BrainDAO Stakes $10 Million of ETH with sfrxETH and Eigenlayer to Fuel AI and Blockchain Innovation

Tue May 14 2024

BrainDAO, a leader in AI and blockchain for the past 5 years focused on artificial intelligence (AI) and blockchain technology, has taken a significant step towards its vision of building a more intelligent future. BrainDAO has staked $10 million worth of Ethereum (ETH) with sfrxETH and Eigenlayer, solidifying its position as one of the largest sfrxETH stakers and restakers on Eigenlayer.

By leveraging sfrxETH and Eigenlayer, BrainDAO maximizes the yield it earns on the Ethereum held in its treasury fuelling the development of groundbreaking projects like IQ.wiki, IQGPT.com, IQ.social, and IQ Code. It will also help to fuel more innovative AI products in the future.

Recent Advancements in AI and Blockchain by BrainDAO

BrainDAO has been at the forefront of AI and blockchain innovation. Here's a quick glimpse at some of their recent achievements:

IQGPT.com

With recently added features like Custom Knowledge integration and a built-in /price function, IQ GPT allows users to have in-depth, context-aware conversations with AI, leveraging real-time market data for a truly sophisticated user experience

IQ Code

IQ Code is the world's first AI smart contract audit system, significantly enhancing security and reliability in the blockchain space.

Traditional smart contract audits are often manual and time-consuming, relying on human expertise. This can lead to vulnerabilities slipping through the cracks.

IQ Code is a revolutionary AI-powered smart contract audit system – the first of its kind. It utilizes advanced AI algorithms to meticulously analyze smart contracts, identifying potential vulnerabilities and security risks with a higher degree of accuracy and efficiency compared to traditional methods. IQ Code is launching in 2024.

• This innovation significantly enhances the security and reliability of smart contracts. By proactively identifying and addressing vulnerabilities, IQ Code fosters greater trust and confidence in decentralized applications built on blockchain technology.

• Additionally, IQ Code's efficiency can potentially expedite the development and deployment of secure smart contracts, accelerating innovation within the blockchain space.

What is sfrxETH?

Frax Ether, a leading liquid ETH staking derivative, was founded by Frax Finance in October 2022 and has proven to be an exceptional choice for the  BrainDAO treasury. It uniquely leverages the Frax Finance ecosystem to maximize staking yield and streamline the Ethereum staking process, providing a simplified, secure, and DeFi-native way to earn interest on ETH.

Within the Frax ecosystem, ETH exists in a dual token design: frxETH (Frax Ether) and sfrxETH (Staked Frax Ether). FrxETH acts as a stablecoin, pegged to ETH at a 1:1 ratio, ensuring its value is always linked to Ethereum. On the other hand, sfrxETH is an ERC-4626 vault designed to accumulate the staking yield of the Frax ETH validators. Users can easily exchange frxETH for sfrxETH, allowing them to earn staking yield on their holdings.

Our decision to utilize a liquid ETH staking derivative with Frax Ether has brought numerous advantages, including higher returns and enhanced security. Additionally, it abstracts the need to run validators, enabling yield to be earned on any amount of ETH, while also allowing for easy withdrawals at any time and of any size. This versatility and composability throughout DeFi make it an ideal option for BrainDAO.

Understanding Eigenlayer

EigenLayer is the first generalizable network providing programmable trust from Ethereum. Technically, it is a set of smart contracts on Ethereum as well as a set of off-chain node software that allows solo stakers, staking service providers and LST stakers to opt into running new offchain distributed systems.

Delegation with Frax

BrainDAO has worked with Frax for several years as one of the top sfrxETH stakers, BrainDAO has earned significant rewards funding the IQ ecosystem’s development and growth. The IQ token has millions of dollars in liquidity on Fraxswap with liquidity providers earning both Frax’s FXS token and IQ rewards. Frax Finance was the first protocol to integrate IQGPT.com into their Telegram community. BrainDAO has delegated its Eigenlayer position to Frax Finance to support its continued growth as a DeFi ecosystem like how Frax has supported IQ’s growth as an AI ecosystem.

About IQ

The IQ token is a cryptocurrency dedicated to building a more intelligent future through artificial intelligence and blockchain technology. The IQ token powers a knowledge ecosystem including applications such as IQ.wiki, the world's largest cryptocurrency and blockchain encyclopedia, IQ GPT, the AI-powered agent for cryptocurrency and blockchain, IQ.social, an AI-powered social forum governed by IQ holders that summarizes crypto-related news, and IQ Code, an upcoming AI product created to assist people in coding Solidity and Vyper sets. The token is governed by BrainDAO which also includes BrainDAO's treasury of digital assets.

Twitter | IQ.wiki | IQ Dashboard | IQ Code | IQ GPT | IQ.social | Reddit | Discord | Telegram | CMC | Facebook | Governance | Github