Stride (STRD)

Liquid Staking

Stride is a blockchain built for liquid staking within the Cosmos ecosystem. It lets users stake IBC-compatible tokens (like ATOM) and receive stTokens (e.g., stATOM) that represent their staked assets plus rewards. These stTokens can be used in DeFi, traded, or sold for liquidity without waiting for the usual unbonding period.

Governance

The STRD token is the native governance token of Stride. Holders can stake STRD to earn rewards and participate in on-chain governance, such as voting on validator selection and protocol upgrades.

DeFi Integration

Users can use their stTokens as collateral, lend them, or provide liquidity in decentralized finance applications within the Cosmos ecosystem, enabling them to earn additional yields beyond staking rewards.

Cross-Chain Functionality

Stride uses Inter-Blockchain Communication (IBC) and Interchain Accounts (ICA) to stake tokens across multiple blockchains, acting as a controller chain that manages staking on host chains, making it a multichain liquid staking solution.

Token Utility

Besides governance, STRD tokens are used in the ecosystem for staking rewards and can be traded on various centralized and decentralized exchanges. Revenues from Stride’s decentralized exchange (DEX) and liquid staking services are used to buy back and burn STRD, supporting token value.

For more details, visit Stride's official site.

Pros

• Stride allows staking of any IBC-compatible tokens on the Cosmos blockchain, providing liquid staking derivatives (stTokens) that keep liquidity while earning rewards.
• It supports multichain staking, enabling users to participate across various Cosmos chains.
• The STRD token offers governance rights, letting holders vote on important protocol decisions like validator selection and upgrades.
• Strong focus on security with continuous monitoring, audits, and bug bounty programs.
• Integration with Cosmos DeFi ecosystem allows users to use stTokens for additional yield opportunities.
• The platform is designed with minimalism and efficiency, focusing on liquid staking to reduce vulnerabilities.
• Stride has backing from reputable investors and a clear roadmap including a DEX launch planned for 2025.

Cons

• Stride’s market cap and trading volume are relatively small compared to major cryptocurrencies, which may affect liquidity.
• The platform is still growing, and some features like staking on major exchanges (e.g., Coinbase) are not yet available.
• As a specialized liquid staking platform, it may be less familiar or accessible to beginners compared to more mainstream staking options.
• The STRD token price can be volatile, influenced by broader crypto market trends and specific project developments.
• Some users may find the governance and technical aspects complex without prior blockchain experience.

For more details, visit Stride’s official site.

Founders of Stride

The founders of Stride are Aidan Salzmann, Riley Edmunds, and Vishal Talasani. They created Stride as a multichain liquid staking zone on the Cosmos blockchain, enabling users to stake IBC-compatible tokens while maintaining liquidity through stTokens.

Investors in Stride

• Venture Capital Firms: Stride raised $6.7 million in a seed funding round led by North Island VC, Distributed Global, and Pantera Capital. These firms back early-stage tech projects and helped fund Stride's development before its mainnet launch.

• Institutional Investors: Strategy (formerly MicroStrategy) offers Stride preferred stock (STRD) to institutional investors and select non-institutional investors. This stock helps Strategy raise capital to buy more Bitcoin and fund operations.

• Crypto-Focused Funds: Pantera Capital is a notable investor supporting Stride, highlighting confidence in the project within the Cosmos ecosystem.

• Other Backers: Distributed Global and North Island VC are also key supporters, focusing on blockchain and crypto startups.

These investors provide financial support and strategic guidance to help Stride grow as a multichain liquid staking protocol on Cosmos.

Halal Status of Stride

• Yes, Stride can be considered halal by many Islamic finance scholars because it operates as a liquid staking platform on the Cosmos blockchain, allowing users to stake tokens and earn rewards without involving interest (riba) or prohibited activities.
• It focuses on governance and staking within a blockchain ecosystem, which aligns with principles of Islamic finance when the underlying assets and activities comply with Shariah.
• However, final confirmation depends on individual interpretation and consultation with a qualified Islamic scholar, as halal status can vary based on specific project details and personal beliefs.