With EigenLayer, ClayStack is now a part of the staking world in Ethereum. They’re offering users reward points redeemable for CLAY tokens at a 1:1 ratio before the launch of their token.
This is a change from ClayStack which, beforehand, targeted liquid staking for the Polygon’s MATIC token and then transitioned to Ethereum. They are now shifting to Ethereum restaking because of the poor DeFi ecosystem on Polygon.
ClayStack introduces a new service that uses EigenLayer, an Ethereum-based innovatory restaking protocol. Currently, they support native ETH and will soon add liquid staking tokens such as Lido staked ether (stETH) and Rocket Pool ether (rETh).
Since the June launch of EigenLayer, Ethereum restaking has been growing in popularity; its TVL is $1.7 billion currently. ClayStack aims to tap into the potential of this trend with their novel product.
In order to motivate users, ClayStack is providing 20 clay points per ETH weekly which can be exchanged for CLAY tokens in the future. They will also relay EigenLayer Restaked points to csETH holders.
ClayStack will unveil the release information for its token in a month from now without stating any particular date.
Also read: FINRA Finds 70% of Crypto Communications Violate Regulations