Source: ether.fi; Compiled by: Wuzhu, Golden Finance
Preface
Following the success of ether.fi 2 Seasons 1, 2, and 3, ether.fi 2 proposes to extend the season schedule by launching Season 4, aiming to foster community engagement and support for the restaking space while continuing to support the success of Ethereum ecosystem integration.
Target
Develop sustainable plans for future points seasons and rewards;
Supporting our partners by continuously expanding integrations;
Cultivate the leading liquidity re-staking token and AVS ecosystem.
Timeline
Start date: September 15, 2024
End date: Never
Seasons run every 4 months, starting after Season 3 ends.
Each season will have a unique set of rewards that will be revealed throughout the season.
mechanism
StakeRank, StakingFrens, and the Diamond Campaign were all mechanisms used during Seasons 1-3 to increase re-staking awareness and community. These campaigns were all hugely successful, however as the protocol grew, the need to further simplify the mechanism increased in order to achieve incentives across all asset verticals that ether.fi currently operates. With this in mind, the mechanism design for S4 is as follows.
ether.fi loyalty points continue to accrue at a rate of 10k per ETH per day, but points for DeFi partners will be boosted and multiplied.
Quarterly rewards will consist of a variety of reward tokens, including:
ETHFI Token Rewards
Partner Token Rewards
LRT² Governance Token Rewards (see below)
A maximum of 2,000,000 ETHFI per quarter may be used for quarterly rewards. This may be modified or increased each quarter.
Rewards distribution will be based on ether.fi loyalty points accumulated during the quarter.
Quarterly rewards are separate and in addition to normal staking and re-staking rewards.
Introducing LRT²
LRT² is a new protocol for distributing LRT rewards. It is a collaboration between all major LRT protocols on Ethereum, with plans to expand to include other L1s.
The purpose of LRT² is to package the reward allocations of a large number of AVS into one reward token and create an industry standard.
LRT² will consist of two tokens:
LRT² reward tokens, including all restaking rewards.
LRT² governance token, used to manage reward token whitelist and parameters.
The benefits are:
Industry standardization.
Supply channels for AVS rewards.
For small stake holders, rewards are aggregated. There is no need to claim multiple times as all rewards will be accumulated into one unified token.
For the LRT protocol, this provides consistency in reward mechanisms and efficiency through standardization of reward distribution.
Additional Information
The proposed LRT² governance token will be distributed to protocols joining ether.fi to develop a unified restaking rewards aggregation layer.
Community members will learn how they can qualify for incentive distributions and participate in Seasons 4+ activities through the protocol’s Discord, Twitter, and other social media.
Seasons 4+ incentive allocations will follow the same vesting schedule as previous seasons.
The intended design may change throughout the season as community feedback and suggestions come in.
in conclusion
Through ongoing dialogue and community feedback, we have refined our plans, distilling core functionality into an easy to use and understand format. ether.fi 2 Loyalty Points are the focal point of this season, constituting the single metric to unlock future rewards. We foresee a shift in the restaking landscape towards large-scale sustainable yields that will mark a turning point, and our partnerships with AVS and Networks will drive the next wave of growth. As the breadth of our product and depth of markets spans assets and ecosystems, the transparency, risk, and reputation pillars of ether.fi 2 play an increasingly important role. We expect this season to be one of the most impactful yet!
Next step
Community feedback on this interim check will be received over the next 4 days and incorporated into the snapshot proposal.
Thank you for your continued support.
