‘deVamp’ provides prompt eETH liquidity and loyalty factors to incentivize EigenLayer restakers to swap out of stETH, cbETH and wBETH.
Liquid restaking protocol EtherFi has launched ‘deVamp’ in a bid to incentivize customers to swap their current Eigenlayer deposits for its eETH liquid restaking token (LRT).
Customers that restaked Lido’s stETH, Coinbase’s cbETH, and Binance’s wBETH on Eigenlayer can now immediately swap their deposits into liquid eETH, avoiding the 7-day delay on withdrawals put in place by the extremely anticipated restaking protocol.
With deVamp, customers will obtain 3,000 loyalty factors per restaked ETH migrated into eETH.
Moreover, holders of those liquid staking tokens (LSTs) can swap them for eETH and earn factors on the deVamp web site. Merchants will likely be exempt from paying buying and selling charges and earn 2,000 factors per ETH.
The transfer comes at a time of accelerating controversy over giant Ethereum staking swimming pools. Lido Finance instructions 33% of all staked ETH, together with almost 75% of on-chain liquid staking, as per DefiLlama. It’s adopted from afar by RocketPool, which accounts for lower than 3% of all staked ETH.
EtherFi has additionally dedicated to supporting minority purchasers, after a bug discovered within the Nethermind consumer sounded the alarm on Geth’s 84% lead in all software program run on Ethereum nodes.
Individuals in deVamp will obtain Vamp Badges, whereas these making an attempt to recreation the system by depositing and instantly withdrawing will obtain a tragic pepe Quitter badge with a penalty of 4,000 factors upon withdrawal.
To quell any attainable abuse of deVamp, the platform is initially capped at 1,000 ETH.
