Singularity Launches Compliant Staking

We are excited to launch a staking initiative that we have coined as Compliant Staking.

The initiative rewards users who contribute to our TVL which ultimately improves obfuscation for all Singularity users.

Here’s everything you need to know about Compliant Staking, why we’re doing it, and how it works.

What is Compliant Staking?

Compliant Staking is a new initiative to boost the TVL in our protocol through a compliant staking mechanism. By participating in staking, users can earn points by completing KYB/KYC, depositing and locking ERC20 tokens, and minting wrapped tokens (sgTokens), which are smart contracts wrapped 1:1 with the underlying native tokens.

Why Are We Doing This?

1. Bootstrap TVL: A higher TVL enhances the protocol’s obfuscation.
2. Points Participation: We want to reward our users who contribute to the growth of Singularity by participating in the staking campaign.

How Does It Work?

Holders of sgTokens and those who provide liquidity to the sgToken pools on DEXs will receive reward points.

There are two ways to acquire sgTokens:

1. Mint sgTokens via Singularity:

• KYC/KYB Compliance: To interact directly with Singularity, users must pass Know Your Customer (KYC) or Know Your Business (KYB) verification through our compliance partners. KYC/KYB link.
• Deposit and Lock: Users can deposit any supported ERC20 tokens, lock them, and mint the wrapped version of the token. For instance, depositing 10 ETH allows you to lock the 10 ETH and mint 10 sgETH, backed 1:1 and verifiable on-chain in our smart contract.

2. Acquire sgTokens on the open market — Decentralized Exchanges: Users who do not wish to KYB/KYC will be able to purchase sgTokens on DEXs where they are supported, providing an alternative method to participate and earn points. We will be launching pools on DEXs in the coming weeks and will share more details on how to participate as a liquidity provider.

Complete KYB/KYC today to start Compliant Staking.

Refer to the links below for more information on the Compliant Staking steps and points system:

Link to Compliant Staking landing page/points system

Link to Compliant Staking Gitbook

Questions? Join our discord here.

First Campaign Partner — zkMe

We have partnered with several partners to offer additional rewards for users participating in Compliant Staking. Our first campaign partner is zkMe, our KYC partner on Arbitrum. Eligible zkMe-verified wallets will receive zkMe points and a 2x Singularity boost.

More details on the Singularity x zkMe campaign can be found here.

To participate in this campaign: Click here.

The campaign commences July 17th at 12 pm UTC.

LFG!

About Singularity:

Singularity is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated while leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.

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