UtilityGovernance token for Stader — holders vote on protocol decisions.
What it is
Stader is a multi-chain liquid-staking infrastructure platform building modular staking 'lego blocks' — stake pools, liquid staking tokens (ETHx, MaticX, BNBx), and validator tooling — across PoS networks including Ethereum, BNB Chain, and Polygon.
Technology & consensus
Its smart contracts separate base capital from rewards in independent, composable contracts (Delegator, Validator, Pools, Strategies contracts), letting third parties build staking products on top. It issues liquid staking tokens (e.g., ETHx) so users earn staking rewards while staying liquid, and operates permissionless node-operator infrastructure.
Token utility
SD is the governance token of the StaderDAO (votes on fees, emissions, upgrades). Holders stake SD for xSD to earn protocol-fee rewards; ETHx node operators deposit SD alongside an ETH bond, and SD delegated to the Utility Pool backs slashing insurance for operators. Stader also directs 20% of revenue to quarterly SD buybacks.
Key risks & notes
The official litepaper (2021, read for this summary) stated a 150M supply, but later official tokenomics posts describe a rebooted 120M cap with buybacks — the litepaper is materially dated, so current tokenomics must be verified separately. Risks: competition with Lido and Rocket Pool in ETH liquid staking, smart-contract risk, emission dilution, and dependence on staking-fee revenue.
Verification classClass AFORA-01 scale — verification, not a quality ranking
Claim type · Governance token
🎟️
What does the holder own?
Title, redemption claim, fractional ownership, reserve exposure — or just narrative.
SD is the ERC-20 governance and utility token of Stader, a non-custodial liquid-staking protocol. Holders can participate in StaderDAO governance; use SD as a node-operator bond (e.g., 0.4 ETH worth of SD alongside 4 ETH for ETHx validators); and delegate SD to the SD Utility Pool, where it serves as slashing insurance for node operators in exchange for delegation rewards (a 10% utilization fee paid by operators plus SD emissions). A portion of protocol fees (3-10% of staking rewards) flows to SD stakers, and Stader has run quarterly SD buybacks funded by 20% of revenue (first buyback September 2, 2024). SD confers protocol-utility rights, not ownership of staked assets.
Needs an identifiable custodian or entity — not a wallet address or a label.
No underlying asset exists behind SD by design. Stader's whitepaper defines SD's rights as governance participation and protocol utility (node-operation bonding, utility-pool delegation); it makes no claim of reserves or collateral behind the token. The protocol's liquid staking tokens (ETHx, etc.) represent staked ETH on their own chains — they are not backing for SD.
Custodian records → inventory → third-party audit → supply reconciliation.
No reserves exist behind SD to check. Token supply is auditable on-chain, and Stader publishes a transparent buyback tracking wallet (0xEfE40Ff167A89cE3bAbdAd161d41D798Ca7116b2) with the first 150k-value buyback executed September 2, 2024. These buybacks are discretionary revenue-funded purchases, not evidence of a reserve backing each SD.
Eligibility, minimums, fees, KYC, settlement — and what happens to the token.
No redemption mechanism exists or is promised for SD; Stader's whitepaper frames SD utility as governance, bonding, and utility-pool delegation — not redemption. The quarterly buybacks are optional market operations announced by the project, not a standing redemption right, and could be changed by StaderDAO vote.
A legally accountable entity and jurisdiction — not a DAO label.
No redemption obligation exists, so no entity is liable for redemption failure. Changes to SD's rights require StaderDAO approval through token-holder voting. Holders bear governance and market risk, plus a specific mechanical risk: SD delegated to the utility pool can be partially slashed if the node operator it insures misbehaves.
❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.
❔ Frequently asked questions
What is Stader (SD)?
Stader is a multi-chain liquid-staking infrastructure platform building modular staking 'lego blocks' — stake pools, liquid staking tokens (ETHx, MaticX, BNBx), and validator tooling — across PoS networks including Ethereum, BNB Chain, and Polygon.
What does the holder own?
SD is the ERC-20 governance and utility token of Stader, a non-custodial liquid-staking protocol. Holders can participate in StaderDAO governance; use SD as a node-operator bond (e.g., 0.4 ETH worth of SD alongside 4 ETH for ETHx validators); and delegate SD to the SD Utility Pool, where it serves as slashing insurance for node operators in exchange for delegation rewards (a 10% utilization fee paid by operators plus SD emissions). A portion of protocol fees (3-10% of staking rewards) flows to SD stakers, and Stader has run quarterly SD buybacks funded by 20% of revenue (first buyback September 2, 2024). SD confers protocol-utility rights, not ownership of staked assets.
What is Stader's verification status?
Stader (SD) carries verification class A (Class A): every applicable FORA-01 question is VERIFIED — a full verification chain. What would change it: A status change would require new evidence — a status never changes from reinterpreting old evidence.