In the ever-evolving landscape of cryptocurrencies, restaking has undoubtedly emerged as a pivotal narrative related to the Ethereum blockchain at present.
According to DefiLlama data, since 2024, EigenLayer, a leading project in the restaking sector, has witnessed a consistent upward trend in its total value locked (TVL). Particularly during its fifth restaking window, open from February 6 to 10, its TVL surged by 187% compared to the previous 7-day period. As of 01:00 (UTC) on March 4, EigenLayer’s TVL has exceeded $10 billion, with a 7-day growth rate of 21.68%.
Swiftly reaching a TVL milestone of $10 billion, a liquidity re-staking protocol like EigenLayer can primarily attribute its success to the anticipation of airdrops, which offer diverse stacking rewards. For example, participants who engage in ETH staking and subsequent restaking can enjoy a variety of benefits. These include staking rewards from ETH, yield rewards from restaking, points from EigenLayer (allocated for airdrops), airdrop opportunities from other liquid restaking token (LRT) projects, as well as airdrop opportunities from projects within the EigenLayer ecosystem. Following the closure of EigenLayer’s deposit window, many airdrop seekers find themselves regretting missed opportunities, lamenting the potential rewards they’ll miss out on.
In fact, alongside EigenLayer, projects such as Kepl DAO, Puffer Finance, and BounceBit are attracting extensive attention from the market. For instance, BounceBit has achieved remarkable success within just 9 days of its launch, amassing a TVL of nearly $450 million. As the ecosystem for liquidity restaking experiences a significant surge, how can we efficiently participate and maximize our potential earnings?
One-Click Access to a Full Range of Services
At present, investors can engage in liquid restaking through blockchain platforms. However, it’s crucial to recognize the increasing complexity of technology, potential security vulnerabilities in smart contracts, and the impact of market volatility. Prior to participation, investors should gain a deep understanding of these risks and develop effective risk management strategies, ensuring a judicious approach to profit pursuit while mitigating potential losses.
Additionally, investors can participate in liquid restaking through relevant services provided by exchanges. Currently, several top-tier exchanges in the market, including HTX and OKX, have introduced their own liquidity restaking services.
Take HTX as an example. HTX officially launched its Liquid Restaking event on February 29, offering easy access for cryptocurrency users and enthusiasts to partake in on-chain rewards sharing.
On the HTX Liquid Restaking page, users can register and join the event simply by funding their Spot accounts through deposits, trades, etc., to hold at least $1 worth of BTC, ETH, USDT, HTX, TRX, or other designated assets.
Based on snapshotted Spot account balances, participants can share on-chain rewards generated by a $50M quota. The rewards include early airdrops of popular projects such as EigenLayer, Puffer, Merlin Chain, and BounceBit, as well as cryptocurrencies like ETH, USDT, HTX, and TRX. Event rewards will be distributed in various LRS points. You can redeem these points for corresponding cryptocurrencies after the designated projects distribute airdrops.
The HTX Liquidity Restaking event offers a comprehensive plan for users to easily participate and earn multiple on-chain restaking rewards. It provides another advantage where CEX users or those who are not proficient in on-chain operations can easily partake in on-chain staking on the exchange, making it convenient to earn rewards without having to leave the platform. The earnings are flexible, and participation does not affect the trading of assets. Users can choose different assets based on their needs and preferences to participate in the event and earn rewards accordingly.
Points: Eligibility Criteria for Airdrops
Within the liquidity restaking sector, points serve not only as essential credentials for receiving airdrop rewards but also as a powerful tool for project teams to capture market share. Currently, EigenLayer points are being traded for $0.2 each over the counter (OTC) on Whales Market. Moreover, Puffer Finance, a newcomer, has managed to attract profit-driven investors by offering higher point rewards, driving rapid market expansion in a brief period.
The LRS points obtained from HTX Liquid Restaking can be redeemed for corresponding rewards. LRS-BTC points can be redeemed for Merlin Chain and BounceBit airdrops; LRS-ETH points for EigenLayer and Puffer airdrops. (Please note the actual event rewards are subject to rewards provided by these projects.) LRS-USDT, LRS-TRX, and LRS-HTX points can be redeemed for corresponding tokens.
The redemption of LRS-USDT, LRS-TRX, and LRS-HTX points will be available soon, while LRS-BTC and LRS-ETH points can be redeemed within 14 days after the start of the on-chain project airdrops, estimated after April 2024, depending on the on-chain airdrop schedule. The rewards will be credited to participants’ Spot accounts.
According to HTX, the introduction of liquid restaking tokens (LRTs) represents a groundbreaking innovation in the asset staking sector. By unlocking the liquidity of staked assets and enabling restaking across multiple networks and services, LRTs generate additional income and enhance capital efficiency as well as profit potential. HTX will closely monitor such projects within this domain and invite users to participate in selected ones with manageable risks, aiming to provide its users with additional incremental earnings.
