Stader (ETHx) Review

ETHx is Stader's liquid staking token for Ethereum. Each ETHx becomes redeemable for more ETH as staking rewards accrue. In the liquid staking ranking it scores 8.8 out of 10 on five equally weighted criteria, the highest mark on 1 November 2026. A re-check of Stader's documentation and repository that day found the same fee, exit terms, operator pools, licence and audit list as in July, so every mark is unchanged. The score rests on disclosure: Stader publishes where its fee goes, opens part of its operator set to anyone, and links seven audit reports. Its weakest mark is the exit, which has no instant route.

How Stader ETHx scores in liquid staking

Each criterion is marked 0 to 10 and carries the same 20% weight. The basis is desk research of primary sources, not a test deposit or withdrawal.

The arithmetic: (9 + 7 + 9 + 10 + 9) / 5 = 44 / 5 = 8.8.

No mark changed in this update. The findings match the July check, and Stader's marks are the reference the category uses for a published split (9), a partly permissionless operator set (9) and a three-firm linked audit list (9).

Strongest criteria: fee split, open operators and open code

Commission clarity (9). Stader states both the size of its cut and who receives it. Of 1 ETH in rewards, 0.9 ETH reaches ETHx holders through the exchange rate, 0.05 ETH goes to the protocol and 0.05 ETH to node operators. The fee comes from rewards, not deposits, and gas is extra. The mark is one short of 10 because the FAQ does not say who can change the split or how. Frax Ether, which also itemizes its fee, scores 9 on the same basis. For how a 10% cut reduces a quoted rate, see our guide to staking returns after costs.

Operator decentralisation (9). The permissionless pool is the reason for this mark. Anyone can register a node by putting up 4 ETH, against 32 ETH for a solo validator, plus SD tokens worth at least 0.4 ETH as collateral. Open entry is the rubric's highest standard, shared with Puffer. The permissioned pool is curated, and the documentation does not give the share of stake in each pool, which keeps the mark below 10.

Licence & code openness (10). GPL-3.0 is a recognised open-source licence, and the repository is maintained. The same standard gives Bedrock, Mantle, Origin and Puffer 10.

Audit disclosure (9). Three firms reviewed the ETHx contracts, and separate reports cover the node software, oracles and off-chain code. Every entry links its report. The page gives no dates, so a reader cannot tell from it how recent the reviews are. That keeps the mark at 9, level with Mantle, Origin and Liquid Collective.

Weakest criterion: a stated queue with no fast route

Exit & redemption (7). The terms are stated, which is what lifts this above the queue-only exits of Bedrock, Frax Ether and Liquid Collective (6). Stader gives a typical duration of 7 to 10 days. Two details shape the outcome. Rewards stop once a request is made. And the payout uses the lower of two exchange rates, so a penalty or slashing event during the wait reduces what you receive, while a rate rise does not help. The protocol offers no instant route. Selling ETHx on a decentralized exchange is the only fast exit, at whatever price that market offers. Ankr, Jito and Puffer score 9 because each also publishes a priced instant route.

This is a measured finding about design, not a gap in disclosure. If Stader added an instant route with a stated fee, the criterion would be re-checked.

What the score does not cover

• Upgrades. The contracts can be upgraded by a 6-of-9 community multisig through a timelock of at least 7 days. A 3-of-5 manager multisig can pause them. Governance is not a criterion.
• Distributed validators. Stader's documentation describes future pools using distributed validator technology. Their status is not stated, and they are not credited.
• Bug bounty. Stader runs an Immunefi bounty of up to $1 million. Bounties are not counted as audit disclosure.
• Access and market price. The terms bar sanctioned persons and countries. The ETHx market price was not measured.

Stader vs Jito and Mantle

The two entries closest to Stader in the liquid staking ranking are Jito, a Solana token, and Mantle mETH. Both were re-checked on 1 November 2026.

Jito is two points ahead on exit but one behind on operators, licence and audits, which leaves Stader 0.2 ahead. Against Mantle, Stader's open operator pool is worth three points and its published split one more, while Mantle's exit is one point better.

Who this rating suits

The score is most useful to a holder who wants to know exactly where the staking fee goes, prefers an operator set open to outside node runners and can wait a week or more to redeem. It is less suited to someone who may need to exit quickly at the protocol rate. The rating describes published terms on one date. It is not a recommendation to stake and does not assess any individual's circumstances.