KING Rewards (Historical Reference)
⚠️ IMPORTANT UPDATE: Starting January 27, 2025, the protocol no longer distributes rewards via KING. Weekly EIGEN rewards are now automatically converted to ETH and deposited into the LST liquidity pool. Rewards are reflected directly in rebasing of eETH/weETH—no claims, KING tokens, or unwrapping are required. The content below is kept for historical reference only.
EIGEN Programmatic Incentives (Historical)
EigenLayer previously had a programmatic incentives program designed for AVS "reward-boosts," where EIGEN was automatically distributed to stakers and operators of each AVS proportionate to the rewards distributed by each AVS.
For the first year, at least 4% of total EIGEN supply was distributed through this program:
3% to ETH and LST stakers and operators (weighted equally)
1% to EIGEN stakers and operators
Example allocation:
90% to stakers
45,675,105 EIGEN
10% to operators
5,075,011 EIGEN
ether.fi's Rewards Claimed and Distributed
Below is a breakdown of the EIGEN rewards claimed in each distribution period by the ether.fi protocol. 100% of the rewards shown in the below table are allocated to stakers
2024-08-15 ~ 2024-10-05
2,478,088
1,480,684
532,110
0.205
2024-10-06 ~ 2024-10-12
358,681
1,531,605
474,149
0.179
2024-10-13 ~ 2024-10-19
358,383
1,518,610
498,538
0.178
2024-10-20 ~ 2024-10-26
349,136
1,471,568
618,016
0.167
2024-10-27 ~ 2024-11-02
351,442
1,555,346
559,512
0.166
2024-11-03 ~ 2024-11-09
357,174
1,623,479
499,709
0.168
2024-11-10 ~ 2024-11-16
367,510
1,691,153
446,127
0.172
2024-11-17 ~ 2024-11-23
374,000
1,731,185
387,981
0.176
2024-11-24 ~ 2024-11-30
400,932
1,860,800
333,926
0.180
2024-12-01 ~ 2024-12-07
406,422
2,063,326
159,360
0.183
2024-12-08 ~ 2024-12-14
404,016
2,062,106
118,891
0.185
2024-12-15 ~ 2024-12-21
403,885
2,043,889
135,786
0.185
2024-12-22 ~ 2024-12-28
418,446
2,049,497
165,849
0.188
2024-12-29 ~ 2025-01-04
427,519
2,074,747
123,840
0.194
2025-01-05 ~ 2025-01-11
427,414
2,073,581
145,992
0.192
2025-01-12 ~ 2025-01-18
426,286
2,085,771
139,351
0.191
2025-01-19 ~ 2025-01-25
433,287
2,108,830
144,759
0.191
2025-01-26 ~ 2025-02-01
427,324
2,065,844
182,002
0.190
2025-02-02 ~ 2025-02-08
430,639
2,109,192
152,948
0.190
2025-02-09 ~ 2025-02-15
429,587
2,235,677
110,663
0.191
2025-02-16 ~ 2025-02-22
427,012
2,238,436
129,338
0.191
2025-02-23 ~ 2025-03-01
430,131
2,272,603
121,407
0.191
2025-03-02 ~ 2025-03-08
429,971
2,243,862
121,407
0.192
2025-03-09 ~ 2025-03-15
434,232
2,258,206
105,193
0.192
2025-03-16 ~ 2025-03-22
435,271
2,300,292
155,270
0.189
2025-03-23 ~ 2025-03-29
438,989
2,409,425
214,148
0.182
2025-03-30 ~ 2025-04-05
447,960
2,454,633
140,499
0.182
2025-04-06 ~ 2025-04-12
467,299
2,436,289
93,022
0.192
2025-04-13 ~ 2025-04-19
476,023
2,405,523
76,236
0.198
2025-04-20 ~ 2025-04-26
468,996
2,429,087
184,047
0.193
2025-04-27 ~ 2025-05-03
468,640
2,435,780
190,624
0.192
2025-05-04-2025-05-10
471,792
2,480,525
228,636
0.190
2025-05-11 - 2025-05-17
482,835
2,518,587
206,270
0.192
2025-05-18 - 2025-05-24
504,920
2,564,468
188,796
0.197
2025-05-25-2025-05-31
513,824
2,624,067
228,779
0.196
2025-06-01-2025-06-07
514,771
2,732,950
281,694
0.188
2025-06-08-2025-06-14
504,919
2,769,367
275,272
0.182
2025-06-15-2025-06-21
508,087
2,775,124
221,861
0.183
2025-06-22-2025-06-29
583,404
2,760,773
187,518
0.211
2025-06-30-2025-07-07
575,796
2,790,239
216,116
0.206
2025-07-08-2025-07-12
434,222
2,836,634
218,853
0.127
2025-07-13-2025-07-19
508,985
2,844,123
194,529
0.204
2025-07-20-2025-07-26
535,209
2,993,742
175,578
0.182
2025-07-27-2025-08-02
543,162
3,047,012
194,130
0.178
2025-08-03-2025-08-09
546,777
3,020,984
165,667
0.181
2025-08-10-2025-08-16
553,496
2,981,206
130,375
0.186
2025-08-17-2025-08-23
552,653
2,951,254
156,765
0.187
2025-08-24-2025-08-30
553,154
2,926,684
174,069
0.189
2025-08-31-2025-09-06
549,085
2,908,424
231,728
0.189
2025-09-07-2025-09-13
555,787
2,870,448
173,713
0.193
2025-09-14-2025-09-20
562,676
2,808,373
118,550
0.200
2025-09-21-2025-09-27
563,257
2,805,261
115,084
0.200
2025-09-28-2025-10-04
559,885
2,792,691
102,460
0.200
2025-10-05-2025-10-11
571,564
2,763,021
76,364
0.207
2025-10-12-2025-10-18
588,492
2,781,430
104,409
0.211
2025-10-19-2025-10-25
591,485
2,799,340
122,057
0.211
2025-10-26-2025-11-01
594,864
2,794,534
116,997
0.212
2025-11-02-2025-11-08
600,526
2,774,880
92,635
0.216
2025-11-09-2025-11-15
603,997
2,756,008
83,930
0.219
2025-11-16-2025-11-22
600,076
2,725,085
82,574
0.220
2025-11-23-2025-11-29
601,487
2,694,598
94,027
0.223
2025-11-30-2025-12-06
603,928
2,680,418
78,954
0.225
2025-12-07-2025-12-13
610,998
2,776,681
133,137
0.220
2025-12-14-2025-12-20
644,772
3,081,289
295,069
0.209
2025-12-21-2025-12-27
601,434
3,172,112
579,418
0.190
2025-12-28-2026-01-03
602,294
3,185,061
591,957
0.189
2026-01-04-2026-01-10
610,377
3,237,723
605,455
0.189
Any discrepancies relating to the difference between the EIGEN distribution per ETH from EigenLayer and actual earnings for ether.fi stakers relates to the following:
ether.fi liquidity pool reserves some ETH un-deployed to service withdrawals
*ether.fi Restaked ETH that has not yet been allocated to an EigenLayer AVS - See "ETH Not-Restaked" column above. This amount will be reduced over the subsequent periods.
fluctuations in ETH TVL restaked in EigenLayer
Note that while the rewards ratios are accurate in the aggregate over time, for any user, the distribution amount on a specific week may vary by +/-5% based on their specific positions. We are working to reduce this variance.
ether.fi's ETHFI top-up
In addition to the distributions via EigenLayer's programmatic incentives, we perform additionals via ETHFI top-up. This top-up program does not have the pre-determined schedules. The purposes are to boost KING usage, correct the errors in prior distributions and subsidize the ether.fi's restaking rewards during the period when the ether.fi has low capital efficiency.
Note that the top-up distribution may happen retro-actively; ether.fi tracks the stakers balance history in the past and rewards accordingly.
2024-10-18
2024-08-15 ~ 2024-10-05
500,000
0.248
2024-10-28
2024-10-06 ~ 2024-10-12
41,000
0.020
2024-10-31
2024-10-13 ~ 2024-10-19
27,533
0.013
2024-11-28
2024-11-10 ~ 2024-11-16
530,000
0.247
2024-12-05
2024-11-17 ~ 2024-11-23
400,000
0.188
2024-12-12
2024-11-24 ~ 2024-12-01
350,000
0.157
2024-12-19
2024-12-02 ~ 2024-12-08
300,000
0.141
King Protocol Claiming Merkle Contract
The King Protocol claims contract reflects the full allocation of rewards to each staker on a weekly cadence. If there are any allocation discrepancies detected in KING rewards distributed, future allocations are corrected by reducing or increasing a staker's KING rewards over time.
As a part of operations for gas optimization, ether.fi will claim and fund the Merkle Claims Contract as needed. All the EIGEN is available for claiming through King Protocol. ether.fi continues to monitor the remaining KING in the contract to ensure sufficient rewards are available for claiming at all times.
Merkle Claims Contract: https://etherscan.io/address/0x6Db24Ee656843E3fE03eb8762a54D86186bA6B64
Understanding Rewards Distribution via King Protocol & Unwrapping (Historical)
Previously, stakers received KING tokens representing the dollar value of EIGEN + ETHFI holdings. Unwrapping converted KING shares into the underlying assets.
Example (Historical):
(1) Initially,
Suppose that the King Protocol vault has 10 shares in total and it holds 10 EIGEN and 10 ETHFI.
Assume each EIGEN = $1, each ETHFI = $1, so the vault is worth $20 in total.
Therefore, 1 KING share = $20 ÷ 10 = $2.
Unwrapping 1 share gives 1 EIGEN + 1 ETHFI, worth $2 total.
(2) New Deposit with earned EIGEN,
Suppose ether.fi deposits 10 EIGEN (worth $10) into the vault.
Since each share is worth $2, the vault mints 5 new shares for this $10 deposit.
The vault now has a total of 15 shares (10 old + 5 new) and holds 20 EIGEN + 10 ETHFI = $30.
The share price remains $30 ÷ 15 = $2.
(3) Unwrapping After Deposit
If you unwrap 1 LRT2 share at this stage, you receive a proportional amount of the assets:
EIGEN: 20 EIGEN ÷ 15 shares = ~1.33 EIGEN
ETHFI: 10 ETHFI ÷ 15 shares = ~0.67 ETHFI
Combined, those tokens are still worth $2 in total.
Fees
As per the EigenLayer documentation, operators will earn a flat 10% commission on rewards, with the remaining 90% going to stakers. The table above reflects the full allocation that is distributed to stakers. ether.fi does not take any fee cut from stakers.
Additional Resources
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