Taking stock of 47 Staking projects, who can finally break through?

2024-02-06 16:41

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This article makes a brief inventory of the Restaking track, sorting out a total of 47 projects, including 20 Ethereum Restaking protocols and 7 full-chain LRT protocols.

Original Title: "Restaking: A Comprehensive Review of Staking Projects, How Much Do You Know About the Projects You Shouldn't Miss During the "Staking Year"?"

Original Author: Peng SUN, Foresight News

2024, still waiting for the big market trend predicted by the "staking year".

From Cosmos, Solana ecosystem to Ethereum, staking has become the industry's recognized wealth password. With the increase in demand for Ethereum liquidity staking and capital efficiency, the issuance of EigenLayer, the AltLayer airdrop, and Renzo's financing news directly ignited the Restaking war. Restaking was first proposed by Eigenlayer founder Sreeram Kannan, which allows ETH already staked on Ethereum to be staked again on other consensus protocols, allowing it to share Ethereum's economic security and ensure its own secure launch and operation.

Currently, the airdrop point plan of Renzo, ether.fi, Kelp DAO, Eigenpie, Swell, Puffer Finance and other Ethereum LRT projects has driven the market's FOMO sentiment. Beyond these mainstream projects, are there any other opportunities in the Restaking field? To this end, the author briefly summarizes 47 projects in the Restaking field, including 20 Ethereum Restaking protocols and 7 full-chain LRT protocols. In addition to EigenLayer and Ethereum-related protocols, LRTFi, infrastructure, the author also compiled some other public chain Restaking projects such as Cosmos, NEAR, Solana, Bitcoin, BNB Chain, Polygon, Berachain, etc. for readers to enjoy.

Restaking Protocol

EigenLayer

· Token发行量：100,000,000 · 官网：https://www.example.com · 白皮书：https://www.example.com/whitepaper · 项目简介：该项目旨在利用区块链技术实现去中心化的数字资产交易平台，提供安全、高效、透明的交易服务。

Translation:

· Token issuance: Not yet issued · Token supply: 100,000,000 · Official website: https://www.example.com · Whitepaper: https://www.example.com/whitepaper · Project introduction: This project aims to utilize blockchain technology to create a decentralized digital asset trading platform, providing secure, efficient, and transparent trading services.

· Supported staking currencies: ankrETH, cbETH, wBETH, oETH, swETH, stETH, ETHx, osETH, etc.

· Whether multiple integrals accumulate: EigenLayer integration

EigenLayer is an Ethereum re-staking protocol and a leader in the re-staking field, supporting LST tokens such as ankrETH, cbETH, wBETH, oETH, swETH, stETH, ETHx, and osETH. Ethereum validation nodes can also use native ETH for re-staking. According to DefiLlama data, EigenLayer's TVL has exceeded $2 billion, increasing more than 7 times since December 18th.

Recently, EigenLayer launched the second phase testnet of EigenLayer and EigenDA, with the mainnet scheduled to launch in the first half of 2024. The third phase will introduce AVS (Active Verification Service) outside of EigenDA, and is expected to enter the testnet and mainnet in 2024. Additionally, EigenLayer plans to provide a "shared security" mode for DApps, which will allow protocols to join the network by leveraging the public Ethereum staking pool. Furthermore, the Ethereum re-staking amount on EigenLayer (currently over $1.7 billion) can be simultaneously provided to all services developed on the network to achieve a common security mechanism.

In February 2023, EigenLabs, the team behind EigenLayer, completed a Series A funding round of $50 million, led by Blockchain Capital with participation from Coinbase Ventures, Polychain Capital, Hack VC, Electric Capital, and IOSG Ventures. The valuation terms were not disclosed.

EigenLayer has not yet been issued, but has launched "re-staking points", which are distributed based on the user's re-staking time and amount. Currently, EigenLayer has postponed the re-staking opening window to February 6th to February 10th, and has removed the upper limit for all LST.

Kelp DAO

Translation:

· Is there a token issuance: No token has been issued yet. · Token issuance amount: 100,000,000 · Official website: https://www.example.com · Whitepaper: https://www.example.com/whitepaper · Project introduction: The project aims to utilize blockchain technology to create a decentralized digital asset trading platform, providing secure, efficient, and transparent trading services.

· Supported staking currencies: ETHx, sfrxETH, stETH.

· Whether multiple integral accumulation: Yes

Kelp DAO is a multi-chain liquidity staking platform. Its founder previously created the liquidity staking protocol Stader Labs, which is the second largest LSD protocol on Polygon and BNB Chain. According to DefiLlama data, Kelp DAO's TVL is currently $255 million.

Kelp DAO is currently building an LRT solution on EigenLayer, with its staked token being rsETH. The supported LSTs currently include ETHx (Stader), sfrxETH (Frax), and stETH (Lido). Users can re-stake the above assets to obtain rsETH, and the price of reETH is based on various rewards and the basic price of staked LST. rsETH can be used in other DeFi protocols.

Currently, Kelp DAO has launched Kelp Miles incentives. Kelp Miles is used to track users' contributions to Kelp and to determine future reward allocation ratios. Kelp Miles depends on the user's LST re-staking amount and staking period. Users who staked LST from December 12, 2023 to January 1, 2024 will receive 1.25 times Kelp Miles rewards in the next 3 months. Users who stake LST after January 1st will receive Kelp Miles rewards as usual.

In addition, all users who re-stake on Kelp before the deposit limit on EigenLayer is closed are eligible to receive EigenLayer Points, which will be distributed based on the amount of LST deposited by the user.

ether.fi

· Token issuance: Not yet issued.

· Supported staking currency: ETH

· Whether multiple integrals accumulate: Yes

ether.fi is a liquidity staking platform that launched its liquidity re-staking token eETH on November 15, 2023. Users can stake their ETH to earn staking rewards and automatically re-stake their ETH in EigenLayer without the need for manual re-staking. eETH can be used in DeFi protocols such as Pendle, Curve, Balancer, Maverick, Gravita, Term Finance, and Smmelier. Users can also wrap eETH into weETH, which can be used in DApps such as Balancer, Gravita, Pendle, Aura, and Maverick. In addition, ether.fi will also launch Staders, which can be used to stake eETH. According to DefiLlama data, ether.fi's TVL is currently $507 million.

ether.fi has launched loyalty points, and eETH or weETH holders can receive 100% loyalty points and EigenLayer points. Loyalty points may be used for decentralized governance and are non-transferable. Loyalty points = staked ETH * 1000 * staking days.

Eigenpie

· Token issuance: Not yet issued.

· Supported staking currencies: swETH, wBETH, mETH, sfrxETH, rETH, stETH, etc.

· Whether multiple integrals accumulate: EigenLayer integration will be launched soon.

Eigenpie is a multi-chain yield protocol provided by SubDAO, a liquidity re-staking service under Magpie. Users can re-stake their LST assets such as swETH, wBETH, mETH, sfrxETH, rETH, and stETH to Eigenpie. Since the opening of the LST deposit window on January 28th, the TVL has exceeded $100 million and is now at $116 million. The deposit window will be open until 03:00 on February 10th Beijing time.

Previously on January 23rd, Eigenpie announced the EGP token economics with a total supply of 10 million, distributed among IDO (40%), community incentives (35%), Magpie Treasury (15%), and early supporters airdrop (10%). Eigenpie promises to introduce the EGP token through a fair launch with no VC or pre-sale participation, ensuring equal opportunities for all participants. The team has waived token distribution and allocated 15% of EGP tokens to Magpie Treasury.

Eigenpie has launched a reward system for points, where users can earn 1 Eigenpie point per hour for every 1 LST of ETH deposited. During the first 15 days of pre-deposit, depositors can earn double the points. These points can be used for airdrops and participation in IDOs.

Renzo

Puffer Finance

On September 1, 2023, multiple Ethereum liquidity providers including Rocket Pool, StakeWise, Stader Labs, Diva Stake, Puffer Finance, and Swell Network have committed (or are committing) to limit their holdings to no more than 22% of the total staked amount, in response to the increasing centralization of the Ethereum staking market.

In August 2023, Puffer Finance completed a $5.5 million seed round of financing, led by Lemniscap and Lightspeed Faction, with participation from Brevan Howard Digital, Bankless Ventures, Animoca Ventures, KuCoin Ventures, DACM, LBank Labs, SNZ, Canonical Crypto, 33DAO, WAGMI33, Concave, and angel investors Lightspeed partner Anand Iyer, Eigen Layer founder Sreeram Kannan, Coinbase staking business executive Frederick Allen, F2pool and Cobo co-founder Godfish, Curve core contributor Block Gentleman, North American Blockchain Association President Ramble, Eigen Layer Chief Strategy Officer Calvin Liu, Obol Chief Business Officer Richard Malone, and staking community leader Ladislaus von Daniels.

On January 30th, 2024, Binance Labs announced an investment in the LSD protocol Puffer Finance. The specific investment amount was not disclosed.

Puffer Finance is about to open up the pledge of ETH, stETH, USDT, and USDC, and users will receive Puffer and EigenLayer points as rewards. In addition, Puffer Finance has launched the Crunchy Carrot event on January 30th. Users can link their Twitter account and wallet, choose "Family", and retweet the event tweet to earn points and view the leaderboard. Currently, Puffer Finance has ended the first phase of the pledge ahead of schedule, and the second phase of the pledge has begun, with TVL exceeding $150 million.

Swell Network

· Token issuance: Not yet issued.

· Supported staking currency: ETH

Stakestone

· Is there a token issuance: No token issuance yet.

· Supported staking currency: ETH

· Whether there is accumulation of multiple integrals: None at present.

StakeStone has not yet launched its token, and the team is expected to launch a related airdrop campaign. Currently, users can stake ETH in StakeStone and earn profits from the STONE-Fi ecosystem protocol.

ClayStack

· Whether multiple integral accumulation: Yes

CLAY is the native token of ClayStack, which will announce its issuance plan in February and provide reward points to users at a 1:1 ratio before the token is released. The total supply of CLAY is 100 million, and 5% of the tokens will be distributed to the community through the IGD (Initial Governance Diversification) plan.

Users can stake ETH or LST to earn CLAY points and EigenLayer points, with no upper limit. During the IGD period, users can receive more CLAY rewards. As weekly ETH deposits increase, the demand for csETH will also increase, and the distribution of CLAY points will also increase.

Inception

· Whether multiple integral accumulation: No

Inception is an isolated liquidity re-staking protocol that supports re-staking of various LSTs such as stETH, rETH, ankrETH, cbETH, wBETH, oETH, osETH, swETH, ETHx, sfrxETH, and mETH, and issues isolated liquidity re-staking tokens (iLRTs). iLRTs can be used in DeFi protocols and remain isolated from the underlying LST.

Inception has been launched on the Ethereum mainnet, with a current TVL of $65,000. Inception will also expand to other Layer2 networks and integrate multiple DeFi protocols.

According to the roadmap, Inception will launch its private round financing in Q1 2024 and start the mainnet. In Q2 2024, it will launch TGE and develop the entire chain LRT. InceptionLRT will release its native token ING, and the current token distribution rules are as follows: 2.5% of tokens are allocated to Pre-Seed round, 9% to Seed round, 10% to private round, 6% to treasury, 6% to advisors, 3% for marketing, 15% to team members, and 48.5% for liquidity incentives.

Sommelier Finance

· Issuing currency: Yes

· Whether multiple integral accumulation: Yes

Sommelier Finance is a decentralized asset management protocol built on the Cosmos SDK. It has launched the Turbo eETH, Turbo stETH, and Turbo swETH re-staking vaults. Users can also earn ether.fi loyalty points by depositing funds into the eETH vault.

According to DefiLlama data, Sommelier TVL is currently at $60.23 million.

Sommelier's native token SOMM has a total supply of 500 million, and was distributed to all investors in August 2023.

Astrid

· Token issuance: Not yet issued.

· Supported staking currencies: stETH, rETH, or cbETH.

· Whether there is accumulation of multiple integrals: None at present.

Astrid is an Ethereum liquidity re-staking protocol supported by EigenLayer. Users deposit LST (stETH, rETH, or cbETH) into the re-staking pool and receive Astrid liquidity re-staking tokens (LRT), including rstETH, rrETH, or rcbETH. LST will be re-staked on EigenLayer and delegated to multiple operators by Astrid DAO's vote. The rewards earned by users are calculated on a compound interest basis, re-staked back to EigenLayer, and distributed through balance resetting. Users holding LRT will see their balances automatically adjusted.

Currently, Astrid has launched its testnet and has introduced re-staking points. The Astrid points will be determined based on the user's re-staked ETH and staking duration, with the total points being the sum of stETH points and rETH points.

GenesisLRT

Translation:

· Supported staking currency: ETH

· Whether there is accumulation of multiple integrals: None currently

Restaking Cloud - K2

Rest Finance

· Whether multiple integrals accumulate: Yes

Rest Finance has been launched on January 29th, but according to the official website, Rest Finance TVL is currently 0.

Restake Finance DAO（RestakeFi）

· Supported staking currencies: LST

RestakeFi is a modular liquidity restaking platform supported by EigenLayer. Users can deposit their LST into RestakeFi to receive rstETH, the restaking token. rstETH holders can receive EigenLayer native rewards and Ethereum staking rewards. Additionally, rstETH can be traded on DEX and integrated into DeFi protocols. According to its official documentation, RestakeFi will first integrate stETH into its protocol before supporting other LST tokens.

Currently, Restake has launched its testnet and the mainnet has not yet been released.

In September 2023, RestakeFi completed a $500,000 seed round of financing with participation from AlfaDAO, DCD, Yields and More, Moni, and others.

StakeEase

StakeEase will soon launch a points system and go live on the mainnet, integrating more protocols and LST.

YieldNest

YieldNest is a liquidity re-staking protocol supported by EigenLayer, and the product has not yet been launched.

Euclid Finance

· Is there a token issuance: No token issuance yet.

Euclid Finance is a full-chain liquidity re-collateralization protocol based on EigenLayer. Users can re-collateralize their ETH and LST into the protocol and receive LRT elETH. elETH can automatically compound, and holding elETH can earn re-collateralization rewards, EigenLayer points, and Euclid governance token ECL rewards. In addition, if users independently collateralize ECL and re-collateralize ETH or LST, they can join the operational node network.

Rio Network

Rio Network is a liquidity re-staking network, with its first liquidity re-staking token being reETH. The Restake product has not yet been launched. Chorus One, Figment, HashKey Cloud, Kiln, and Unit 410 are the first batch of node operators for Rio, who will operate ETH validators and maintain AVS.

According to official documentation, Rio Network has completed its seed round of financing, with Polygon Capital, Blockchain Capital, and Breyer Capital leading the investment.

Layerless

LRTFi

Agilely

Agilely is a liquidity re-collateralization derivative protocol that has introduced decentralized lending protocols on Arbitrum and launched the LayerZero-supported stablecoin USDA (Agilely USD). USDA is supported by collateral such as ETH, wstETH, rETH, cbETH, sfrxETH, wBTC, ARB, GLP, GMX, and LRT. Currently, its products support the minting of USDA with ETH, wstETH, rETH, wBTC, sfrxETH, and cbETH, but not yet with LRT and other assets. Users can collateralize these assets to create Vaults and borrow USDA.

Agilely currently supports three networks: Arbitrum, BNB Chain, and Polygon. The Agilely token, AGL, has not yet been released and will launch with a public sale and rewards program.

Entangle

Entangle is a cross-chain DeFi protocol, with products including Liquid Vaults, oracles, and the Photon communication protocol. Entangle aims to enter the staking arena, where users can deposit their LP tokens or staking tokens into Liquid Vaults to receive 1:1 backed LSD, which can be used for staking or exchange. Entangle now supports 11 blockchain networks. Currently, Entangle has launched its testnet and initiated a testnet incentive program.

In January 2024, Entangle completed a $4 million seed and private placement financing round, with participation from institutions such as Big Brain Holdings, Launch Code Capital, LBank Labs, Skynet EGLD Capital, Cogitent Ventures, Owl Ventures, Faculty Group, and Seier Capital.

Entangle's native token is NGL, which has not yet been launched.

Ion Protocol

Ion Protocol is a staker liquidity release protocol and a lending platform for staked and re-staked assets. Users can deposit any validator-supported assets (including LST, LST LP positions, re-staked positions, liquidity re-staked positions, staked LST LP positions, LST index products, etc.) into the collateral pool and mint allETH from their deposits.

Currently, Ion Protocol has launched Testnet V2.

In July 2023, Ion Protocol completed a $2 million Pre-Seed round of financing, with Portal Ventures and SevenX Ventures leading the investment. Other investors include Foresight X, Bankless Ventures, Maelstrom Fund, Alexander, The Daily Gwei founder Anthony Sassano (sassal.eth), and Syncracy Capital co-founder Ryan Watkins.

In addition, Ion Protocol was selected as one of the first Accelerator Program projects by Foresight X in March 2023.

Pendle

Equilibria

Maverick Protocol

In June 2023, Maverick Protocol completed a $9 million strategic round of financing, led by Founders Fund and with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto. The funds raised in this round will be used to expand the protocol's scale, deploy it on new chains, and support developers in building on the infrastructure. Additionally, Maverick Protocol is the 34th project on Binance Launchpool.

Davos

Davos is an over-collateralized stablecoin project that has integrated LST and LRT as its collateral debt positions (CDPs). After users deposit collateral, they can mint and borrow its full-chain stablecoin DUSD. For LST, Davos sets the loan-to-value (LTV) ratio at 66%, ensuring that borrowed DUSD is over-collateralized by 150%. Davos has supported Ethereum mainnet, Polygon mainnet, Arbitrum, Optimism, Polygon zkEVM, BNB Smart Chain, Linea mainnet, and Avalanche.

According to DefiLlama data, Davos TVL is approximately $486,000.

In January 2023, Davos received a $500,000 Pre-Seed funding from Polygon Ventures and Sandeep Nailwal, co-founder of Polygon. In March of the same year, Davos received investments from MH Ventures and LD Capital. Additionally, in September 2023, Davos Protocol participated in the seventh edition of Cryptopedia, a Web3 wallet event hosted by OKX.

Ender Protocol

Ender Protocol is a liquidity staking protocol that allows users to mint centralized yield tokens and liquidity staking tokens END. END is fully collateralized by the liquidity staking rewards from Ender Bond deposits. Ender will launch endETH and build a re-staking solution on the EigenLayer stack. In a tweet on January 31st, Ender Protocol was described as a multi-functional liquidity staking, re-staking, yield separation, yield provision, LST-bond, shape-shifting yield compression, metaverse bond, liquidity staking-driven metaverse, L2-EVOS, superfluid re-staking, and liquidity supply derivative protocol, aiming to become a yield-based liquidity staking yield trading protocol similar to Pendle.

Ender Protocol can be used to mint Ender WL NFT#2 and receive early participation qualification and ENDR airdrops. There is no VC or private placement participation, and tokens will not be allocated to internal personnel. Users can also participate in the Bond Liquidity Provision (BLP) activity to receive airdrops.

Restaking Public Chain

Supermeta

Supermeta is a zkLayer2 specifically designed for liquidity re-staking. Users can deposit supported LSD into its Layer2 bridge and receive LST, as well as automatic compounding rewards in ETH and EigenLayer. Supermeta's LRT can be used as collateral or to increase liquidity on its native DEX.

Currently, the Supermeta product has not yet been launched.

Tenet

Karak

Karak is a modular Layer2 solution with native risk management, re-staking, and AI infrastructure. Currently, users can earn XP rewards on Subsea.

On December 13th, 2023, Karak developer Andalusia Labs completed a Series A funding round of $48 million, led by Lightspeed Venture Partners, with a valuation exceeding $1 billion. Other investors include Mubadala Capital, as well as Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Money Group.

Omni Network

In April 2023, Omni Network completed a $18 million financing round with participation from Pantera Capital, Two Sigma Ventures, Jump Crypto, Hashed, The Spartan Group, and others.

Restaking Infrastructure

AltLayer

AltLayer is a Rollup-as-a-Service protocol. In December 2023, EigenLayer will collaborate with AltLayer to launch Restaked Rollups. AltLayer aims to offer Restaked Rollups as a single bundle so that Rollup users can benefit from a single-point integration. Restaked Rollups can integrate decentralized ordering, fast determinism, composability, and other features into a single Rollup.

AltLayer is one of the eight first batch of partners to implement data availability using EigenDA.

Exocore

· Whether multiple integrals accumulate: No.

Exocore has not yet launched its products. Users can join its ecosystem on its website and apply to become members, validators, and developers by staking.

SSV Network

SSV Network is a decentralized open-source ETH staking network based on Distributed Validator Technology (DVT). A tweet on January 4th showed that SSV will collaborate with EigenLayer to complement re-staking. It claims that a "mainnet" EigenLayer validator is running on SSV. At the same time, EigenLayer and stakers can choose to transfer the validator's responsibilities to SSV and maintain the re-staking status of ETH on EigenLayer to obtain additional incentives from the SSV incentive mainnet.

Hyperlane

Hyperlane is a universal and permissionless interoperability layer built for modular blockchain stacks. Anyone can deploy Hyperlane to any blockchain environment, and blockchains that deploy Hyperlane can communicate seamlessly with each other. Hyperlane collaborated with EigenLayer last year and the two parties will launch AVS integration in early 2024.

Currently, Hyperlane has not disclosed any token information.

Ethos

Image source: Introduction to Ethos

Ethos is currently in the private test network stage. On January 20th, Ethos announced that decentralized asset management protocol Sommelier Finance is its first launch partner.

Polygon Ecosystem

Polygon 2.0

NEAR Ecosystem

LiNEAR Protocol

· Issuing currency: Yes

LiNEAR Protocol is a full-chain liquidity staking and restaking protocol in the NEAR ecosystem. It allows users to stake or restake ETH, NEAR, and other assets to earn rewards, and receive LiNEAR, bLiNEAR, and LiETH. LiNEAR is represented by LST, while bLiNEAR and LiETH are represented by LRT. LRT assets not only earn restaking rewards, but also PoS staking rewards.

According to DefiLlama data, LiNEAR Protocol TVL is currently $61.63 million.

On January 17th, LiNEAR Protocol launched its governance token LNR and distributed it to active community members through the Genesis Airdrop, with a snapshot time from April 5th to December 31st, 2023. Users can claim LNR rewards by connecting their NEAR wallet before April 15th, 2024. LNR will grant holders governance power, including participation in staking and restaking strategies, multi-chain deployment decisions, and more. The total supply of LNR distributed through the Genesis Airdrop is 1 billion, of which 10% will be allocated to LiNEAR stakers, 9% will be used for team incentives over a period of one year, followed by linear distribution over the next three years, 11% will be reserved for future airdrops, 8% will be used for protocol development, 12% will be used for marketing and operations, 27% will be used for community plans, and 23% will be stored in the DAO treasury.

Octopus Network

· Issuing currency: Yes

· Supported staking currencies: NEAR

Octopus Network is a multi-chain network in the NEAR ecosystem. Its 2.0 version has supported NEAR re-staking and adaptive IBC. Re-staking includes two roles: Validator and Delegator. NEAR holders can participate in re-staking. Users can run Appchain nodes by re-staking at least 10,000 NEAR, and Delegators need to delegate at least 100 NEAR. 70% of the Appchain rewards will be used for re-staking rewards, and 30% will be used for OCT repurchase. The Appchain rewards will be distributed based on the amount of NEAR re-staked by the nodes. The higher the re-staking amount, the more rewards will be received.

Solana Ecosystem

Picasso

Picasso's native token is PICA, with a total supply of 10 billion and a circulating supply of approximately 450,000. Its market value is around 73.32 million US dollars, and it is currently priced at 0.016 USDT.

Babylon

On December 7th, the Bitcoin collateral protocol Babylon completed a $18 million financing round, with Polychain Capital and Hack VC leading the investment and Framework Ventures, Polygon Ventures, OKX Ventures, IOSG Ventures and others participating.

BNB Chain Ecosystem

Yield 24

· Supported staking currencies: ETH, BNB, BTC, stablecoins, or LRT.

Beradrome

Beradrome is a re-staking and liquidity market on Berachain, with ve(3,3) token economics, built-in bribery, voting mechanisms, etc. The Beradrome NFT series is called "Tour de Berance". As for re-staking, Beradrome has not made significant progress yet.

Beradrome token has a total supply of 100,000, and holding "Tour de Berance" NFT can receive token airdrops.

Origin DeFi

Origin DeFi governance token OGV has a total supply of 4,449,673,706 and a circulating supply of 645,405,079, with a market value of approximately 5.2 million US dollars.

Redacted Cartel（Dinero）

On February 1st, the Blockswap DAO community, a core contributor to Restaking Cloud - K2, voted to approve the proposal "Integrating Redacted's Pirex ETH into kETH and Restake Cloud". The proposal aims to use apxETH as collateral for its re-staking protocol and provide higher staking rewards.