Liquid Restaking
Last updated
Last updated
As a part of the unique architecture of Ender Protocol, END as a meta-LST can be also morphed into a LRT (Liquid Restaking Token) through the process of depositing the protocol assets and END backing treasury assets into EigenLayer for liquid restaking.
In effect, END would be able to be further considered an LRT based on the LSTs which are subsequently deposited into EigenLayer. This means, END is a yield token which can be staked for concentrated yield while getting the benefits of a restaked LST, while the protocol bond deposit assets would also be able to be restaked.
During the restaking, all Eigen Points earned will become part of the treasury assets, which in the future, would be converted or airdropped (presumably) for their protocol token, in which acts as additional yield for the strategy yields.
These yields would be gained retroactively upon conversion into assets not being LSTs within the treasury, and thus, unless they are swapped for further LSTs, would not be given as rebase rewards for the staking of END, but rather just act as further backing for END, creating an over-backing.
By holding or owning END tokens, you will get further exposure to the asset value under the treasury backing, which are accumulative over time, owned by the protocol.
Through the governance system, EnderDAO will be able to vote on what to do with these rewards. Either keeping them as the native token (EigenLayer protocol tokens) or selling them for more LSTs. If the DAO decides to sell the tokens for LSTs for further backing of END, there will be a rebase for the additional value backing END tokens through staking, giving whatever the value conversion into LSTs to being rebased for staked END.
Further rewards from restaking in the form of the restaked LSTs will be treated as the Treasury Returns in the rebase calculation.
