EigenLayer is a middleware protocol on Ethereum that introduced the concept of restaking. Restaking enables delegators to use their staked ETH in multiple networks and protocols simultaneously, putting the project in the limelight and sparking much interest within the community.
EigenLayer enables users to restake Liquid Staking Tokens (LSTs) and staked ETH with operators for Actively Validated Services (AVSs). This means that they can earn multiple rewards in addition to the rewards they get for staking their original ETH.
Unleash the power of restaking with EigenLayer! They offer support for a dozen LSTs, all delegatable to Everstake. To get started, find detailed guides for each LST via this link.
This particular guide, however, covers ETHx, Stader Labs' liquid staking token.
What Is ETHx?
Stader Labs is a major player in the liquid staking industry. Founded in 2021, it has been focusing on developing a comprehensive and secure liquid staking solution and currently supports blockchains like Ethereum, Polygon, BNB Chain, Hedera, and Fantom.
ETHx is Stader’s liquid staking token. Similar to most other LSTs, it represents the staked ETH for further use in DeFi applications. As the delegator uses the token, the staked ETH produces yield, which increases the value of ETHx. The token is powered by Stader’s multi-pool architecture, where the staked assets are shared between permissionless and permissioned node operator pools. As a result, the yield potential of the staked Ethereum increases.
Using ETHx in EigenLayer can produce yields that exceed those generated by the original staked ETH.
How to Restake Stader’s ETHx on EigenLayer
Restaking Stader’s liquid staking token ETHx on EigenLayer takes several steps, which we will cover next.
- Obtain ETHx as instructed by Stader.
- Visit the EigenLayer app and connect your wallet. Currently, you can use MetaMask, Coinbase Wallet, OKX Wallet, and Wallet Connect.
- The interface will take you to the dashboard showing your restaked and delegated ETH or LSTs. Hit Restake Your Tokens to proceed.
- Then you will see several options, including liquid staking tokens and native restaking of staked ETH.
Hit Stader Staked Ether to get to the next screen, where you can deposit and unstake ETHx.
- Specify the amount of ETHx you wish to deposit, make sure everything is correct (including the address), hit Deposit, and then confirm and sign the transaction.
- If everything is all right, there will be a message in the lower right corner indicating that your deposit is successful.
Now head over to the Dashboard to see your restaked ETHx in the Restaked section.
- Go to the Operator tab you can find in the screen’s header. There, you’ll see numerous options to choose from. In this example, we’ll delegate to Everstake. To do that, write “Everstake” in the search bar or go directly to our profile on EigenLayer.
- Press Manage as shown in the screenshot above, and then hit Delegate in the right-hand section.
- The only thing left to do is approve and sign the transaction in your wallet. Afterward, you’ll be able to control your stake from the 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 Remarks
Restaking and delegation usher new opportunities for regular users and crypto projects. Increased yields will be introduced in Q3 2024, likely attracting even more users to the protocol while enhancing security for the projects running AVSs.
Restaking is a relatively new concept, so more AVS will become available over time. The concept’s appeal to the community of stakers 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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