# Intro to primeETH ### What is primeETH? {% hint style="info" %} primeETH can be minted using any of the [supported assets](/prime-staked-eth/supported-lsts) at [primestaked.com](https://primestaked.com). {% endhint %} 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](https://www.originprotocol.com) 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](/prime-staked-eth/supported-lsts) at [primestaked.com](https://primestaked.com). {% hint style="info" %} The Ethereum mainnet token address for primeETH is: [0x6ef3D766Dfe02Dc4bF04aAe9122EB9A0Ded25615](https://etherscan.io/token/0x6ef3D766Dfe02Dc4bF04aAe9122EB9A0Ded25615) (primestaked.eth) {% endhint %} ### 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](https://app.uniswap.org/swap?inputCurrency=0x6ef3D766Dfe02Dc4bF04aAe9122EB9A0Ded25615\&outputCurrency=eth) for those wishing to convert primeETH to ETH. # What is EigenLayer? EigenLayer is a platform that enhances the security of various protocols by integrating them with Ethereum's security model through data availability services, eliminating the need for protocols to establish their own set of validators. It achieves this through a suite of smart contracts and enables Ethereum stakers to restake their tokens on EigenLayer. By doing so, stakers will earn extra yield while taking on the risk of slashing, using EigenLayer's Actively Validator Services (AVS) to secure multiple networks. # What is an LRT? A liquid restaking token (LST) represents a way to keep your investments liquid while engaging in the restaking process on EigenLayer. Typically, depositing capital into EigenLayer would make your funds illiquid. However, by depositing an LST into Prime Staked ETH, you receive an equivalent amount of primeETH, ensuring your capital continues to be restaked on EigenLayer. The advantage of this approach is threefold. First, it allows you to benefit from EigenLayer points, which are rewards you'd normally receive for directly depositing into EigenLayer. Second, you also become eligible to earn PrimeETH experience points (XP). Finally, holders also earn the underlying ETH staking rewards from the LSTs. The process of minting primeETH, in return for your LST deposit, keeps your funds liquid. This means you can use primeETH within the DeFi ecosystem, all while earning rewards from EigenLayer, PrimeETH XP, and ETH staking rewards. This system is designed to maximize the utility and liquidity of your investments in the DeFi space. # Experience Points (XP) With the introduction of primeETH, we will be debuting a new incentive program: Experience Points. Users that hold primeETH will receive LST yield, EigenLayer Points, and Experience Points. **OETH deposits will receive an additional 2x bonus** on their XP. *\*Note that transferring primeETH to another wallet will disqualify your 2x bonus.* primeETH XP will be accrue based on the amount of LSTs you hold per hour. The exact calculation is as follows: * \# of LSTs held \* # per hour \* 10,000 * \# of OETH held \* # per hour \* 20,000 Early depositors will also earn an XP multiplier on their deposit; XP boosts are as follows: * 5x multiplier on day 1 (24 hour period starting at 12pm PT February 5) * 4x multiplier on day 2 * 3x multiplier on day 3 * 2x multiplier on day 4 Moreover, you can earn an XP bonus depending on the amount of LSTs you deposit: * ≥10 primeETH: 1.05x multiplier * ≥100 primeETH: 1.1x multiplier * ≥1,000 primeETH: 1.15x multiplier * ≥2,000 primeETH: 1.2x multiplier ### XP Examples Bob deposits 3,000 OETH at launch and receives a 5x early deposit multiplier, a 1.2x whale multiplier, and and 2x OETH multiplier. Bob's bonus for that day would be 400% + 20% + 100% = 520% (6.2x). Ashley deposits 50 stETH on day two and receives a 4x early deposit multiplier, a 1.05x whale multiplier, and no OETH multiplier. Ashley's bonus for that day would be 300% + 5% (4.05x). # Supported LSTs PrimeETH is designed to support the minting of high-quality Liquid Staking Tokens (LSTs) to ensure its value growth and security, reinforcing its position in the DeFi ecosystem. At launch, the supported LSTs for minting primeETH are: * Origin Ether (OETH) * Lido Staked Ether (stETH) * Staked Frax Ether (sfrxETH) * Mantle Staked Ether (mETH) * Stader ETHx (ETHx) * Swell Staked Ether (swETH) * Rocket Pool Ether (rETH) These selections are based on the team's expertise, their track record in managing significant DeFi capital, and the LST's prior integrations in DeFi as we're aiming to maximize primeETH's potential for long-term success. To ensure accurate valuation and prevent price manipulation, primeETH uses oracles for pricing each underlying asset, maintaining its price stability. Support for additional EigenLayer assets will be added soon. # Architecture Most of Prime Staked ETH's contracts are upgradeable via a well-known proxy wrapper and implementation contract. The architecture can be seen below.

primeETH contract dependencies

# Registry ## Ethereum mainnet PrimeETH smart contracts deployed to Ethereum Mainnet:
ContractAddress
primeETH ERC200x6ef3D766Dfe02Dc4bF04aAe9122EB9A0Ded25615 | primestaked.eth
LRTDepositPool0xA479582c8b64533102F6F528774C536e354B8d32
LRTConfig0xF879c7859b6DE6FAdaFB74224Ff05b16871646bF
LRTOracle0xA755c18CD2376ee238daA5Ce88AcF17Ea74C1c32
ChainlinkPriceOracle0xE238124CD0E1D15D1Ab08DB86dC33BDFa545bF09
OethPriceOracle0xc513bDfbC308bC999cccc852AF7C22aBDF44A995
SfrxETHPriceOracle0x407d53b380A4A05f8dce5FBd775DF51D1DC0D294
EthXPriceOracle0x85B4C05c9dC3350c220040BAa48BD0aD914ad00C
MEthPriceOracle0xE709cee865479Ae1CF88f2f643eF8D7e0be6e369
NodeDelegator index 00x8bBBCB5F4D31a6db3201D40F478f30Dc4F704aE2
NodeDelegator index 10x0000000000000000000000000000000000000000
## Supported LSTs The following liquid staking tokens are the ones that are currently supported by Prime Staked ETH and can be deposited into the platform.
Contract NameAddress
Origin (OETH)0x856c4Efb76C1D1AE02e20CEB03A2A6a08b0b8dC3
Mantle (mETH)0xd5f7838f5c461feff7fe49ea5ebaf7728bb0adfa
Stader (ETHx)0xA35b1B31Ce002FBF2058D22F30f95D405200A15b
Lido (stETH)0xae7ab96520de3a18e5e111b5eaab095312d7fe84
Staked Frax (sfrxETH)0xac3E018457B222d93114458476f3E3416Abbe38F
Rocket Pool (rETH)0xae78736cd615f374d3085123a210448e74fc6393
Swell (swETH)0xf951E335afb289353dc249e82926178EaC7DEd78
## Immutable Contracts
Contract NameAddress
ProxyFactory0x279b272E8266D2fd87e64739A8ecD4A5c94F953D
ProxyAdmin0xF83cacA1bC89e4C7f93bd17c193cD98fEcc6d758
## Operational Roles
Contract NameAddress
ProxyAdmin Owner0xEc574b7faCEE6932014EbfB1508538f6015DCBb0
Admin0xEc574b7faCEE6932014EbfB1508538f6015DCBb0
Manager0xEc574b7faCEE6932014EbfB1508538f6015DCBb0
Operator0xEc574b7faCEE6932014EbfB1508538f6015DCBb0
# API ## PrimeStaked APY / TVL `GET`[`https://api.originprotocol.com/api/v2/primestaked`](https://api.originprotocol.com/api/v2/primestaked) The total number of ETH backing PrimeETH and the current yield. {% tabs %} {% tab title="200: OK" %} ``` 1000000000 ``` {% endtab %} {% endtabs %} # Risks {% hint style="danger" %} Use at your own risk. Do not deploy more capital than you are willing to lose. {% endhint %} As with any yield-generating DeFi product, there are associated risks with holding primeETH that are important to understand. These risks can be broadly classified into the following categories: * Smart contract risk * Underlying third-party platform risk * Underlying collateral risk including slashing * Regulatory risk **Smart contract risk** The original smart contracts from Kelp have been audited by multiple, well-respected security firms. However, it is important to note that even with formal audits, it is still possible for there to be logic errors that could lead to the loss of funds. While we have taken every precaution to ensure the safety and security of our smart contracts, users are reminded to use at their own risk. Neither Prime Staked nor Origin Protocol will be held responsible for any loss of funds, regardless of who is at fault. **Third-party platform risk** Prime Staked ETH is built on top of Eigenlayer and inherits significant smart contract risk for their code as well as from each of the collateral assets that are supported. We are choosing to work with platforms that have tens or hundreds of millions of dollars worth of assets under management and have made reasonable efforts to ensure the security of their protocols. However, there are no guarantees that the underlying third-party platforms will continue to work as intended, and any failure in an underlying strategy would potentially lead to a loss of funds for primeETH holders. **Collateral risks** It is important to understand that primeETH is only as strong as the backing collateral. Any loss of value to underlying LSTs will cause a similar loss to the value to primeETH. primeETH is designed as a basket of LSTs and does not guarantee which LSTs will make up that backing nor the value of those coins. It is important to note that each of the supported LSTs introduces non-trivial counter-party risk that may grant their issuers the power to freeze funds in their holder's wallets. If any of the node operators that are backing the LSTs that are backing primeETH are slashed, you can expect that primeETH holders will similarly lose money. In the case of a minor slashing like we've seen to date, the result will be that primeETH holders will earn slightly less yield. In the event of a major slashing, you can expect that primeETH will drop in value proportional to the percentage of the backing LST that was impacted. **Slashing** In Ethereum's Proof-of-Stake system, validators put up ETH as collateral to participate in validating transactions and creating new blocks. This act is called "staking." "Slashing" is when some or all of a validator's staked ETH is taken away as a penalty. It happens if a validator breaks the rules or acts carelessly. Reasons for slashing include: 1. **Double signing:** Trying to validate two different versions of the truth. 2. **Liveness faults:** Not being online and active when needed. 3. **Safety faults:** Actions that risk the network's security. Slashing is crucial for two main reasons: 1. It stops dishonest behavior by making validators lose money if they break the rules. 2. It promotes network reliability by punishing careless actions. In essence, slashing ensures validators have a financial reason to do their job correctly and keeps the Ethereum network secure. **Regulatory risk** On Feb. 21, 2023, a judge in the High Court of England and Wales ordered Oasis, a gateway for the DeFi lender MakerDAO, to "take all necessary steps" to retrieve assets that were stolen as part of a $320M heist last year. Unfortunately as a result, no risk assessment would be complete without mentioning the risk of antagonistic regulators trying to meddle in the affairs of the protocol. **Risk mitigation** While it's impossible to guarantee our contracts are 100% safe, we have taken every step possible to mitigate the chance of losing funds, including using battled-tested contracts, performing thorough internal audits, and soliciting feedback from respected security experts in the industry. **Actions speak louder than words** You should also know that many members of the Prime Staked team are holding a significant portion of their personal wealth in primeETH. Origin Protocol's corporate treasury is also holding millions of dollars of primeETH. The team has skin in the game and are willing to put our own money at risk. # Price Oracles ### Liquid Restaking Token Pricing primeETH treats one ETH worth of LST as 1 primeETH, to ensure it remains consistent over time primeETH employs oracles to not overcompensate for LSTs that might be trading at a discounted rate. Thus, as it gets minted with multiple LSTs, the oracles come into play to accurately price respective LSTs as they interact with the platform. primeETH currently utilizes the following price oracles:
AssetOracle providerAddress
Origin (OETH)Origin0xc513bDfbC308bC999cccc852AF7C22aBDF44A995
Lido (stETH)Chainlink0x86392dC19c0b719886221c78AB11eb8Cf5c52812
Mantle (mETH)Mantle0xe3cBd06D7dadB3F4e6557bAb7EdD924CD1489E8f
Frax (sfrxETH)Frax0x584902BCe4282003E420Cf5b7ae5063D6C1c182a
Swell (swETH)Redstone0x061bB36F8b67bB922937C102092498dcF4619F86
Rocket Pool (rETH)Chainlink0x536218f9E9Eb48863970252233c8F271f554C2d0
Stader (ETHx)Redstone0xc799194cAa24E2874Efa89b4Bf5c92a530B047FF
The following illustration demonstrates how the oracles are currently implemented:

Oracle Contract dependencies

# Access Controls At launch, the smart contracts powering primeETH are controlled by a [3 of 7 Safe Multisig](https://app.safe.global/home?safe=eth:0xEc574b7faCEE6932014EbfB1508538f6015DCBb0) which is owned by the Prime Staked team. Notably, the chosen signers for the Prime Staked multi-sig are experienced signers from Origin Protocol's team who have proven to be reliable for numerous years. This process is deployed to ensure that there is a commitment to security and trust as Origin Protocol has an established reputation for keeping valued assets safe. The team intends to add timelocks and transition to decentralized governance in the near future. # Audits 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](/security-and-risks/price-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. * [Sigma Prime, December 2023](https://kelpdao.xyz/audits/smartcontracts/SigmaPrime.pdf) * [Code4arena, November 2023](https://code4rena.com/reports/2023-11-kelp)