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Get Ready: OETH EigenLayer Deposits Resume 2/05

January 30, 2024

OETH EigenLayer Deposits Resume 2/05

Good news for restaking enthusiasts – EigenLayer deposits for OETH are reopening soon!

OETH joined EigenLayer’s novel restaking ecosystem in mid-December, alongside other leading LSTs. This integration has empowered OETH holders to be among the first to take advantage of EigenLayer’s groundbreaking restaking product. 

In order to balance demand and protocol integrity, EigenLayer capped global LST deposits at 500,000 ETH. This limit was reached on December 20th, with many potential entrants left sidelined. Impressively, the first round saw more than 11,000 OETH deposited to EigenLayer.

Fortunately, the protocol is gearing up to welcome new deposits from February 5th at 12pm PT to February 9th at 12pm PT. During this period, the protocol will temporarily remove its global cap to onboard more users. 

Along with reopening deposits, EigenLayer is adjusting its points system to ensure proper decentralization. EigenLayer plans to cap the restaking points any single deposit, LRT, or LST can earn at 33% of total point issuance. In practice, this means the most popular LSTs, such as stETH, will earn less points per ETH if stETH represents >33% of deposits.

Why Restake OETH?

Restaking has disrupted the space by allowing builders to share in ETH’s staking security base with restaked assets. While this mechanic could increase slashing risk by exposing assets to different networks with unique rules, restakers will be compensated in the form of heightened APYs. 

In addition to future restaking rewards, restakers earn EigenLayer points for using the tokenless protocol. As such, many users are speculating that an airdrop is on the horizon.

Holders can also harness PrimeStaked to further boost rewards. Restaking OETH via the liquid restaking platform offers optimized yield, EigenLayer points, and Eigenpie points. Users who swap OETH or ETH receive equivalent amount of primeETH, enhancing capital liquidity. 

For savvy investors, restaking OETH can offer a lucrative avenue to compound staking yields. OETH alone currently offers trailing 30-day APYs of >4%, well above underlying LSTs. 

If you’d like to dive deeper into the realm of restaking, our comprehensive guide is a great place to start.

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Yasthiel Devraj
Yasthiel Devraj
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