EigenLayer, a protocol built on Ethereum, has been making waves with billions of dollars staked on its platform. However, the high transaction costs associated with Ethereum have been a barrier to entry. But fear not, as we present to you a sneaky strategy to get the most out of EigenLayer’s airdrop in a cost-effective manner.
What is Eigenlayer?
EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of ETH on the consensus layer. Users that stake ETH natively or with a liquid staking token (LST) can opt-in to EigenLayer smart contracts to restake their ETH or LST and extend cryptoeconomic security to additional applications on the network to earn additional rewards.
EigenLayer has raised $50 million in Series A funding led by Blockchain Capital. Other notable investors include Finality Capital, Electric Capital, Polychain Capital, Hack VC and Coinbase Ventures. With Coinbase Ventures backing EigenLayer, there is strong speculation that their token will be listed on either Coinbase or Binance.
Step-by-step guide:
1. Withdraw Ethereum to Manta Network
Withdraw your Ethereum from CEX like Binance to MetaMask via Manta network. The cost of withdrawal on Manta is significantly lower than traditional Ethereum withdrawals.
Binance’s transaction fee is only 0.0001 ETH, while it charges 0.003 ETH if transfer using Ethereum network. You can also use other networks such as Arbitrum, Base and Optimism, but you can earn extra rewards on the Manta Renew Paradigm campaign [More details at Manta Renew Paradigm Campaign: Multiple airdrop guide: https://airdroplet.com/airdrop/manta-renew-paradigm-campaign-multiple-airdrop-guide/].
2. Convert Ethereum to Stone
Swap your ETH to STONE.
You will need STONE in order to stake on Manta. To get STONE tokens, connect your wallet to Aperture Finance protocol and swap your ETH to STONE.
Note, do not swap all your ETH as you will need some ETH to pay for upcoming transaction costs.
To participate in the EigenLayer airdrop, you need to convert your Ethereum to Stone tokens. Bridge your Ethereum to Stone on Renew Paradigm and add the token to your MetaMask wallet.
3. Stake STONE on protocols
On the staking dashboard, select your validator and stake your ETH. Make sure that you select a validator that offers Eigen Layer Points. For example Shoebill, LayerBank and ZeroLend offer LayerBank/ Shoebill/ ZeroLend rewards, Manta rewards, Stone Stake ETH rewards and Eigen Layer Points. You can check the Supply APY on the protocol’s page. As at the time of writing, Shoebill offers 4.53% and ZeroLend offers 0.012% Supply APY. Whilst LayerBank offers 3.46% Supply APR.
After supplying your Stone tokens, stake them on the Renew Paradigm platform. Follow the approval and confirmation steps carefully to complete the staking process.
4. Stake STONE on Shoebill
Supply STONE on Shoebill
- Connect your wallet to https://manta-stone.shoebill.finance/#/
- Click on the “STONE” market.
- Under the “Supply” tab, choose the amount of STONE you wish to supply and confirm the transaction. This will give you sbSTONE.
Stake sbSTONE on Manta
- Go to the Manta Renew Paradigm staking dashboard and click on the down arrow under Shoebill.
- Stake your sbSTONE to get Shoebill rewards, Manta rewards, Stone Stake ETH rewards and Eigen Layer Points.
- Note that token unstaking on Manta New Paradigm will only be enabled in May 2024.
5. Stake STONE on ZeroLend
Supply STONE on ZeroLend
- Connect your wallet to https://app.zerolend.xyz/.
- Click the down arrow to change to the Manta market.
- Click on “StakeStone Ether”. Choose the amount of STONE you wish to supply and click “Approve STONE to continue”. This will give you z0STONE.
Stake z0STONE on Manta
- Go to the Manta Renew Paradigm staking dashboard and click on the down arrow under ZeroLend.
- Stake your z0STONE to get Zerolend rewards, Manta rewards, Stone Stake ETH rewards and Eigen Layer Points.
- Note that token unstaking on Manta New Paradigm will only be enabled in May 2024.
6. Stake STONE on LayerBank
Supply STONE on LayerBank
- Connect your wallet to https://manta.layerbank.finance/bank.
- Click “STONE” under Markets. Choose the amount of STONE you wish to supply and click “Supply”. This will give you lSTONE.
Stake lSTONE on Manta
- Go to the Manta Renew Paradigm staking dashboard and click on the down arrow under LayerBank.
- Stake your lSTONE to get LayerBank rewards, Manta rewards, Stone Stake ETH rewards and Eigen Layer Points.