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Home»ADOPTION NEWS»ClayStack will re-stake Ethereum and provide reward points at a 1:1 ratio prior to token launch.
ADOPTION NEWS

ClayStack will re-stake Ethereum and provide reward points at a 1:1 ratio prior to token launch.

By Crypto FlexsJanuary 23, 20244 Mins Read
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ClayStack will re-stake Ethereum and provide reward points at a 1:1 ratio prior to token launch.
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Cryptocurrency liquidity staking platform ClayStack has entered the Ethereum re-staking space with EigenLayer and is offering reward points to users at a 1:1 ratio ahead of token launch.

ClayStack is changing its Ethereum liquid staking token, called csETH, to a liquid re-staking token, the project said Monday. ClayStack uses the pioneering Ethereum re-staking protocol EigenLayer to offer its new service.

The platform currently accepts native ETH for re-staking directly on EigenLayer, with Lido Staking Ether (stETH) and Rocket Pool Ether (rETH) within “a few days,” ClayStack founder and CEO Mohak Agarwal told The Block. The same liquid staking tokens will follow, he said.

“We currently accept stETH and rETH, but while they are unstaked and re-staked, we will deposit them directly into EigenLayer in a few days,” Agarwal said.

Securing momentum for Ethereum re-staking

Ethereum re-staking has been gaining momentum since the launch of EigenLayer last June. The total value locked (TVL) in EigenLayer’s smart contracts currently stands at approximately $1.7 billion. Last week, Renzo Protocol entered the Ethereum restocking space with EigenLayer, announcing a $3.2 million seed funding round. Renzo is currently only in beta and has already reached a TVL of over $116 million, according to its website.

Re-staking extends beyond traditional staking and liquid staking. While traditional staking involves locking up tokens to generate rewards, liquid staking provides liquid tokens representing locked assets that can be used on various platforms for additional rewards. On the other hand, re-staking allows you to further increase your returns by leveraging your staked Ethereum and liquid staking tokens across multiple platforms.

ClayStack’s TVL is approximately $2.25 million. We first launched liquid staking for Polygon’s MATIC token in 2022. Then, last September, it began offering Ethereum liquid staking. However, with today’s launch, the focus will shift to Ethereum re-staking.

“Polygon’s declining yields outside of major assets such as Compound and Aave (which dumps most of its less traded or highly volatile assets) and its limited DeFi ecosystem make it very difficult to build more utility into Polygon liquid staking,” Agarwal said. “I lost,” he said.

Token launch plan

ClayStack provides reward points to users who utilize the Ethereum re-staking service at a 1:1 ratio. This means that each Clay point can be exchanged for one Clay token in the future.

“There is currently no other points system that offers 1:1 exchange. You can own 1 million points in another program and end up getting 100 tokens,” Agarwal claimed.

Agarwal added that 20 Clay points will be awarded per ETH each week, with this ratio changing every Monday and remaining the same for most of the week. He added that there is no minimum or maximum points for any user. However, there is a weekly total limit on the points that all users can aggregate, which will be refreshed at the beginning of the week and displayed on the platform, he said.

To be sure, ClayStack’s clay points aren’t entirely new. Agarwal added that a version of these points has already been active since the project launched its Ethereum liquidity staking service last September, and that the improved points system will go live starting today and remain operational until the end of the first quarter of this year.

In addition to Clay Points, ClayStack also offers users EigenLayer re-staking points.

“When ClayStack essentially re-stakes ETH on EigenLayer, ClayStack’s smart contract will accrue those points,” Agarwal said. “We don’t know what they will be redeemed for. We take into account the high expectations of users for EigenLayer points and will forward those points to csETH holders.”

EigenLayer Retaked points cannot be exchanged for CLAY tokens, he said.

Agarwal said ClayStack plans to announce its token launch next month, but declined to give a launch date.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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