I decided to try out Geode Finance on the Ethereum Goerli testnet. This was my experience.
You choose whether you want to run a staking node, or if you want to be a part of a an existing staking pool as a node operator. I wanted to see what it will be like to create a staking pool.
2. You then name the staking pool.
3. Afterwards, you set a maintenance fee. I set 4%.
4. You then choose if you want the pool to be public or not.
5. There are different types of token types, but you don’t necessarily need a separate token.
I chose ERC 20 and had the option to name it.
6. Geode gives you the option to have a liquidity pool. I decided to go for it due to the benefits explained.
7. You then create a withdrawal contract.
8. After all those steps. the pool information is summarized and you can go ahead and deploy the pool.
I found this process to be very intuitive. There are a lot of options available for operating a staking pool. I appreciated the straight forward UX, as well as the explanations of the benefits of different options. I think that this protocol will go far in allowing true decentralized ETH staking.
Test it yourself at https://stake.geode.fi/stakingpools
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Exploring Geode Finance on Ethereum Goerli testnet, @nftmatrix details the intuitive process of creating a staking pool. Steps include deciding to run a node or join one, naming it, setting fees, and establishing liquidity pools. Appreciates user-friendly UX and potential for decentralized ETH staking.