Summary:
Prime Staked ETH (primeETH) is a new Liquid Restaking Token (LRT) that allows holders to stack native staking yield, EigenLayer points, and XP points.
This pool uses OETH as the quote pair to encourage Origin to help drive rewards to this pool. View the report from Llama Risk for more information on the risks related to using OETH.
References/Useful links:
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Website: https://www.primestaked.com
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Documentation: https://docs.primestaked.com
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OETH/primeETH Curve Pool: https://curve.fi/#/ethereum/pools/factory-stable-ng-86
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Gauge Vote: https://dao.curve.fi/vote/ownership/599
Protocol Description:
Prime Staked ETH (primeETH) is a new 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 all while remaining liquid.
Motivation:
Deep exit liquidity will be critical for primeETH since Eigenlayer withdrawals require 7 days, and redeeming LSTs for ETH can similarly take a while depending on the length of the redemption queue. The Prime Staked team is planning on using birbs to reward those willing to help with this highly important service.
Specifications:
- Governance: primeETH is currently owned by a 2 of 7 Gnosis Safe. A timelock and more decentralized governance is coming soon.
- Oracles: primeETH uses a mixture of Chainlink and RedStone oracles to secure the protocol from pricing attacks.
- Audits: None. Ape at your own risk.
- Centralization vectors: primeETH currently accepts LSDs issued by Lido, RocketPool, Origin, Mantle, Stader, and Frax which each have their own centralization risks.
- Market History: None. This is a brand new token.
Vote
Link to OETH/primeETH gauge vote