[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"01134a3a-67cd-4e0a-8212-df38023fa5a1","updated_at":"2024-01-25T08:13:06.644609+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"Discover potential gains with EigenLayer Tokens. Read our comprehensive guide on how to restake ETH and collect rewards.","sapo":"EigenLayer is expected to be one of the biggest crypto narratives in 2024. EigenLayer tokens have the potential to significantly impact how DeFi is shaped. They could lead to ground-breaking possibilities for investors, encourage involvement, and influence Ethereum's staked capital in the future.","title":"EigenLayer Tokens: Different Ways To Restake ETH (2024)","content":"

What is EigenLayer?

EigenLayer is a protocol built on top of the Ethereum blockchain that is based on a new concept called "restaking". As a result, users who have already staked their ETH can "restake" it, effectively using it to work simultaneously in different locations to earn rewards and strengthen the security of other apps on the Ethereum network.

What is EigenLayer?

How does EigenLayer work?

Staking Ethereum: To obtain a token that represents your staked Ethereum, you can either stake your Ethereum directly on the Ethereum network or through a liquid staking provider. You will receive incentives for this in the form of extra ETH.
Restaking Ethereum: Next, you can "restake" (a.k.a. use your liquid staking token or your staked Ethereum) on EigenLayer. By doing this, you're essentially allowing EigenLayer to utilize the ETH you've staked to protect other network applications.
Getting more benefits: You will receive extra benefits for restaking your ETH in the form of $EL, the native token of EigenLayer.
Enhanced network security for Ethereum: By dividing up the task of validating transactions among a bigger group of validators, you may contribute to the network's increased security by restaking your ETH.

EigenLayer Tokens

By depositing Liquid Staking Tokens (LSTs) including stETH, rETH, swETH and others you can then restake to expand Ethereum's security to additional protocols and chains in return for incentives and fees.

Although EigenLayer does not currently have a token, one may be introduced in the future.If they issue their own coin, early users who participate in mainnet activities and other activities may receive an airdrop.

Restake tokens on Eigenlayer's mainnet

By leveraging your already-staked ETH for further incentives and bolstering the security of other Ethereum network applications, you can restake tokens on EigenLayer's mainnet. Restaking here is available from Jan 29th, 12 PM PT to Feb 2nd, 12 PM PT. This thorough guide will help you through the procedure:

Step 1: Gather your prerequisites:
- Ethereum wallet: To connect to the EigenLayer app, you'll need a Web3 wallet such as MetaMask, Coinbase Wallet, or Trezor.
- Staked ETH or Liquid Staking Token: You have two options for staking your ETH: either use Lido, Rocket Pool, or Curve, or you can stake your ETH directly on Ethereum and receive a token (such as stETH, rETH, cbETH, or LsETH) that represents your staking.
Step 2: Go to the EigenLayer website and link your wallet
Step 3: Decide which restaking item to use: A list of supported assets will be displayed to you, encompassing both native ETH and different liquid staking tokens. Select the one you wish to recreate.
Step 4: Enter the deposit amount and confirm: Specify the amount of your chosen token you want to deposit for restaking. Review the details and click "Deposit."
Step 5: Approve the transactions: Two transactions will appear in your wallet: one for token approval and another for the actual deposit. Confirm both transactions in your wallet.
Step 6: Track your restaked tokens and earned $EL rewards on the EigenLayer app's homepage.

Restaking tokens on EigenLayer's mainnet

Some additional tips:

EigenLayer enforces a 7-day withdrawal delay, so plan accordingly if you need to access your funds quickly.
Consider the gas fees associated with each transaction, especially during peak network congestion.
Read the EigenLayer documentation for more detailed information and troubleshooting tips.

Restake tokens on Kelp DAO

For the two tokens that are presently supported on EigenLayer—stETH and ETHx—Kelp DAO is a platform that makes restaking easier. Here is a step-by-step tutorial on how to use Kelp DAO for restaking:

Step 1: Visit the Kelp DAO website and connect your wallet

Restaking tokens on KelpDAO step 1

Step 2: Select the token you want to restake: Choose between stETH or ETHx.

Restaking tokens on KelpDAO step 2

Step 3: Enter the amount you want to restake: Specify the amount of your chosen token you want to deposit for restaking.

Restaking tokens on KelpDAO step 3

Step 4: Approve the transaction: Confirm the transaction in your connected wallet.

Restaking tokens on KelpDAO step 4

Step 5: Receive your rsETH

Some additional notes to keep in mind:

There is a small deposit fee associated with restaking on Kelp DAO.
You can claim your rewards (both $EL and Kelp Miles) at any time.
To make better use of your rsETH, Kelp DAO provides a number of DeFi interfaces, like the ability to join liquidity pools on Uniswap and Curve.

Restake tokens on ether.fi

Ether.fi is a top platform that lets you use your Ethereum (ETH) to its fullest potential for liquid staking and restaking. To get more rewards through EigenLayer, stake your eETH tokens on ether.fi with ease by following these steps:

Step 1: Visit ether.fi website and connect your wallet containing your ETH or liquid staking tokens (e.g., MetaMask, Coinbase Wallet).

Restaking tokens on ether.fi step 1

Step 2: Enter the desired amount you want to stake

Restaking tokens on KelpDAO step 2

Step 3: Review and Confirm: Verify the specifics of your amount again and press ‘’Stake’’
Step 4: Track your staked assets, earned $EL rewards, and withdrawal options through the platform's user-friendly interface.

Conclusion

To sum up, EigenLayer tokens present a novel way to optimize ETH earning potential while enhancing network security. Even though the project has a lot of potential, careful planning and risk assessment are essential before proceeding. To make wise selections, balance the possible benefits against the hazards and keep up with EigenLayer's advancements.

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EigenLayer Tokens: Different Ways To Restake ETH (2024)

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