Nomadic Labs' Mathias Bourgoin detailed sTEZ at TezDev 2026, a protocol-native liquid staking token slated for the upcoming Ushuaia upgrade that sidesteps DeFi's LST governance-capture debate by granting holders zero voting rights. Yield accrues into the token's value rather than rebasing (closer to cbETH or rETH than stETH), bakers set their own fees at registration, and the protocol allocates stake with built-in concentration limits instead of letting users pick validators. Activation still requires separate baker signaling once Ushuaia ships, and exits flow through the existing unbonding process.

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