Original title: Getting Started with ether.fi Staking

Original author: William M. Peaster, Bankless

Original compilation: Luccy, BlockBeats

Editors note: Recently, LST and LRT narratives have been all the rage in Ethereum. William M. Peaster, senior writer at Bankless and founder of Metaversal, wrote an article explaining the reasons why re-pledge has become a mainstream trend in the cryptocurrency field, and gave an in-depth understanding of it through case analysis. Opportunities and Challenges. William M. Peaster mainly mentioned a new re-pledge project, ether.fi. The article elaborated on ether.fi’s double points strategy. Points have the opportunity to be exchanged for air investment qualifications. BlockBeats compiled the original text as follows:

Liquid Staked Tokens (LST) have been all the rage around Ethereum lately.

You’ve heard of the big players here, like Lido (stETH), Rocket Pool (rETH), and Coinbase (cbETH) – these LSTs allow users to maintain liquidity and earn ETH staking rewards without having to run their own validator setup.

General commitment? Deposit ETH to receive LST on behalf of your deposit, then hold or use the LST as you wish, while it gradually accrues equity in ETH over time.

Many platforms have risen by following this model, but currently in the LST space, restaking is a technology that is generating a lot of excitement and is a method widely promoted by EigenLayer. Re-staking leverages LST deposits to provide an extension of validator services to projects looking to access external security infrastructure.

It’s a win-win model: Depositors receive both equity in ETH and verification revenue from projects utilizing EigenLayer, and these projects are able to adopt Ethereum’s decentralization and security without having to build their own trust networks. sex.

Whats the problem? At this early stage, EigenLayer set a cap on LST deposits, and to date, whenever the cap has been raised, the limit has been reached quickly. This situation is not surprising as there is currently huge anticipation for future EigenLayer airdrops.

The good news? There is a solution. EigenLayer also offers native restaking, the ability to deploy actual validators through EigenLayer, and interestingly, there is no deposit cap.

What about better news? There are some projects that make this easier, effectively turning the local re-hypothecation process into a single deposit process. One item to note here is ether.fi.

Launching in 2023, ether.fi created eETH, an LST that natively re-pledges its underlying ETH deposits through EigenLayer. In addition to staking rewards and the possibility to use eETH in DeFi, this recurring flow also enables depositors to earn both ether.fi loyalty points and EigenLayer re-staking points, both of which may involve short-term investment.

Interesting, right?

Well, please note that taking advantage of this opportunity is very simple. You only need to deposit ETH (minimum = 0.001 ETH) to mint eETH at a 1:1 ratio, at which point your eETH balance will begin to accumulate points. The process is as follows:

· Go to app.ether.fi

· Connect your wallet

· Enter your desired deposit amount in the UI

· Click Stake

· Sign staking transactions with your wallet

Voila, that’s all the steps required to use the ether.fi Double Points Strategy. Remember, you can unstake and withdraw your ETH through the same interface, just click the arrow button in the center of the interface to enter Withdraw mode to get started.

As for your points, you can do this viaapp.ether.fi/portfolioPage to track your ether.fi and EigenLayer scores at any time. The calculation formula for ether.fi points is ETH pledged amount x 1,000 x number of staking days. For example, staking 1 ETH for one week will earn you 7,000 points.

No matter what happens next in the cryptocurrency space, restaking is here to stay, so don’t get obsessed with “double-whammy” restaking projects like ether.fi where you can maximize your returns with a single deposit.

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