Restaking with ETHx | Boosted reward programs

ETHx is now an accepted LST for restaking on EigenLayer. On December 18, 2023, when the deposit caps for restaking open, users will be able to restake their ETHx for the first time.

From the onset, ETHx was designed to be a rewarding LST. To further this, we’ve designed two exclusive options for ETHx holders who wish to participate in restaking.

• Restaking ETHx directly on EigenLayer
• Restaking ETHx with the Early Queue on Kelp DAO

Restaking ETHx directly on EigenLayer

Restaking on Ethereum is a concept introduced by EigenLayer that lets users reuse their already staked Ethereum or Liquid Staking Tokens. By restaking, users contribute to additional security for new services (referred to as Actively Validated Service or AVS) on Ethereum, while also earning extra rewards for themselves.

EigenLayer enables this by allowing stakers to reallocate their staked assets to secure additional decentralized services on the Ethereum network. This process optimizes the staked capital base and enhances cryptoeconomic security across various applications.

Here’s how the reward boost on EigenLayer works:

• Stader will offer a 30% reward boost in SD for 30 days
• The SD boost is in addition to the EigenLayer Restaked Points restakers will accrue
• Users will be eligible for these boosted rewards starting Dec 18, 10 AM PT, when the EigenLayer caps are lifted

Restaking ETHx with the Early Queue on Kelp DAO

Kelp is a collective DAO designed to unlock liquidity, DeFi and higher rewards for restaked assets. This is coupled with the convenience of its single liquid restaked token — rsETH — for accepted LSTs. In the future, you will be able to participate further in various DeFi opportunities with rsETH.

The team at Kelp DAO has opened up an Early Queue for EigenLayer. which is an attempt to queue LSTs (including ETHx) beforehand so they could be deposited as soon as caps are lifted.

A record number of people were not able to get into EigenLayer during the last cap-raise for a variety of reasons. The Early Queue is designed to mitigate this.

Here’s how the reward boost with Kelp DAO works.

• Stader will offer a 1.3x or 30% reward boost in SD for 30 days
• This is in addition to the EigenLayer Restaked Points restakers will accrue
• When users restake with the Early Queue, they also get 1.25x Boosted Kelp Miles
• From the time you restake with Kelp DAO, the 30 day period starts
• Restakers who have already minted rsETH with ETHx on Kelp DAO are automatically eligible for these rewards

It’s an exciting time for the future of restaking and all the possibilities that can be accessed with ETHx. We’re constantly working towards unlocking more use-cases and ways to make this journey even more rewarding.

If you have any questions about how this rewards boost will work, please feel free to reach out to us on Twitter, Telegram or Discord.