Summary
Liquid restaking protocol EtherFi has launched ‘deVamp’ to incentivize users to swap their existing Eigenlayer deposits for its eETH liquid restaking token. Users can instantly swap their deposits of stETH, cbETH, and wBETH into eETH, avoiding the 7-day withdrawal delay. Users will receive loyalty points for migrating their deposits, and holders of liquid staking tokens can swap them for eETH and earn points on the deVamp website. EtherFi aims to support minority clients and prevent abuse of the platform by capping it at 1,000 ETH initially.
Key Points
1. ‘deVamp’ is a new feature launched by EtherFi to incentivize EigenLayer restakers to swap their existing Eigenlayer deposits for its eETH liquid restaking token (LRT). This allows users to instantly swap their deposits into liquid eETH, avoiding the 7-day withdrawal delay imposed by EigenLayer.
2. Users who restaked Lido’s stETH, Coinbase’s cbETH, and Binance’s wBETH on EigenLayer can now migrate their deposits into eETH through deVamp. As an incentive, users will receive 3,000 loyalty points for each restaked ETH migrated into eETH.
3. In addition to loyalty points, holders of liquid staking tokens (LSTs) can also swap them for eETH on the deVamp website. Traders who engage in these swaps will be exempt from trading fees and earn 2,000 points per ETH swapped.