👑King Protocol (formerly LRT²)
Last updated
Last updated
King Protocol is the new standard in LRT rewards, significantly simplifying the claiming experience by tokenizing rewards earned when restaking.
As restaking network protocol rewards come online, the multitude of restaking network protocols emitting rewards will mean a multitude of tokens to distribute. AVSs can distribute those in any ERC20 token, however, most of stakers will receive small, fractional amounts. For many, these can be more trouble than they’re worth to claim or trade in swap pools, leading to a frustrating experience for stakers, and low token utilization for AVSs.
King Protocol is a unified restaking rewards protocol. Its vault holds the rewards tokens as underlying assets. Through King Protocol, projects can pool restaking network protocol rewards into this single vault and issue vault share tokens to their stakers (or distributor contract). This system cuts transaction costs and streamlines the rewards process, great for those with smaller stakes who might find it easier to manage and trade their shares collectively. Larger stakeholders can redeem and possibly arbitrage, which will drive the market price of KING token.
You can read more about King Protocol and it's benefits in the protocol's documentation here: https://docs.kingprotocol.org
Starting October 15, eETH/weETH holders will earn their first batch of restaking rewards in the form of KING tokens. Rewards are planned to be paid out every Thursday as a linear distribution. Users will automatically accrue KING by holding weETH or eETH
KING represents a share of the restaking reward pool earned by protocols, that is fully backed by and redeemable for the underlying reward tokens https://docs.eigenfoundation.org/programmatic-incentives/programmatic-incentives-faq
Additional restaking network protocol rewards will be added over the coming weeks as we work to bring exclusive perks and campaigns to our community through the joint partnerships formed within our AVS ecosystem
All eETH will be treated the same when accruing restaking yield, whether it is self-custodied or actively utilized within a DeFi partner protocol. Rewards will be given on a linear distribution. By holding weETH or eETH you will automatically accrue KING
To celebrate the launch of King Protocol, we added additional ETHFI rewards to the pool for all participating ether.fi stakers to share
Users will be able to claim their rewards by navigating to their Portfolio page and opening the King Protocol rewards tab. An option to unwrap the underlying tokens will become available.
