Perhaps many will have heard the term "restaking" at some point, a term that has been mentioned, especially following the launch of one of the largest restaking protocols on the #ethereum network called Eigen Layer.
There have been various ways to enter and participate in this protocol through restaking, however, as of today, deposits have been paused, so how else can we participate in this protocol and at the same time opt for several airdrops? through restaking? Let's explore.
To begin with, for some people who do not know how to do the #restaking this is through liquid tokens. The easiest way to understand is that we can approach any protocol that offers us the liquid staking option like Lido to deposit our ETH and in exchange it will provide us with a liquid token similar to the value we have deposited, in this case the stETH token .
Then to carry out the "restaking" we use those stETH, and we can deposit it in the Eigen layer, and thus we can gain exposure to this protocol and generate points. We earn yield through liquid staking and earn points through restaking for a possible airdrop on the Eigen layer.
As I mentioned before, you can no longer deposit directly to earn those points to Eigen Layer, however, I found an option to continue generating those points and it is through two protocols called Swell and Renzo, where we can also opt for different airdrops at the same time with the route I took.
All this happens on the mainnet of #Ethereum , we have to have our ETH ready on the #billetera , I recommend doing this procedure with at least $200 so that the network fees do not affect us and with the gas around 12-15. We have two options to have our liquid token:
Through the Renzo protocol, to do this we go to the Renzo protocol page:
app.renzoprotocol.com/?ref=0x0a7c934bcdb23f3a322e401e7867087015d330de
Here we deposit our ETH (We leave about $30 free for network fees), and the protocol will give us ezETH. With this we earn points for Eigen layer and Renzo ezpoints for the possible airdrop of the Renzo protocol.
The second way is through the Swell protocol, we go through its page:
app.swellnetwork.io/restake?ref=0x0a7c934bcdb23f3a322e401e7867087015d330de
By making the exchange we receive the liquid swETH token.
Here we earn pearls, which will help us when they make a future airdrop.
For both cases the cost of staking is approximately $8.
Once the liquid token (ezETH or swETH) has been obtained, we proceed to deposit them in the new L2 of Swell, since they enabled deposits before the launch of this new layer 2.
We go to the swell L2 page:
app.swellnetwork.io/swell-l2
and here we proceed to deposit our liquid tokens.
In this section we approve and deposit our tokens which will cost us almost $10 (with a gas of 15).
What do we earn by depositing before the launch of Swell's L2?
Making this last deposit makes us eligible for both the Swell airdrop and the possible projects that are built within this new layer 2, where the following projects have already been announced:
Ion protocol
Ambient Finance
Brahma Finance
others more
Now, we have until May 8, that is, 26 days to be able to carry out this action and participate for some Eigen layer points according to the amount deposited in the l2 of swell. Also mention that the launch of Swell's l2 is planned for the third quarter of 2024, so we would have to have the money deposited until those dates if we want the announced #airdrops . If you wish you can also withdraw them earlier.
In summary, by doing these actions we can receive:
Aridrop from the Swell and/or Renzo protocols.
Puntos Own Layer.
Airdrops from projects in Swell L2.
Returns from staking.
It is worth mentioning that there is also a risk and it is the number of protocols with which you interact, since there are several contracts that if there is a failure, it can affect us. We must balance the risk-benefit. Also mention that there are other ways to perform these actions with different liquid tokens, we can even risk more and obtain more rewards, but the guide would be longer.
This is the end of the guide I made, if you have any questions or additional information, let me know.
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