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eETH launched on November 15th, 2023 🚀
eETH, brought to you by ether.fi, is a Liquid Restaking Token that allows users to stake their ETH to accrue staking rewards and automatically restake their ETH in EigenLayer. weETH is the wrapped non rebasing version of eETH that can be used throughout the DeFI ecosystem. ether.fi will be working with DeFi partners to create utility for weETH including Balancer, Gravita, Pendle, Aura, Maverick, and many more, as well as other layer two protocols proceeding the launch date.
Please see FAQ below outlining all the various protocol changes that have been rolled out along with answers related to restaking. This will be a living document that will evolve as we get feedback from our community. That said, we encourage our community to reach out with any questions that they have and join our discussion on discord.
- 1.How do I earn rewards from my ETH being natively restaked on EigenLayer?
- As EigenLayer is not yet in its final form to onboard active validator services, we can not provide a reliable estimate of these rewards. That being said, Ether.fi will be remitting any rewards received from EigenLayer that are earned from being an early depositor into the protocol.
- 2.Do I have to restake my ETH?
- 4.Will all ETH staked in ether.fi be natively restaked?
- 5.I thought there were limits on the amount of ETH or liquid staking tokens that could be deposited into EigenLayer? 🤷♀️ 🤷♂️
- There are NO LIMITS on the amount of ETH that can be natively restaked into EigenLayer. The limits only exist for LST's that are looking to restake the LST into EigenLayer (stETH, rETH, cbETH). Until eETH, this was the only simple way to deposit into the EigenLayer protocol.
- 6.Will I still be able to use my LST token in DeFi while it is deposited in ether.fi?
- Staking with eETH on ether.fi automatically restakes your ETH and accrues staking rewards while allowing users to use eETH in other DeFi protocols. No other liquid staking protocol has this capability. Currently when users restake their other LST's as mentioned above, they lock their tokens, which breaks composability in DeFi. That is due to these LST's not providing a native EigenLayer restaking integration
- 1.How do I mint eETH
- You can mint eETH through the ether.fi Dapp. Similar to other liquid staking protocols, simply stake your ETH, and in return, receive eETH.
- 2.What will I be able to do with eETH
- We have many ecosystem partners which will allow eETH to be composable throughout the defi ecosystem. Please stay tuned to our socials for updates on launched integrations.
- 3.Will eETH be available on other chains
- 4.Can I only unwrap eETH directly on ether.fi
- 5.What will be my yield on eETH?
- You will earn Ethereum execution and consensus layer staking rewards + loyalty points + EigenLayer restaking rewards. As EigenLayer is not yet in its final form to onboard active validator services, we can not provide a reliable estimate of these rewards. That being said, Ether.fi will be remitting any rewards received from EigenLayer that are earned from being an early depositor into the protocol - this is inclusive of any points received.
With the roll-out of eETH, we want to ensure we address any questions regarding how ether.fans will co-exist.
- 1.Do I need to deposit the ETH in my ether.fan into EigenLayer for it to be restaked?
- No. This is all handled by the protocol in the back-end. You just need to simply continue holding your ether.fan and the rest will be taken care of on your behalf.
- 2.Will I be able to migrate my loyalty points attached to my ether.fan to my eETH deposit?
- Yes. Users are able to swap the ETH in their fan, and associated Loyalty Points, directly from ether.fan to eETH. Note however that if you minted your fan less than 6 months ago, you will still incur the ether.fan burn fee with this swap.
- 3.Will I be able to migrate the ETH wrapped in my ether.fan to eETH?
- Yes. Users are able to swap the ETH in their fan, and associated Loyalty Points as stated above, directly from ether.fan to eETH. Note that if you minted your fan < 6 months ago, you will still incur the burn fee with this swap. As always, you can withdraw up to 49% of the ETH in your ether.fan and mint eETH however. This will allow you to keep the loyalty points in your ether.fan (without burning your NFT) and mint eETH with the withdrawn ETH.
- 4.When will the burn fee be removed?
- ether.fan holders who have held their ether.fan 6 months from the initial mint date will no longer pay a burn fee.
- 5.Is it possible to use ether.fan NFT's as collateral in lending protocols in the future?
- As of right now, this will only be possible for eETH. We encourage our community and other protocols that have use cases for ether.fan NFT's to contact us for partnerships.
- 6.I am still deposited in the EAP (early adopter pool), can I mint eETH from my EAP deposit instead of an ether.fan.
- No. The migration of funds from the EAP to ether.fan / eETH is now closed. We will however be honoring the loyalty points of users earned in the EAP. Please open a ticket on the ether.fi website for this process.
- 7.What happens to my EAP deposit? Where can I access these funds?
- Your funds deposited into the EAP are not going anywhere and remain in the contract. Please note that you are not earning rewards in the Early adopter pool. We recommend that you open a ticket on ether.fi website to get support on this migration.