"Liquid Staking" Page Update (#709)

docs/tools/liquid-staking.md

@@ -4,66 +4,84 @@
 
 # Liquid Staking
 
-Liquid staking providers allow anyone to stake without running the infrastructure themselves. It also gives stakers an opportunity to use their tokenized staked resources (sGNO & rGNO) for yield farming, borrowing or compounding while still protecting the protocol.
+Liquid staking allows anyone to stake on Gnosis Chain without running the infrastructure themselves. It also gives stakers an opportunity to use their tokenized staked resources (osGNO) for liquidity, yield farming or lending while still helping to secure Gnosis Chain.
 
-:::note
-Staked GNO (sGNO) and reward GNO (rGNO) can be converted to GNO following the Gnosis Execution Layer \<->\ Gnosis Beacon Chain merge. At that time the staking app will allow you to burn your sGNO and rGNO to redeem your original GNO deposit + your accrued GNO reward.
-:::
-
-## Stakewise Basics
+StakeWise - a long-standing partner of the Gnosis ecosystem - is the primary provider of liquid-staking for GNO, through their osGNO token. Following the [launch of StakeWise V3](https://stakewise.medium.com/announcing-the-launch-of-stakewise-v3-on-gnosis-chain-0231285bd8e3) in July 2024, GNO holders can stake with any of a variety of providers through StakeWise to mint osGNO. 
 
-1) Go to [https://app.stakewise.io](https://app.stakewise.io) and connect your wallet (We use MetaMask in this example, you can also use WalletConnect, Ledger or other options).
+This page explains how liquid staking with StakeWise works.
 
 ![](/img/node/stakewise-1.png)
 
-2) If your MetaMask is not yet connected to Gnosis, switch by clicking on the network button, selecting Gnosis, and pressing **Switch**.
+## osGNO
+
+StakeWise V3 provides users with a marketplace of staking providers, each competing to offer the highest yields, the lowest fees and the most consistent performance. By distributing demand for staking among a selection of providers, StakeWise helps to decentralise the network's validator set and increase the quantity of assets securing the network. However, in unifying arrangements with each of these providers around a single liquid-staking token — osGNO — it also provides a consistent and reliable experience for users, regardless of their chosen provider.
+
+*"osGNO"* stands for overcollateralized staked token. *"Overcollateralized"* refers to the limits on osGNO issuance, where only 90% of the stake (i.e. GNO tokens) provided can be made liquid through osGNO. However, 100% of the provided stake serves as backing for the liquid-staking token, leaving a substantial buffer in the event that stake is slashed for any reason.
 
 ![](/img/node/stakewise-2.png)
 
+osGNO ([0xF490c80aAE5f2616d3e3BDa2483E30C4CB21d1A0](https://gnosisscan.io/token/0xf490c80aae5f2616d3e3bda2483e30c4cb21d1a0)) is a non-rebasing token, meaning that the balance of tokens held by the user is naturally static, but the value of each token rises continually as the underlying amount of GNO per token increases due to staking rewards. This enables seemless integration of osGNO into other DeFi applications like decentralised exchanges and lending protocols. This also means that osGNO is not issued 1:1 with GNO tokens, and you will receive less osGNO tokens than the underlying amount of GNO tokens backing them.
+
+StakeWise processes two fees as part of its V3 implementation on Gnosis Chain: 
+
+* A flat fee of 5% of all staking rewards associated with your osGNO tokens is sent to StakeWise DAO. This fee is omitted for users who stake with StakeWise but do not mint osGNO; and
+
+* A *"Vault Fee"* is set by the provider and charged on all rewards earned by the GNO you stake with them. For StakeWise's own Genesis Vault, this fee is set at 15% of all rewards earned.
+
+## StakeWise Tutorial
+
+To access StakeWise V3 on Gnosis Chain and mint osGNO, simply:
+
+1) Head to [https://app.stakewise.io](https://app.stakewise.io), connect your wallet, and switch to Gnosis Chain.
+
 ![](/img/node/stakewise-3.png)
 
-3) Confirm the Network switch in MetaMask.
+2) On the Stake interface, you can select the amount of GNO you wish to stake, approve it for staking and then stake immediately into osGNO with the provider(s) allocated by the app.
 
 ![](/img/node/stakewise-4.png)
 
-4) Enter the GNO deposit amount into the Stake interface. Enter any amount of GNO to get started.  Note you can also change the recipient address if desired. You will receive the same amount of sGNO tokens relative to the GNO you stake.
-
-Agree to the terms and press confirm.
+3) Alternatively, head to the Vaults interface to select the provider you wish to stake with. Once you've selected a provider and moved to their page, select *"Stake"*, enter the amount of GNO, approve it and then stake it.
 
 ![](/img/node/stakewise-5.png)
 
-5) Confirm the deposit transaction in your wallet. You should now see sGNO added in the interface.
+4) Where you've staked with a specific vault, the relevant vault page will then show the amount staked with an option to *"Unstake"*. Below, it will also show the amount of osGNO minted for your stake, as well as options to *"Mint"* and *"Burn"* osGNO as appropriate.
 
-![](/img/node/sGNO.png)
+![](/img/node/stakewise-6.png)
 
-## Tokens (sGNO & rGNO)
+There you have it! You can now use your osGNO tokens freely, safe in the knowledge that your deposited GNO is earning staking rewards with StakeWise V3.
 
-* sGNO address on Gnosis:
-  [0xa4ef9da5ba71cc0d2e5e877a910a37ec43420445 ](https://blockscout.com/xdai/mainnet/token/0xA4eF9Da5BA71Cc0D2e5E877a910A37eC43420445/token-transfers)
-* rGNO address on Gnosis:
-  [0x6ac78efae880282396a335ca2f79863a1e6831d4 ](https://blockscout.com/xdai/mainnet/token/0x6aC78efae880282396a335CA2F79863A1e6831D4/token-transfers)
+![](/img/node/stakewise-7.png)
 
-You can [import to MetaMask](https://consensys.net/blog/metamask/how-to-add-your-custom-tokens-in-metamask/) as you would other tokens, or click on the 🦊 in Blockscout to add!
+## V2 Migration
 
-![](/img/node/blockscout-1.png)
+:::note
+StakeWise V2 has been deprecated, so will no longer be maintained. Please migrate to StakeWise V3 to continue earning staking rewards and supporting the network.
+:::
 
-At all times the total amount of tokens that have been issued to users is sGNO + rGNO = GNO deposits + GNO rewards \* (100% — 10%), where 10% is StakeWise commission.
+Prior to the [V3 launch](https://stakewise.medium.com/announcing-the-launch-of-stakewise-v3-on-gnosis-chain-0231285bd8e3), StakeWise operated its V2 staking protocol for GNO on Gnosis Chain. Though support for V2 has been deprecated, liquidity for some V2 assets remain on the chain.
 
-### sGNO
+StakeWise V2 consisted of 2 core assets:
 
-sGNO represents your initial stake of GNO deposited to the pool. Exchanging or transferring your sGNO balance will result in lower rGNO earned to your account, as you will have a smaller proportional amount staked that is earning rewards.
+* sGNO ([0xa4ef9da5ba71cc0d2e5e877a910a37ec43420445 ](https://gnosisscan.io/address/0xa4ef9da5ba71cc0d2e5e877a910a37ec43420445)) represents the initial stake of GNO deposited into StakeWise. This figure is static, but is used as the basis to calculate rewards owing to the user; and
 
-### rGNO
+* rGNO ([0x6ac78efae880282396a335ca2f79863a1e6831d4 ](https://gnosisscan.io/address/0x6ac78efae880282396a335ca2f79863a1e6831d4)) represents the earned staking rewards and are updated on a periodic basis, based on the amount of sGNO held. The V2 contracts frequently check and update the rGNO balance of all sGNO holders, to reflect both rewards earned and deductions from any slashing.
 
-rGNO represent earned staking rewards and are updated on a periodic basis.  Contracts check and update your reward balance based on staked GNO increases in the staking pool (or decreases if slashed).
+In V2, StakeWise charged a 10% commission for operating the network on all staking rewards before distributing them as rGNO. At all times, the total amount of tokens that had been issued to users in StakeWise V2 was equal to: *sGNO + rGNO = GNO deposits + (GNO rewards * (100% — 10%))*.
 
-The interface shows the time until the next update to your rGNO.
+![](/img/node/stakewise-8.png)
 
-![Time until next rGNO update](/img/node/next-update.png)
+If you hold or purchase any remaining sGNO or rGNO, StakeWise has provided a migration interface to move the underlying GNO tokens into V3. Follow this [tutorial](https://docs.stakewise.io/guides/stakewise-v2/migrate-to-stakewise-v3-on-gnosis-chain) to migrate, and check the Genesis Vault in V3 to find your migrated GNO.
 
-:::note
-**Coming Soon**: Use your rGNO in DeFi protocols on Gnosis to borrow and stake additional GNO! 
+## Learn More
 
-Since rGNO tokens represent your rewards in a StakeWise Pool, exchanging or transferring your rGNO will mean that you transferred your rewards to someone else. It will not impact your future earnings.
-:::
+You can find out more about StakeWise V3, the Gnosis deployment and osGNO with the following resources:
+
+* Read the StakeWise V3 [Documentation](https://docs.stakewise.io/);
+
+* Read StakeWise's [launch blog post](https://stakewise.medium.com/stakewise-v3-on-gnosis-chain-what-to-expect-how-to-migrate-1149a5367c76) on what to expect with osGNO;
+
+* Watch the Gnosis [Community Call](https://www.youtube.com/watch?v=fVVWtY_YBFo) with StakeWise from July 2024; and
+
+* Reach out to the community through the [StakeWise Discord Server](https://discord.gg/StakeWise).
 
+If you're interested in operating a vault in StakeWise V3, check out the recording of the [Vault Operator Workshop](https://www.youtube.com/watch?v=kX11K4ymn1Q).