Crypto Liquid Staking Platform ClayStack Enters Ethereum Restaking Space
Crypto liquid staking platform ClayStack has joined the Ethereum restaking market through EigenLayer, offering users reward points ahead of its upcoming token launch.
ClayStack is transforming its csETH token into a liquid restaking token using the Ethereum restaking protocol EigenLayer.
The platform currently accepts native ETH for direct restaking on EigenLayer and will soon add other liquid staking tokens like stETH and rETH.
According to ClayStack founder and CEO Mohak Agarwal, the platform’s total value locked (TVL) is about $2.25 million.
Ethereum Restaking Gaining Momentum
Ethereum restaking has been growing in popularity since EigenLayer’s launch last June, with a TVL of around $1.7 billion.
Renzo Protocol also recently entered the Ethereum restaking space via EigenLayer, raising $3.2 million in seed funding and reaching a TVL of over $116 million.
Restaking allows users to utilize staked ether and liquid staking tokens across multiple platforms to increase earnings.
Token Launch Plans
ClayStack is offering reward points to users who utilize its Ethereum restaking service at a 1:1 ratio, with each point redeemable for one clay token in the future.
The rate for earning clay points will change weekly, with no minimum or maximum points for any user. However, there is a weekly cap on points that all users can earn combined.
In addition to clay points, ClayStack will also provide EigenLayer restaked points to csETH holders.
The token launch plans for ClayStack will be announced next month.
Hot Take: ClayStack Expands into Ethereum Restaking
Crypto liquid staking platform ClayStack has entered the Ethereum restaking space, offering users reward points and expanding its services. By utilizing the Ethereum restaking protocol EigenLayer, ClayStack is transforming its csETH token into a liquid restaking token. This move comes as Ethereum restaking gains momentum, with EigenLayer’s TVL reaching $1.7 billion and Renzo Protocol also entering the market. ClayStack’s reward points system offers a 1:1 redemption ratio, providing users with more value compared to other programs. Additionally, ClayStack plans to launch its own token in the future. With these developments, ClayStack aims to attract more users and strengthen its position in the crypto liquid staking industry.
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