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Blockchain Staking Firms Update Best Practices Amid 'Increased Scrutiny'
The new “staking principles,” published by the Proof of Stake Alliance, aim to ensure consumer protections and promote innovation. Signers include Lido, Coinbase, Rocketpool, Blockdaemon.
Updated Nov 9, 2023, 3:41 p.m. Published Nov 9, 2023, 3:00 p.m.
The Proof of Stake Alliance (POSA), an advocacy group of firms and organizations in the business of staking on blockchains like Ethereum, published an updated list of standards on Thursday that they say will ensure consumer protections and promote responsible innovation.
The new "staking principles" have been signed off by 18 industry players, including some well-known entities like Ava Labs, Blockdaemon, Coinbase, Lido, Polychain, Paradigm and Rocketpool.
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The list, prepared with the assistance of Paradigm’s Policy Lab, was updated "in light of the rapid advancements in the staking space and the need for updated best practices," according to a press release.
The standards are intended to update an original set of principles released in 2020, according to the press release. They call for clearer communication from service providers, giving users total control over how much of their assets to stake, and the need to precisely describe the responsibilities of service providers.
“Amid rapid technological advancement, self-regulation from leaders of the proof of stake ecosystem is essential,” Evan Weiss, founder of POSA, said in the press release. “The updated POSA principles underscore the ecosystem's commitment to clarity and responsibility, especially in a time of increased scrutiny and misconceptions. Together, we aim to build trust, inform regulations, and champion the boundless potential of the technology.”
Read more: We Need to Reclaim the Narrative on Staking
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