ezEIGEN
EigenLayer recently introduced its Programmatic Incentives v1. Starting from August 15th, 2024:
4% of the total EIGEN supply will be distributed over the first year:
3% to ETH/LST stakers and operators
1% to EIGEN stakers and operators
The EIGEN rewards will be distributed linearly on a weekly basis.
Soon after the EIGEN token became transferable, Renzo introduced ezEIGEN to make EIGEN restaking ez pz. ezEIGEN is a liquid synthetic token representing a user’s restaked EIGEN position.
Security First
ezEIGEN smart contracts leverage a battle-tested tech stack, proven through ezETH, enabling EIGEN holders to earn additional rewards that automatically compound within the restaking protocol.
Rewards
1 % of the total EIGEN supply
Auto-compounded rewards
Please note that ezEIGEN is a reward-bearing token similar to Compound’s cTokens. ezEIGEN holders earn EIGEN rewards that will be auto-compounded and reflected in the price of ezEIGEN. As a result, the value of ezEIGEN increases over time relative to the underlying EIGEN as it accumulates more rewards.
Deposits
Click Connect Wallet to link your Ethereum wallet. Read and accept Renzo’s Terms of Services, Privacy Policy, and Disclaimer.
Enter the amount of EIGEN token that you would like to deposit. You can click MAX to enter the maximum tokens available in your wallet.
Confirm the amount and proceed to deposit.
Approve and confirm the transaction on your wallet.
Once the deposit is successful, you receive ezEIGEN, representing your restaked EIGEN amount.
Withdrawals
Withdrawals for ezEIGEN are enabled from day one. Once a withdrawal is initiated, it may take up to 14 days to process. Users will need to manually claim their EIGEN once it becomes available.
Switch between restake and unstake functions by clicking the swap arrow button in the center of the dialog box.
Enter the amount of ezEIGEN tokens that you would like to withdraw. You can click MAX to enter the maximum tokens available
Confirm the amount and proceed to deposit.
Approve and confirm the transaction on your wallet.
Once you initiate the withdrawal, you stop accruing any reward on your ezEIGEN. There is a 14-day cooldown period, and you can track the status of your withdrawal in the Claims tab located at the bottom of the page, near the AVSs tab. Once your withdrawal is ready, click the Claim button to collect your assets.
Migration from EIGEN Staking to ezEIGEN
Users who have already staked their EIGEN, either directly via the EigenLayer dashboard or through Renzo and other projects, need to unstake their EIGEN first. Visit the EigenLayer dashboard, or if you previously staked through Renzo, you can unstake your EIGEN here: https://app.eigenlayer.xyz/operator/0xb585cb192855253d33ddbdac2d20f50085ef8d41
Once you initiate the unstaking transaction, there’s a 14-day cooldown period. You can track its progress here: https://app.eigenlayer.xyz/restake/EIGEN and claim your EIGEN tokens once they become available.
After you claim your EIGEN, visit https://app.renzoprotocol.com/flow/ezEIGEN to deposit your EIGEN.
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