Based ETH (bsdETH) basket
bsdETH basket on Base by Reserve
This is an independently run initiative approved by the Diva Staking DAO in DIP-08.
Stage
Open for deposits, currently in Tranche 1 (2.5 DIVA / ETH / day)
Timeline
- Pre-Mainnet: bsdETH basket is open for deposits on Reserve on the Base network
- 30 days pre-divETH-launch: Start of DIVA token accrual for participants (i.e. bsdETH holders and DeFi participants)
- 5 month accrual period: Rewards continue for 153 days after divETH’s launch to promote long-term engagement
Purpose
This basket unlocks a new demographic of Diva pre-launch depositors on Base and allows them to signal their interest in divETH by depositing into bsdETH. The pre-launch campaign also kicks off L2 expansion aiming to capture significant LST market share on Base.
Benefits
Support of an Ethereum-aligned LST index promoting validator decentralization and divETH adoption. Additionally, bsdETH is always 1:1 asset-backed, allowing for permissionless minting and redemptions onchain. Depositors may also use the bsdETH recipient token in various DeFi protocols on the Base network.
👉 Visit the bsdETH basket page to get started https://app.reserve.org/base/token/0xcb327b99ff831bf8223cced12b1338ff3aa322ff/overview
How does it work
Users can deposit ETH, cbETH or wstETH to signal their interest for Diva Staking’s divETH and secure a spot for a DIVA token allocation.
You can mint, buy, and even deposit bsdETH in various DeFi applications, to signal your support for the Diva Staking launch. Every bsdETH will accrue DIVA tokens daily, starting 30 days before the mainnet launch date of the Diva Staking protocol on Ethereum.
Token description
Based ETH is a newly launched RToken on the Base L2 whose mandate is to maintain an Ethereum-aligned Liquid Staking Token basket. Its initial basket composition is 50% cbETH (Coinbase wrapped staked ETH) + 50% wstETH (Lido wrapped staked ETH), which will change over time.
After the proposed migration, the bsdETH’s basket composition would be
- 33% wdivETH (Wrapped divETH)
- 33% cbETH (Coinbase Wrapped Staked ETH)
- 33% rETH (Rocket Pool ETH)
There’s no lock or any other custodial mechanism preventing the use of bsdETH. The use of bsdETH on lending markets (such as Ajna Finance), or providing liquidity on AMMs (such as Aerodrome), will still ensure eligibility for DIVA token accrual.
DIVA Token Accrual
The more bsdETH tokens held in your wallet or provided in DeFi protocols (e.g. lending and AMM pools), the more DIVA tokens you will accrue daily. The formula for the calculation of DIVA token accrual rate is based on tranches with diminishing token amounts for late depositors. You can find the daily amount valid for your tranche in the calculation table.
For example, an early depositor that minted 10 bsdETH (into the first tranche) and holds it for the maximum duration (183 days) will receive a total of 4,575 in DIVA allocation.
DIVA transferability
Please note that DIVA is currently non-transferable and not trading, therefore there’s no market value for the DIVA token as there is no guarantee the DIVA will ever trade or acquire any value in any manner whatsoever.
Reserve protocol infrastructure
The Reserve Protocol is a free, permissionless platform to build, deploy and govern asset-backed currencies referred to as “RTokens”. RTokens are always 1:1 asset-backed, allowing for permissionless minting and redemptions onchain. Stakers retain full self-custody of their funds at all times.
For the full Terms & Conditions, see proposal on Tally.
See the full list of Reserve Smart Contracts here.
Learn more in the announcement blog by Reserve.
👉 Visit the bsdETH basket page to get started https://app.reserve.org/base/token/0xcb327b99ff831bf8223cced12b1338ff3aa322ff/overview