I am excited to share with the community something I have been working on extensively for the last 6 months.
Meet Stake for Impact, a fundraising platform that enables ETH holders to donate staking rewards.
Anyone can create a fundraising campaign by simply providing a wallet address to receive donations.
The fundraising campaign is, technically speaking, a smart contract vault, where people who want to support this campaign can deposit ETH. The ETH will be staked with a liquid staking derivative (LSD) provider. Current implementation of the vault factory produces vaults integrated with Lido. In future support for multiple other LSD protocols will be added.
Once the staking rewards accrue, they can be ‘harvested’. When the harvest function is called, the premium (accumulated rewards) is transferred to beneficiaries’ address, while stakers’ deposits (principal) stay in the vault.
Stakers receive an NFT representing the amount they staked in a certain vault. The NFT is transferable and can be redeemed by anyone for underlying value of ETH. Since the NFTs are transferrable, they can be used as a collateral and borrowed against with the help of protocols like PWN.
The protocol is immutable and governance free. There is no plan for governance token. It is completely free to use. It is created to be a public goods infrastructure for the blockchain community.
The protocol aims to increase positive impact of crypto economy on real world.
I am an immigrant from Ukraine. Since the beginning of the war (full-scale invasion in February 2022), donating to Ukrainian funds supporting military and restoration efforts became a mundane thing for me. Hoping that every euro donated brings the end of the war closer. After closing couple of fundraising campaigns myself and contributing to others of different scales, I witnessed first hand the power of crowdfunding. This is how the idea to enable people to donate staking rewards to support Ukrainian charities that I personally trust came into existence.
With this idea I came to ETHPrague hackathon where i teamed up with @vikosvv, @guilletala, @vorciegernix, @silverline to work on it. Original idea evolved into permissionless protocol that allows anyone to create fundraising campaigns for whatever cause they care about. The hackathon project won a reward in Social Impact category (yes, it’s all about the name). So grateful that you guys joined me to work on this idea!
Special thank you goes to @boqdan_ who helped me with code reviews and making some design decisions once I continued working on the protocol after the hackathon.
Smart contracts of the protocol are developed and deployed on Goerli Tesnet (deployment addresses). Once they are audited (please reach out through our Discord if you want to help with this on a pro bono basis, or know someone), they will be deployed on Mainnet.
This is how current roadmap of the project after that looks like:
Finish web app for stakeforukraine.org, which is showcasing the protocol. Open-source it to be used by other fundraisers who want to use SFI protocol;
Develop stakeforimpact.xyz web app, that will allow creation and management of campaigns, provide listing of live campaigns and individual campaign pages;
Integrate with other liquid staking protocols and LSD aggregators;
Enable fractional donations (allow stakers to donate some part of the accruing rewards and keep the rest to themselves);
Deploy protocol to other PoS blockchains;
Partner with lending marketplaces to add imNFTs as accepted collateral.
If you like the project and want to contribute in any way, want to provide some feedback, or see the partnership opportunity please join our Discord or reach out to @olenovyk.