“deVamp” gives immediate eETH liquidity and loyalty factors to incentivize EigenLayer re-participants to swap out stETH, cbETH and wBETH.
Liquidity recollateralization protocol EtherFi has launched “deVamp” to incentivize customers to change their current Eigenlayer deposits for its eETH Liquidity Recollateralization Token (LRT).
Customers who re-staking Lido’s stETH, Coinbase’s cbETH and Binance’s wBETH on Eigenlayer can now immediately change their deposits for liquid eETH, avoiding the seven-day withdrawal delay brought on by the extremely anticipated re-staking protocol.
By way of deVamp, customers can earn 3,000 loyalty factors for each re-staking of ETH they migrate to eETH.
Moreover, holders of those Liquid Staked Tokens (LST) can change them for eETH and earn factors on the deVamp web site. Merchants will likely be exempted from transaction charges and can obtain 2,000 factors per ETH.
The transfer comes amid rising controversy over massive Ethereum staking swimming pools. In line with knowledge from DefiLlama, Lido Finance controls 33% of all staked ETH and practically 75% of on-chain liquidity pledged. Following carefully behind is RocketPool, which accounts for lower than 3% of all staked ETH.
EtherFi can also be working to assist a small variety of clients after a bug found within the Nethermind consumer gave Geth an 84% lead in all software program operating on Ethereum nodes.
Individuals in deVamp will obtain the Vamp badge, whereas those that attempt to cheat the system by depositing and instantly withdrawing cash will obtain the unhappy pepe Quitter badge and will likely be fined 4,000 factors when withdrawing.
To get rid of any attainable abuse of deVamp, the platform will initially be capped at 1,000 ETH.
