- Yes
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Summary & Links
Smart Vault Details
Protocol Description:
Prime Staked ETH (primeETH) is a 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 points all while remaining liquid.
primeETH is a reward-bearing token that works similarly to cTokens. primeETH tokens are not rebasing like stETH or OETH. Instead, the underlying rewards accrued by restaking positions are reflected in the price of primeETH over time as it increases in value.
primeETH is brought to you by many of the same people from Origin Protocol that have launched multiple DeFi products with $100M+ in TVL. Prime Staked is a fork of Kelp which has been battle-tested with hundreds of millions of funds and has been audited by sigmaPrime and code4arena. The primary change to the codebase was the addition of new LSTs and configuring their associated oracles. Each of the newly added assets have been carefully reviewed to make sure they don’t introduce new reentrancy vectors or unexpected behaviors. The code for handling ETH deposits was removed until some non-critical bugs can be resolved.
Strategy Description:
- User deposits primeETH
- primeETH is held in vault
- Users earn ETH staking rewards, EigenLayer points, primeETH XP points, and oVCX emissions
Depositors would be eligible for a primeETH XP point multiplier, if enabled
Vault shares to be used as receipt of deposits to track points. User redeems vault share for primeETH.
Value proposition
Simplest way for primeETH holders to earn boosted rewards in the form of oVCX emissions and a possible primeETH XP point multiplier without dealing with complex products or possible IL from LPing in a DEX.
Commitments
primeETH to co-market the vault.
Audits
Prime Staked is a fork of Kelp which has been battle-tested with hundreds of millions of funds and has been audited by sigmaPrime and code4arena. The primary change to the codebase was the addition of new LSTs and configuring their associated oracles. Each of the newly added assets have been carefully reviewed to make sure they don’t introduce new reentrancy vectors or unexpected behaviors. The code for handling ETH deposits was removed until some non-critical bugs can be resolved.