Origin Ether Led Liquid Restake Rally on PrimeStaked, Locking Over $20 Million in One Day

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Origin Ether Led Liquid Restake Rally on PrimeStaked, Locking Over $20 Million in One Day

Origin Protocol, a Web3 technology platform for decentralized finance (DeFi) and non-fungible tokens (NFTs), has launched liquid re-staking on EigenLayer, the Ethereum protocol for re-staking. EigenLayer now allows users to start liquid staking for Origin Ether (OETH), Origin’s ETH-pegged token, and earn staking profits. The launch was very successful in just one day, with users already depositing $20 million worth of ETH on the newly listed re-staking platform Primestaked.com.

Liquid staking has recently become a popular part of the DeFi industry. In just a few months, EigenLayer’s total value locked (TVL) has surpassed $2 billion, and recent OETH developments are expected to further accelerate liquidity re-staking in general.

Origin Liquid Restake Process with EigenLayer and PrimeStaked

PrimeStaked has launched a pre-deposit window to allow EigenLayer reinvestors to earn additional rewards while maintaining liquidity for their assets. With PrimeStaked, users will receive three rewards, including ETH staking returns of 3-5% APY, EigenLayer points, and primeETH XP (experience points). Additionally, all deposits in OETH receive a 3x bonus on Prime ETH and a 2% higher yield than other major Liquid Staking Tokens (LSTs).

The process of participating in EigenLayer’s staking ecosystem is very simple. Interested users can exchange ETH for OETH using a decentralized exchange (DEX) such as Uniswap. Preferably, users can take advantage of the healthy OETH liquidity available on the Curve platform. Users can then exchange LST for primeETH through PrimeStaked.com. primeETH will then start accruing LST yields, re-staking points and XP.

Currently PrimeStaked does not charge fees for XP or EigenLayer Retaked points. This means that holders will receive 100% of the rewards until further notice. Users should note that withdrawals are not yet possible at this time. However, Curve will have a liquidity pool where people who want to exit their positions can convert primeETH back to ETH.

Benefits and Experience

PrimeStaked began minting primeETH XP on Monday at 12PM PST. Experience Points measure each user’s contribution to the ecosystem and increase the holder’s chances of receiving token rewards in the future. The best way to maximize this opportunity is to open large positions and deposit OETH early on. In addition to the 2x bonus enjoyed by OETH deposits, several short-term incentives are also offered throughout the ongoing campaign. For example, if you deposit early, you will receive an XP multiplier reward based on the date. This means that on day 1, depositors will earn 5x their XP, on day 2 it will be reduced to 4x, and so on. The multiplier will eventually stop on February 9th.

primeETH XP accumulation depends on the number of OETH held each hour. For OETH, the XP you can earn is calculated by multiplying the number of OETH you have by your available balance each hour, then multiplying by 20,000. Interestingly, other LSTs are only multiplied by 10,000.

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Origin Ether Led Liquid Restake Rally on PrimeStaked, Locking Over $20 Million in One Day

Source: https://www.coinspeaker.com/origin-ether-primestaked-20m-locked/