Crypto-liquid staking platform ClayStack has entered the Ethereum restoration area through EigenLayer, providing customers reward factors forward of the token launch at a 1:1 ratio.
ClayStack is popping its Ethereum liquid staking token, referred to as csETH, right into a liquid resttaking token, the venture mentioned Monday. ClayStack makes use of the groundbreaking Ethereum resttaking protocol EigenLayer to supply the brand new service.
The platform presently accepts native ETH for immediate re-inclusion on EigenLayer, with liquid staking tokens reminiscent of Lido staked ether (stETH) and Rocket Pool ether (rETH) to observe in “just a few days,” ClayStack founder and CEO Mohak Agarwal instructed The Block.
“We’re presently accepting sETH and rETH, however they’ve been undeployed and redeployed, whereas we’ll deposit them immediately onto EigenLayer after just a few days,” Agarwal mentioned.
Ethereum is regaining momentum
Ethereum’s restoration has accelerated because the launch of EigenLayer final June. The entire worth (TVL) of EigenLayer’s good contracts is presently roughly $1.7 billion. Final week, Renzo Protocol additionally entered the Ethereum restoration area through EigenLayer, when it introduced a $3.2 million seed funding spherical. Renzo is presently solely in beta and has already reached a TVL of over $116 million, in accordance with its web site.
Retaking goes additional than standard strikes and liquid strikes. Conventional staking entails locking tokens to generate rewards, whereas liquid staking presents liquid tokens representing locked belongings that can be utilized throughout platforms for added rewards. Retaking, however, permits using staked ether and liquid staking tokens throughout a number of platforms to additional improve income.
ClayStack’s TVL is roughly $2.25 million. It first launched liquid staking for Polygon’s MATIC token in 2022. It then began providing liquid staking in Ethereum final September. However with at this time’s launch, it can shift its focus to taking up Ethereum once more.
“Because of declining yields and the restricted DeFi ecosystem on Polygon exterior of main corporations like Compound and Aave (which delisted nearly all of much less traded or unstable belongings), it grew to become very tough to construct extra utility on Polygon liquid staking,” mentioned Agarwal.
Token launch plans
ClayStack presents reward factors to customers who use the Ethereum restoration service at a 1:1 ratio, which means every clay level could be exchanged for one clay token sooner or later.
“There’s presently no different factors system that gives a 1:1 redemption. You may personal 1 million factors in different packages and you could possibly find yourself with 100 tokens,” Agarwal claimed.
Twenty clay factors will likely be given per ETH per week, Agarwal famous, including that the speed will change each Monday after which stay largely the identical for the week. There are not any minimal or most factors for any person, he added. Nevertheless, there’s a whole restrict every week on the factors that every one customers can mix, which can even be renewed at first of the week and will likely be seen on the platform, he mentioned.
To be sincere, ClayStack’s clay factors are usually not fully new. A model of those factors has been dwell because the venture began the Ethereum liquid staking service final September, Agarwal mentioned, including that the revamped factors system goes dwell at this time and can proceed to run till the tip of the primary quarter of this yr.
Along with clay factors, ClayStack can even supply its customers EigenLayer restacked factors.
“When ClayStack redeploys the ETH on EigenLayer, the ClayStack good contract in the end accumulates these factors,” Agarwal mentioned. “We do not know what they are often redeemed for; we’ll merely move these factors on to csETH holders given the excessive stage of pleasure amongst customers about EigenLayer factors.”
EigenLayer Restaked factors can’t be exchanged for CLAY tokens, he famous.
ClayStack will announce its token launch plans subsequent month, Agarwal mentioned, however declined to specify the launch date.