Multi-Staking Protocol

Spicenet's decentralized sequencing protocol relies on the ability of new proposers being able to offer credible commitments about their state transitions(blocks). Economic game theory suggests that exploits and black-swan events can be avoided if the cost to manipulate certain protocols is higher than the reward/profit extracted from doing so. Moreover, bootstrapping a secure and dense PoS network is extremely hard. Achieving $1B of staked assets securing the network is is a multi-year process that often involves costly incentive programs such as Foundation delegations. Although Berachain's Proof-of-Liquidity mechanism solves this by aligning incentives between users, applications and network, the mechanism in itself is highly opinionated, making it difficult for other systems to adopt. Ironically, good ol' restaking solves this problem.

Restaking is a primitive that allows networks to be secured by a basket of assets that are already securing other blockchains, like Ethereum, or Bitcoin. For example, ETH staked on Ethereum can be re-used to secure arbitrary new networks, such as rollups, bridges, oracles, and more.

Multi-Staking Protocol

Spicenet presents a multi-staking protocol that allows the Spicenet network to be secured using a basket of highly dense and well-adopted assets, boosting the overall security of the network by making it resistant to supermajority attacks. With Spicenet multi-staking, we aim to secure the network with multiple billion dollars of stake, denominated in highly dense and adopted assets, such as BTC, ETH, and SOL, alongside Spicenet's native token, SPICE. It is important to note that multi-staking is not a replacement for Spicenet's native token, SPICE. Instead, multi-staking represents a basket of assets, which includes SPICE, that can be staked to secure the network.

Multi-staking works by bootstrapping "staking hubs" across relevant ecosystems, such as Ethereum, Bitcoin, and Solana, from where assets can be delegated to validators that take part in the network. Each staking hub can be thought of as a "sub-network" of the broader Spicenet network, meaning that each staking hub contributes to a % of the total stake distribution of the network. Validators can join the network by obtaining stake delegations from various staking hubs, or in SPICE itself. Slashing conditions are held uniform across all staking hubs to ensure consistency. Likewise, Reward conditions remain same for all validators and delegators, irrespective of which staking hub they delegate to. A broad overview of rewards include:

• $SPICE inflation, i.e the Spicenet network subsidizing costs to validators.

• MEV tips and priority fees paid to the leader.

• $SPICE airdrop allocated to validators and initial delegator set.

Staking hubs will be established across Ethereum, Bitcoin and Solana over the next 2 months, alongside finalizing the initial operator/validator set and delegators. Staking hubs on Ethereum will be facilitated by Eigenlayer and Symbiotic, Satlayer on Bitcoin, and Solayer on Solana. We have designed a delegation program for LSTs/LRTs and any other delegators. If this is of interest to you, please apply at spicenet.io. If you're an operator wanting to start validating the network, please apply as a full node at spicenet.io.