Will this have a positive impact on the project, such as in terms of technology or marketing changes?

1 Like
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I think ENKI will be 1st LSD Metis Layer2

3 Likes
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Thanks for your questions! Here are the answers:

  1. ENKI aims to streamline the Metis Sequencer Node staking process and maximize staking yield within the Metis ecosystem. By offering a liquid Metis Sequencer Node staking derivative, ENKI simplifies the staking process, enabling users to earn yield without the need to operate a sequencer node, thereby enhancing composability within DeFi and the Metis ecosystem​​.

  2. ENKI’s vision is to simplify and democratize the staking process within the DeFi landscape, making it more accessible and profitable for users. By abstracting the complexities of operating sequencer nodes and offering a liquid staking derivative, ENKI enables users to earn yield on any amount of Metis, enhancing the flexibility and composability within the DeFi sector on the Metis chain​​.

  3. The ENKI protocol utilizes liquid staking derivatives (LSD) to allow users to stake their Metis without operating sequencer nodes directly. This process involves exchanging Metis for ENKI’s stablecoin, eMetis, which then can be staked for seMetis to earn staking yields. The majority of the profit generated from Metis sequencer nodes is distributed to seMetis holders, revolutionizing user interaction with DeFi by making staking more accessible and rewarding​​.

  4. Users earn passive income by staking eMetis for seMetis, which accrues staking yield. The staking process is democratized by allowing participation without the substantial Metis deposit prerequisites or the need for technical expertise to operate a sequencer node, thus making it accessible to a broader audience​​.

  5. Staking on ENKI offers profits primarily through the distribution of yields generated from Metis sequencer nodes to seMetis holders. The specific profits depend on the amount of eMetis staked and the overall performance of the sequencer nodes within the ENKI ecosystem​​.

  6. ENKI focuses on providing a user-friendly interface and a simplified staking process, facilitating easy participation and income generation for users. This approach lowers the entry barrier for individuals looking to engage with DeFi and earn passive income through staking​​.

  7. ENKI and Metis are interdependent through ENKI’s role in enhancing the Metis ecosystem’s staking mechanism. By providing a liquid staking solution, ENKI contributes to the liquidity and stability of the Metis network, promoting broader participation and growth within the ecosystem​​.

  8. ENKI’s integration with Metis improves user experiences by offering more flexible and profitable staking options, reducing the complexity associated with sequencer node operation, and enhancing the composability and utility within the Metis DeFi ecosystem​​.

  9. ENKI introduces innovative features such as eMetis/seMetis dual token mechanism, vesting for additional rewards and a user-friendly interface, all designed to optimize the user experience by making participation in DeFi more accessible and rewarding​​.

  10. ENKI’s future plans include releasing genesis plan continuous improvements to the protocol, enhancing the staking mechanism, and introducing more features to support the growth and stability of the Metis ecosystem. The protocol aims to address current challenges and implement solutions to enhance user experience and participation​​.

  11. ENKI encourages community participation through various activities, including testnet participation, feedback solicitation, and involvement in decision-making processes. The community can contribute by engaging in these activities, providing feedback, and participating in governance to shape the protocol’s future​​​​.

  12. ENKI engages with the community through various channels, including its official website, testnet platform, Telegram group, Twitter account, and Medium blog. Users can participate by following these channels, staying updated on the latest developments, and actively contributing to discussions and feedback​​.

5 Likes
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  1. eMetis holders can stake their eMetis into seMetis vault to earn more eMetis from sequencer node rewards.
  2. eMetis holders can provide liquidity for eMetis/Metis trading pair in different DEXes to get transaction fees and potential extra liquidity incentives without bearing impermanent loss
3 Likes
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ENKI’s collaboration with P1XLabs indeed brings a positive impact on the project, both technologically and in terms of marketing:

Technological Synergy: P1XLabs specializes in incubating and accelerating blockchain projects, bringing a wealth of technical expertise and innovation to the table. Their involvement with ENKI is likely to lead to advanced developments in the ENKI protocol, enhancing its features, security, and overall performance. This collaboration can lead to the integration of cutting-edge technologies and best practices in blockchain development, further solidifying ENKI’s infrastructure.

Marketing and Visibility: With P1XLabs’ established presence in the blockchain space, their incubation of ENKI can significantly boost the project’s visibility and credibility within the community. This partnership can open up new channels for marketing and community engagement, attracting a broader audience to ENKI. P1XLabs’ network and resources can be leveraged to conduct targeted marketing campaigns, AMAs, and collaborations that raise awareness and adoption of ENKI.

Strategic Guidance: P1XLabs’ experience in incubating projects can provide ENKI with strategic guidance on navigating the blockchain ecosystem, from tokenomics to user acquisition strategies. This can enhance ENKI’s market positioning and contribute to its long-term success.

Community Building: P1XLabs’ involvement may also foster a stronger, more vibrant community around ENKI by facilitating engagements, partnerships, and collaborations within the broader blockchain and DeFi ecosystem. This can lead to increased participation in ENKI’s governance, staking, and other protocol activities.

In summary, the incubation by P1XLabs is poised to positively influence ENKI through technological advancements, increased project visibility, strategic guidance, and community building efforts, ultimately contributing to the value proposition for stakers and users within the ENKI ecosystem.

6 Likes
10

great proposal from the team

2 Likes
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Looking forward to use

1 Like
12

Looks great. Hope to pass it.

1 Like
13

This is a great proposal, looking forward to it being implemented.

1 Like
14

Amazing proposal I can’t wait to see the approval of it

1 Like
15

Amazing proposal. GG ENKI let’s go

1 Like
16

Amazing job I think enjoy will be the first lsd metis

1 Like
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Its good for the project I guess.

1 Like
18

yes this sounds good proposal!!ENKI for the win!

1 Like
19

A well detailed proposal. I believe Enki has potential to be the leader in this ecosystem.

1 Like
20

Good one love the p proposal

2 Likes