EigenLayer is a middleware protocol on Ethereum that introduced the concept of restaking, a mechanic enabling the use of staked ETH in multiple networks and protocols simultaneously. Combined with the increased security for protocols and additional yields for stakers, this sparked widespread interest in EigenLayer and restaking in general.
Mainly, EigenLayer enables users to restake Liquid Staking Tokens (LSTs) and staked ETH with operators for Actively Validated Services (AVSs), which means they can earn multiple rewards on top of the rewards they get for staking ETH in the first place.
Currently, there are 12 LSTs that can be restaked with EigenLayer. All of them can be delegated to Everstake. This particular guide, however, is concerned with stETH, the liquid staking token of Lido.
What Is stETH?
Lido on Ethereum is a liquid staking protocol that routes user ETH to be handled by its many operators, including Everstake. This mechanic massively lowers the entry threshold for liquid staking in Ethereum and enhances the network’s overall decentralization.
Lido’s stETH represents staked ETH on the Ethereum blockchain, which users get in return for staking their ETH with Lido. It can be used across numerous DeFi protocols, thus providing users with liquidity of their original ETH.
As such, it can be used in EigenLayer for restaking and additional rewards.
How to Restake Lido’s stETH on EigenLayer
Restaking Lido’s liquid staking token stETH on EigenLayer is fairly simple but takes several steps. This section will take you through all of them.
- First, you must obtain stETH. In the case of Lido, you get LSTs automatically as you stake your original ETH, so please refer to Lido’s website.
- Having obtained stETH, go to the EigenLayer app and connect your wallet as prompted by the interface. You can choose from MetaMask, Coinbase Wallet, OKX Wallet, and Wallet Connect.
- Once connected, you’ll see a dashboard with your restaked and delegated ETH or LSTs. Therein is a button, Restake Your Tokens, which you’ll have to hit to proceed.
- You will be offered several choices, including liquid staking tokens and native restaking of staked ETH.
Hit Lido Staked Ether to access the next screen for depositing and unstaking stETH.
- Specify the amount of stETH you wish to deposit, check everything is correct (including the address), hit Deposit, and then confirm and sign the transaction.
- Once the transaction is successful, you’ll see a pop-up message in the lower right corner of the screen confirming the deposit was successful.
Then you can go to the Dashboard, where you’ll be able to see your restaked stETH tokens in the Restaked section.
- Head over to the Operator tab in the top section of the screen. On this tab, you can see a selection of operators available for delegation.
We’ll delegate to Everstake in this example. Enter “Everstake” in the search bar or go directly to our profile on EigenLayer to delegate.
- Hit Manage, as shown in the screenshot above, and then Delegate in the right-hand section.
- Approve and sign the transaction in your wallet, and you’re done! You’ll be able to control your stake from the same dashboard.
Why Delegate to Everstake
Thanks to our impressive track record as a multi-chain validator, Everstake was among the first 30 operators hand-picked for EigenDA, the first AVS on EigenLayer, on the Goerli testnet. Everstake has had zero slashing events on Ethereum, developed the first non-custodial non-liquid pooling solution for Ethereum, and created numerous infrastructural services for other blockchains like Solana and Cosmos.
Certified as a Verified Operator by StakingRewards, Everstake services over 735 thousand users across 70+ blockchains, offering industry-grade security, reliability, and support. By choosing Everstake, you can be assured that you’re getting access to top-notch services run by seasoned professionals, all for some of the best conditions on the crypto market today.
Final Thoughts
Restaking and delegation provide many new opportunities for regular users and crypto projects alike. While users can enjoy increased yields (this will be enabled in Q3 2024) and enhanced liquidity, projects can leverage higher levels of security and decentralization and increased participation from broader audiences.
Since restaking is a relatively new concept, more AVS will join the fray soon. Still, its appeal to the community of delegators and developers is so high that it is likely that the selection will become much broader in no time, and Everstake will be happy to support the best of them.
Why not restake your LSTs now?
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