Intro to primeETH

What is primeETH?

primeETH can be minted using any of the supported assets at primestaked.com.

Prime Staked ETH (primeETH) is a liquid restaked token (LRT) that provides liquidity for assets that have been deposited into EigenLayer. By converting staked ETH into primeETH, users can stack ETH staking yield, EigenLayer points, and primeETH XP points all while remaining liquid.

primeETH is a reward-bearing token that works similarly to cTokens. primeETH tokens are not rebasing like stETH or OETH. Instead, the underlying rewards accrued by restaking positions are reflected in the price of primeETH over time as it increases in value.

primeETH is brought to you by many of the same people from Origin Protocol that have launched multiple DeFi products with $100M+ in TVL. Prime Staked is a fork of Kelp which has been battle-tested with hundreds of millions of funds and has been audited by sigmaPrime and code4arena. The primary change to the codebase was the addition of new LSTs and configuring their associated oracles. Each of the newly added assets have been carefully reviewed to make sure they don't introduce new reentrancy vectors or unexpected behaviors. The code for handling ETH deposits was removed until some non-critical bugs can be resolved.

primeETH can be minted using any of the supported assets at primestaked.com.

The Ethereum mainnet token address for primeETH is: 0x6ef3D766Dfe02Dc4bF04aAe9122EB9A0Ded25615 (primestaked.eth)

Why primeETH?

Earn triple rewards:

  • ETH staking rewards

  • EigenLayer points

  • primeETH XP points

Benefits:

  • Stay liquid

  • No need to run a validator

  • Get rewarded automatically

Fees

PrimeStaked does not currently charge any fees. 100% of the staking rewards and points are passed onto the holder. More details on the fee model will be shared in the future after redemptions have been enabled.

Withdrawals

Withdrawals won't be available at launch, but will be enabled in the near future. In the meantime, exit liquidity is available on Uniswap for those wishing to convert primeETH to ETH.

NextWhat is EigenLayer?

Last updated