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Origin Ether Leads Liquid Restaking Rally on PrimeStaked with over $20M Locked in One Day
Web3 technology platform for decentralized finance (DeFi) and non-fungible tokens (NFTs) Origin Protocol has launched liquid restaking on EigenLayer, an Ethereum protocol for restaking. Via EigenLayer, users can now start liquid staking for Origin Ether (OETH), Origin’s ETH-pegged token, to earn staking yields. The launch was very successful as within a day, users had already deposited $20 million worth of ETH on the newly floated restaking platform Primestaked.com.
Liquid staking has become a popular part of the DeFi industry in recent times. In only a few months, the total value locked (TVL) on EigenLayer has crossed $2 billion, with the recent OETH development poised to accelerate liquid restaking in general, even further.
The Origin Liquid Restaking Process via EigenLayer and PrimeStaked
PrimeStaked has launched a pre-deposit window, allowing EigenLayer restakers to maintain liquidity on their assets while earning extra rewards. Via PrimeStaked, users will earn triple rewards, including ETH staking yields of 3-5% APY, EigenLayer points, and primeETH XP (Experience Points). In addition, all deposits of OETH will get a 3x bonus on the prime ETH and a 2% higher yield than other leading liquid staking tokens (LSTs).
The process of joining EigenLayer’s staking ecosystem is quite straightforward. Interested users can use a decentralized exchange (DEX) like Uniswap to swap ETH for OETH. Advisably, users can take advantage of the healthy OETH liquidity available on the Curve platform. After that, users can then swap the LST for primeETH via PrimeStaked.com. The primeETH will then start accruing LST yields, Restaked Points, and XP.
For now, PrimeStaked does not charge fees on XP or EigenLayer Restaked Points. This means that holders receive 100% of their rewards until further notice. Users should note that at the moment, withdrawals are not yet available. However, there will be a liquidity pool on Curve that will allow people looking to exit their positions, to convert primeETH back to ETH.
Benefits and Experience Points
PrimeStaked began issuing primeETH XP on Monday at 12 pm PST. The Experience Points measure each user’s contribution to the ecosystem and make holders more likely to earn token rewards in the future. The best way to maximize this opportunity is by getting early, holding large positions, and depositing OETH. In addition to the 2x bonus that OETH deposits enjoy, there will also be several short-term incentives throughout the ongoing campaign. For instance, depositing early will award XP multiplier rewards depending on the day. This means that depositors on Day 1 will earn 5x on their XP, reducing to 4x on Day 2, and so on. The multiplier will eventually stop on the 9th of February.
The primeETH XP accrual will depend on the number of OETH held each hour. For OETH, the XP accruable is calculated by multiplying the number of OETH held, by the available balance each hour, and then by 20,000. Interestingly, other LSTs are only multiplied by 10,000.
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Origin Ether Leads Liquid Restaking Rally on PrimeStaked with over $20M Locked in One Day
Source: https://www.coinspeaker.com/origin-ether-primestaked-20m-locked/