Retiring ETH Halal Staking V1 – What’s Next for V2?

After 1 year of running Goldsand Ethereum staking, i.e., Halal Ethereum staking, we have learned a lot about our users and their needs. With these learnings, we are designing and planning to launch a much improved version of the Goldsand staking protocol. During this phase, we've decided to retire the current version of Ethereum staking to focus the team’s energy on developing and shipping V2.

What’s next for V2

One of our major takeaways from V1 is that our users need more than just staking. Yes, earning halal yield on ETH is good, but more is needed. The V2 launch will deliver exactly that.

V2 will deliver:

• Smoother user experience including real-time reward dashboard.
• Faster withdrawal processing.
• Potential for enhanced yield from re-staking activities.
• Ability for users to borrow inshAllah’s stablecoin iAUSD (with zero interest) against their staked ETH to use for living expenses or for leverage.
• Ability to leverage long ETH to enhance staking yield (similar to our Solana Superstake product).

V1 Retirement Process

The V1 retirement process will proceed as follows:

• The Goldsand smart contract will be paused and will not accept any new deposits.
• Goldsand staking app will display a message indicating the retirement of V1.
• All existing deposits and the accumulated staking rewards will be returned to users.
• Users who used a self-custodial wallet, e.g., Metamask, Rabby, etc, will receive the funds to their wallet. No action is needed from the user’s side.
• Users who used social login, i.e, Login with Google through Privy, will need to withdraw their ETH to other wallets or export their Privy wallet.
• We remain available to support our customers with the retirement process and remain available to answer any questions.

Note to our early supporters

We hold the utmost respect and appreciation to our customers and early supporters. All contributions to the Ethereum staking protocol have been recorded and our supporters will receive benefits in any future incentives we offer. These incentives include, but are not limited to, reduced or waived fees for using V2 and a share in any future airdrops.

We acknowledge the frustration caused by retiring V1, and we are hard at work to launch V2 as soon as possible. In the meantime, we invite our supporters to share their feedback and ideas on what halal DeFi products they want to see.

To get in contact with the team or to receive updates on V2, make sure to follow us on X, join our telegram, and explore our other products here.