osToken

osToken is a liquid staking token that accrues staking rewards when held. It is a generic name for StakeWise's network-specific ERC-20 tokens:

• osETH on Ethereum
• osGNO on Gnosis Chain

osToken is issued against assets staked in a Vault to allow using staked capital in decentralized applications to trade, borrow, lend, and restake. Hence, osTokens represent the underlying staked assets and the rewards earned.

Short for Overcollateralized Staked Token, osToken requires that the value of staked assets exceed the value of osToken issued. This overcollateralization acts as a safety buffer, protecting holders and the protocol from validator penalties or underperformance of permissionless Vaults.

A defining feature is that osToken can be minted against validators run by anyone – from solo stakers to professional operators – making access to liquid staking fully permissionless and non-custodial.