On 12.12.23, at 5 PM UTC, we’ll be opening the EigenLayer Early Queue with rsETH. This will be open to deposits of Lido’s stETH and Stader Labs’ ETHx. With this, we are enabling liquid restaking for LSTs on mainnet for the first time.Read on to gain an understanding on why we’re opening an Early Queue, how to mint rsETH, what features to expect and more.Why is there an Early Queue?
In the previous EigenLayer caps raises, limits were met swiftly. Despite all contracts functioning smoothly, many aspiring restakers were unable to participate owing to a variety of reasons– difference in time zones, minor UI issues, etc. We’re opening up an Early Queue for deposits so that restakers can deposit from 12.12.23, all the way until EigenLayer caps are met.How does the Early Queue work?
Once the EigenLayer caps are lifted on 18th December, the Early Queue will ensure that your assets are deposited to EigenLayer. This means you won’t have to wait until the 18th to queue your assets for EigenLayer deposits or risk caps being filled before you can restake your LSTs.What’s in it for you?
By depositing into our Early Queue with rsETH, you also accrue Kelp points in addition to EigenLayer points. The rsETH minted through Early Queue deposits can be used across DeFi opportunities as integrations go live.What features can you expect?
When the Early Queue opens on 12.12.23, the rsETH liquid restaking dApp will go live with the following features:Deposit: Users can deposit stETH by Lido and ETHx by Stader Labs on the Kelp dApp and mint rsETH against itAutomated deposit: These assets will be automatically transferred to EigenLayer once deposit caps are liftedWallet integration: The dApp will have seamless wallet integration with support for Metamask, Ledger, Rabby, Coinbase and moreRewards dashboard: A dashboard for users to monitor Kelp Miles and EigenLayer restaked pointsHere are a few quick steps to join the Early Queue and mint rsETH with the above features.How can you mint rsETH?1. Connect your wallet: Tap the ‘Connect Wallet’ button and pick the wallet you want to use for staking2. Approval for restaking: If it’s your first restake, hit ‘Approve’ to permit LST restaking. On your wallet interface, set the desired cap for LST and approve3. Select LST and amount: Choose the LST and enter the restake amount. Watch the ‘Restaking Limit’ at the screen’s bottom; if your amount exceeds the limit, the transaction won’t process4. Confirm in wallet: In just a few seconds, you’ll be redirected to your wallet. Confirm the transaction there5. Transaction in progress: You’ll see a message indicating the transaction is in progress6. Transaction confirmation: Once completed, a confirmation message will appear. Click ‘View Transaction’ to verify it on Etherscan7. Track rsETH balance: To add ‘rsETH’ to your wallet for easy balance tracking, click ‘Add rsETH.’ Approve this transaction in your wallet for the balance to displayIn addition, a whole host of features are in the pipeline and are being actively developed by the Kelp team.Unstake and withdraw: Users can unstake and withdraw their restaked LSTs by Jan 2024Operator onboarding: Onboarding for operators is scheduled in alignment with the EigenLayer Operator Mainnet (H1 2024)AVS onboarding: Integration with AVSs will commence simultaneously with EigenLayer AVS MainnetAs we head towards the Early Queue, we’re building rsETH to innovate restaking, unlock liquidity, high rewards and elevate your DeFi experience. Join us as we launch the first liquid restaking platform on the Ethereum mainnet.Are you ready? We’re all hands on deck!