Magpie’s SubDAO Organization Eigenpie Integrates SSV.network To Offer ETH Native Restaking
In Brief
Eigenpie has integrated with the ETH staking network ssv.network, enabling the provision of ETH native restaking services.
SubDAO organization offering liquidity restaking services created by the multi-chain yield protocol Magpie, Eigenpie (EGP) revealed it has integrated with the ETH staking network ssv.network (SSV), enabling the provision of ETH native restaking services.
Utilizing Secret Shared Validator (SSV) technology, ssv.network enhances security, reliability, and decentralization for validators by distributing validator keys across multiple nodes. The SSV token functions as the native currency of ssv.network. Its functionality includes serving as payment to reward operators for overseeing their validators and enabling participation in decision-making processes and treasury allocations within the ssv.network ecosystem.
Through restaking ETH directly via Eigenpie, users can unlock various rewards, such as passive income generated from native staking, rewards in SSV tokens, and restaking yields, while accumulating Eigenlayer Points, which provide eligibility for EGP Airdrops and a $3,000,000 FDV IDO allocation.
Stakers of native ETH will be granted egETH tokens by Eigenpie upon choosing to restake natively via the Eigenpie platform. Furthermore, holders of egETH will have the opportunity to gain double Eigenpie Points.
egETH functions as a liquid restaking token (LRT) developed by Eigenpie specifically for native restakers and is independent of other assets.
Eigenpie Integrates Chainlink CCIP For Cross-Chain LRT Transfers
Eigenpie facilitates the restaking of ETH liquid staking tokens (LSTs) via the EigenLayer. As a liquid restaking service for Ethereum, its mechanism offers users to transform liquid staked ETH tokens to isolated liquid restaked ETH tokens, generating restaked versions of ETH LSTs. As a result, users can earn passive income from Ethereum staking and EigenLayer revenue concurrently avoiding the required lockup period.
Recently, the project has incorporated Chainlink CCIP (Cross-Chain Interoperability Protocol) across its mainnets on Arbitrum and Ethereum networks. This integration utilizes CCIP’s Simplified Token Transfer capacities to facilitate cross-chain transfers of its liquid restaked tokens (LRTs).
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
