Dec 232023
 
etherfi restaking eigenlayer points

Eigenlayer’s ETH restaking is the hottest thing in town. However, you can indirectly get exposure to Eigenlayer, Eigenlayer points, and Eigenlayer airdrop in the future, along with points for a decentralized protocol for restaking all in one go via ether.fi. If you use this etherfi link, you will get an additional 100 points. These points will convert to airdrop tokens in the future but not just for ether.fi but also for Eigenlayer.

Eigenlayer Airdrop

While the Eigenlayer airdrop is probably the most anticipated airdrop on the Ethereum network right now, ether.fi is a wonderful app and team on its own right, and its airdrop might not be so diluted because it is still flying under the radar.

So what is ether.fi and why should you stake your ETH here? In a nutshell, ether.fi is a decentralized protocol that converts your ETH to eETH, restaking your ETH under the hood via Eigenlayer so you don’t have to. Otherwise, it is completely redeemable for ETH at any time via their app.

During this season for airdrop farming, Eigenlayer airdrop farming is perhaps one of the most popular strategies. However, using ether.fi to farm for Eigenlayer airdrop adds to your yield because you also get ether.fi points for a potential airdrop there. This is not a crowded trade, as not many are aware of ether.fi yet. It is also incredible easy to use, and a single transaction gets you to stake and get eETH in your wallet for both Eigenlayer and ether.fi points.

You can learn more about etherfi via their docs, or do to their app to restake ETH to get eETH.

Bonus: After getting your eETH per above steps, you can use it to buy “YT-eETH-ETH” token via pendle. This will get you 2x the ether.fi points and all the eigenlayer points at around 10% of the price as of this writing (on 15 Jan 2023). Note that this is a high risk strategy – in effect, you are using the yield part of this pendle pool to leverage your money on the airdrop. The actual token itself has a return of -99% right now, which means it is almost worthless post-airdrop. Do your own research on this one. This is not a straightforward strategy, but potentially lucrative because you can 10x your bet on the value of these points, both ether.fi as well as eigenlayer. But do understand that you are also guaranteeing a return of -99% when this expires, so all your money is going towards the points.

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