stTAO
stTAO is a Liquid Staking Derivative (LSD) ERC20 token that allow investors to get exposure to the TAO ecosystem and enjoy staking rewards without needing to download a Substrate-compatible wallet and delegating it manually.
Key functionalities of the staking UI:
Users can stake their TAO and get stTAO in return directly on the platform. The rates would depend on the current accrued rewards.
User requests unstake by selecting the amount of stTAO to unstake. The smart contract will burn the stTAO and user will need to wait for the redemption approval to be completed.
Users are able to redeem the TAO back to their wallet.
Smart Contract Implementation
Currently, there are two main smart contracts that Tensorplex have built:
Proxy Contract that acts as an intermediary contract that would forward calls to the underlying implementation contract. By using a proxy contract, it shall allow the team to change the underlying implementation contract anytime to add new functionalities.
The underlying implementation contract for stTAO shall be an extended ERC20 contract that would expose the functionalities typically exposed to ERC20 and custom logic for staking and unstaking.
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