# KING Rewards (Historical Reference)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 The content below is kept for **historical reference only**.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:

| Allocation       | EIGEN Amount     |
| ---------------- | ---------------- |
| 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

<table><thead><tr><th width="128.16241455078125">Staking Period</th><th width="147">EIGEN Earned</th><th width="143">ETH Restaked</th><th width="177">ETH Not-Restaked*</th><th width="281">EIGEN/eETH Distirbuted / Week</th><th data-hidden>Annualized</th></tr></thead><tbody><tr><td>2024-08-15 ~ 2024-10-05</td><td>2,478,088</td><td>1,480,684</td><td>532,110</td><td>0.205</td><td>17,394,272</td></tr><tr><td>2024-10-06 ~ 2024-10-12</td><td>358,681</td><td>1,531,605</td><td>474,149</td><td>0.179</td><td>18,702,662</td></tr><tr><td>2024-10-13 ~ 2024-10-19</td><td>358,383</td><td>1,518,610</td><td>498,538</td><td>0.178</td><td>18,687,132</td></tr><tr><td>2024-10-20 ~ 2024-10-26</td><td>349,136</td><td>1,471,568</td><td>618,016</td><td>0.167</td><td>18,204,966</td></tr><tr><td>2024-10-27 ~ 2024-11-02</td><td>351,442</td><td>1,555,346</td><td>559,512</td><td>0.166</td><td>18,325,206</td></tr><tr><td>2024-11-03 ~ 2024-11-09</td><td>357,174</td><td>1,623,479</td><td>499,709</td><td>0.168</td><td>18,624,048</td></tr><tr><td>2024-11-10 ~ 2024-11-16</td><td>367,510</td><td>1,691,153</td><td>446,127</td><td>0.172</td><td>18,373,636</td></tr><tr><td>2024-11-17 ~ 2024-11-23</td><td>374,000</td><td>1,731,185</td><td>387,981</td><td>0.176</td><td>TBD</td></tr><tr><td>2024-11-24 ~ 2024-11-30</td><td>400,932</td><td>1,860,800</td><td>333,926</td><td>0.180</td><td></td></tr><tr><td>2024-12-01 ~ 2024-12-07</td><td>406,422</td><td>2,063,326</td><td>159,360</td><td>0.183</td><td></td></tr><tr><td>2024-12-08 ~ 2024-12-14</td><td>404,016</td><td>2,062,106</td><td>118,891</td><td>0.185</td><td></td></tr><tr><td>2024-12-15 ~<br>2024-12-21</td><td>403,885</td><td>2,043,889</td><td>135,786</td><td>0.185</td><td></td></tr><tr><td>2024-12-22 ~ 2024-12-28</td><td>418,446</td><td>2,049,497</td><td>165,849</td><td>0.188</td><td></td></tr><tr><td>2024-12-29 ~<br>2025-01-04</td><td>427,519</td><td>2,074,747</td><td>123,840</td><td>0.194</td><td></td></tr><tr><td>2025-01-05 ~<br>2025-01-11</td><td>427,414</td><td>2,073,581</td><td>145,992</td><td>0.192</td><td></td></tr><tr><td>2025-01-12 ~<br>2025-01-18</td><td>426,286</td><td>2,085,771</td><td>139,351</td><td>0.191</td><td></td></tr><tr><td>2025-01-19 ~<br>2025-01-25</td><td>433,287</td><td>2,108,830</td><td>144,759</td><td>0.191</td><td></td></tr><tr><td>2025-01-26 ~<br>2025-02-01</td><td>427,324</td><td>2,065,844</td><td>182,002</td><td>0.190</td><td></td></tr><tr><td>2025-02-02 ~<br>2025-02-08</td><td>430,639</td><td>2,109,192</td><td>152,948</td><td>0.190</td><td></td></tr><tr><td>2025-02-09 ~<br>2025-02-15</td><td>429,587</td><td>2,235,677</td><td>110,663</td><td>0.191</td><td></td></tr><tr><td>2025-02-16 ~<br>2025-02-22</td><td>427,012</td><td>2,238,436</td><td>129,338</td><td>0.191</td><td></td></tr><tr><td>2025-02-23 ~<br>2025-03-01</td><td>430,131</td><td>2,272,603</td><td>121,407</td><td>0.191</td><td></td></tr><tr><td>2025-03-02 ~<br>2025-03-08</td><td>429,971</td><td>2,243,862</td><td>121,407</td><td>0.192</td><td></td></tr><tr><td>2025-03-09 ~<br>2025-03-15</td><td>434,232</td><td>2,258,206</td><td>105,193</td><td>0.192</td><td></td></tr><tr><td>2025-03-16 ~<br>2025-03-22</td><td>435,271</td><td>2,300,292</td><td>155,270</td><td>0.189</td><td></td></tr><tr><td>2025-03-23 ~<br>2025-03-29</td><td>438,989</td><td>2,409,425</td><td>214,148</td><td>0.182</td><td></td></tr><tr><td>2025-03-30 ~<br>2025-04-05</td><td>447,960</td><td>2,454,633</td><td>140,499</td><td>0.182</td><td></td></tr><tr><td>2025-04-06 ~<br>2025-04-12</td><td>467,299</td><td>2,436,289</td><td>93,022</td><td>0.192</td><td></td></tr><tr><td>2025-04-13 ~<br>2025-04-19</td><td>476,023</td><td>2,405,523</td><td>76,236</td><td>0.198</td><td></td></tr><tr><td>2025-04-20 ~<br>2025-04-26</td><td>468,996</td><td>2,429,087</td><td>184,047</td><td>0.193</td><td></td></tr><tr><td>2025-04-27 ~ 2025-05-03</td><td>468,640</td><td>2,435,780</td><td>190,624</td><td>0.192</td><td></td></tr><tr><td>2025-05-04-2025-05-10</td><td>471,792</td><td>2,480,525</td><td>228,636</td><td>0.190</td><td></td></tr><tr><td>2025-05-11 - 2025-05-17</td><td>482,835</td><td>2,518,587</td><td>206,270</td><td>0.192</td><td></td></tr><tr><td>2025-05-18 - 2025-05-24</td><td>504,920</td><td>2,564,468</td><td>188,796</td><td>0.197</td><td></td></tr><tr><td>2025-05-25-2025-05-31</td><td>513,824</td><td>2,624,067</td><td>228,779</td><td>0.196</td><td></td></tr><tr><td>2025-06-01-2025-06-07</td><td>514,771</td><td>2,732,950</td><td>281,694</td><td>0.188</td><td></td></tr><tr><td>2025-06-08-2025-06-14</td><td>504,919</td><td>2,769,367</td><td>275,272</td><td>0.182</td><td></td></tr><tr><td>2025-06-15-2025-06-21</td><td>508,087</td><td>2,775,124</td><td>221,861</td><td>0.183</td><td></td></tr><tr><td>2025-06-22-2025-06-29</td><td>583,404</td><td>2,760,773</td><td>187,518</td><td>0.211</td><td></td></tr><tr><td>2025-06-30-2025-07-07</td><td>575,796</td><td>2,790,239</td><td>216,116</td><td>0.206</td><td></td></tr><tr><td>2025-07-08-2025-07-12</td><td>434,222</td><td>2,836,634</td><td>218,853</td><td>0.127</td><td></td></tr><tr><td>2025-07-13-2025-07-19</td><td>508,985</td><td>2,844,123</td><td>194,529</td><td>0.204</td><td></td></tr><tr><td>2025-07-20-2025-07-26</td><td>535,209</td><td>2,993,742</td><td>175,578</td><td>0.182</td><td></td></tr><tr><td>2025-07-27-2025-08-02</td><td>543,162</td><td>3,047,012</td><td>194,130</td><td>0.178</td><td></td></tr><tr><td>2025-08-03-2025-08-09</td><td>546,777</td><td>3,020,984</td><td>165,667</td><td>0.181</td><td></td></tr><tr><td>2025-08-10-2025-08-16</td><td>553,496</td><td>2,981,206</td><td>130,375</td><td>0.186</td><td></td></tr><tr><td>2025-08-17-2025-08-23</td><td>552,653</td><td>2,951,254</td><td>156,765</td><td>0.187</td><td></td></tr><tr><td>2025-08-24-2025-08-30</td><td>553,154</td><td>2,926,684</td><td>174,069</td><td>0.189</td><td></td></tr><tr><td>2025-08-31-2025-09-06</td><td>549,085</td><td>2,908,424</td><td>231,728</td><td>0.189</td><td></td></tr><tr><td>2025-09-07-2025-09-13</td><td>555,787</td><td>2,870,448</td><td>173,713</td><td>0.193</td><td></td></tr><tr><td>2025-09-14-2025-09-20</td><td>562,676</td><td>2,808,373</td><td>118,550</td><td>0.200</td><td></td></tr><tr><td>2025-09-21-2025-09-27</td><td>563,257</td><td>2,805,261</td><td>115,084</td><td>0.200</td><td></td></tr><tr><td>2025-09-28-2025-10-04</td><td>559,885</td><td>2,792,691</td><td>102,460</td><td>0.200</td><td></td></tr><tr><td>2025-10-05-2025-10-11</td><td>571,564</td><td>2,763,021</td><td>76,364</td><td>0.207</td><td></td></tr><tr><td>2025-10-12-2025-10-18</td><td>588,492</td><td>2,781,430</td><td>104,409</td><td>0.211</td><td></td></tr><tr><td>2025-10-19-2025-10-25</td><td>591,485</td><td>2,799,340</td><td>122,057</td><td>0.211</td><td></td></tr><tr><td>2025-10-26-2025-11-01</td><td>594,864</td><td>2,794,534</td><td>116,997</td><td>0.212</td><td></td></tr><tr><td>2025-11-02-2025-11-08</td><td>600,526</td><td>2,774,880</td><td>92,635</td><td>0.216</td><td></td></tr><tr><td>2025-11-09-2025-11-15</td><td>603,997</td><td>2,756,008</td><td>83,930</td><td>0.219</td><td></td></tr><tr><td>2025-11-16-2025-11-22</td><td>600,076</td><td>2,725,085</td><td>82,574</td><td>0.220</td><td></td></tr><tr><td>2025-11-23-2025-11-29</td><td>601,487</td><td>2,694,598</td><td>94,027</td><td>0.223</td><td></td></tr><tr><td>2025-11-30-2025-12-06</td><td>603,928</td><td>2,680,418</td><td>78,954</td><td>0.225</td><td></td></tr><tr><td>2025-12-07-2025-12-13</td><td>610,998</td><td>2,776,681</td><td>133,137</td><td>0.220</td><td></td></tr><tr><td>2025-12-14-2025-12-20</td><td>644,772</td><td>3,081,289</td><td>295,069</td><td>0.209</td><td></td></tr><tr><td>2025-12-21-2025-12-27</td><td>601,434</td><td>3,172,112</td><td>579,418</td><td>0.190</td><td></td></tr><tr><td>2025-12-28-2026-01-03</td><td>602,294</td><td>3,185,061</td><td>591,957</td><td>0.189</td><td></td></tr><tr><td>2026-01-04-2026-01-10</td><td>610,377</td><td>3,237,723</td><td>605,455</td><td>0.189</td><td></td></tr></tbody></table>

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.&#x20;
* 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.

<table><thead><tr><th width="143">Top-up Date</th><th width="148">Staking Period</th><th width="146">ETHFI amount</th><th width="239">ETHFI/eETH Distributed</th><th data-hidden data-type="number">LRT2 amount</th></tr></thead><tbody><tr><td>2024-10-18</td><td>2024-08-15 ~ 2024-10-05</td><td>500,000</td><td>0.248</td><td>364.62</td></tr><tr><td>2024-10-28</td><td>2024-10-06 ~ 2024-10-12</td><td>41,000</td><td>0.020</td><td>32.4</td></tr><tr><td>2024-10-31</td><td>2024-10-13 ~ 2024-10-19</td><td>27,533</td><td>0.013</td><td>22.41</td></tr><tr><td>2024-11-28</td><td>2024-11-10 ~ 2024-11-16</td><td>530,000</td><td>0.247</td><td>530.52</td></tr><tr><td>2024-12-05</td><td>2024-11-17 ~ 2024-11-23</td><td>400,000</td><td>0.188</td><td>null</td></tr><tr><td>2024-12-12</td><td>2024-11-24 ~ 2024-12-01</td><td>350,000</td><td>0.157</td><td>null</td></tr><tr><td>2024-12-19</td><td>2024-12-02 ~ 2024-12-08</td><td>300,000</td><td>0.141</td><td>null</td></tr></tbody></table>

### 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](https://docs.eigenlayer.xyz/developers/rewards#overview), 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

* [Chaos Labs Restaking Dashboard](https://community.chaoslabs.xyz/etherfi/risk/avs)