PepeTeam sWAVES

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

PepeTeam sWAVES tokenizes native WAVES leasing: deposits mint a transferable receipt, protocol contracts lease the WAVES to nodes, and staking rewards increase the receipt’s internal WAVES exchange rate. The 2026-08-16 survey measured about $0.20M on Waves, only 0.20% of the $100M materiality floor. Node reward delivery, smart-contract control, the receipt rate and WAVES redemption require full review at scale, but current capacity is too small for an advised-client allocation.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

A WAVES deposit calls the tokenized-staking contract, mints sWAVES at an internal exchange rate and leases the underlying to protocol validation nodes. Node rewards and transaction fees are claimed and restaked, increasing the amount of WAVES represented by each sWAVES rather than rebasing receipt quantity. The receipt can be transferred or used in external DEX, AMM and lending positions.

Control and exit applicability

Protocol contracts select and lease to validation nodes, collect rewards and calculate the receipt rate; the litepaper proposes DAO admission and delisting of nodes but also lists further DAO implementation, audits and a bug bounty as ongoing security work. Direct exit calls withdraw with sWAVES, burns the receipt, unleases WAVES and pays at the current internal rate. Secondary-market exits add venue liquidity and price risk.

Current observation and perimeter

The DefiLlama API read on 2026-08-16 classified PepeTeam sWAVES as Liquid Staking and reported approximately $0.20M entirely on Waves. The product site calls the service cross-chain and advertises external receipt uses, but the reproducible survey currently measures the Waves staking contract perimeter. This record does not include separate AMM or lending positions opened by holders.

Why the materiality dossier still applies

Measured TVL is about 0.20% of the $100M floor, so even a small advised-client book would overwhelm observable capacity before receipt-rate, node and contract diligence could make the venue usable. Reopen only after TVL remains above $100M for 30 days, then review node concentration and reward history, contract authorities and audits, receipt liabilities, direct-redemption depth and secondary liquidity.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• PepeTeam — live sWAVES product · primary · accessed 2026-08-16
  Supports: tokenized WAVES staking, transferable receipt, deposit and withdraw, external DeFi uses
• PepeTeam — sWAVES litepaper · primary · accessed 2026-08-16
  Supports: mint and burn, node leasing, internal exchange rate, reward compounding, DAO and security roadmap
• Waves Docs — lease transaction · primary · accessed 2026-08-16
  Supports: native WAVES leasing, sender control, validator balance, cancellation mechanics
• DefiLlama — PepeTeam sWAVES survey record · secondary · accessed 2026-08-16
  Supports: current TVL, Waves perimeter, Liquid Staking category

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.