We’re working on a new liquid restaking pool on EigenLayer and would love to get some feedback from the community regarding the user flow and mechanics of our product, Astrid Finance.
Basically, users deposit LSTs (stETH / rETH) into the Astrid restaking pool to mint an equivalent amount of liquid restaked tokens / LRTs (rstETH / rrETH). Pooled LSTs are split up and transferred to multiple Astrid Delegator smart contracts, each to be restaked and delegated to a different Operator on EigenLayer to provide diversification to restakers.
Rewards from EigenLayer are deposited back to the Astrid restaking pool, allowing rewards earned to be compounded (restaked back to EigenLayer). Daily balance rebase will be performed to maintain 1 LST:1 LRT ratio. For example, your rstETH balance increases by 10% with +10% rewards.
Users can request to withdraw back their LST from the restaking pool. Once a withdrawal request has been processed, users can claim their LST from the restaking pool to complete the withdrawal process.
We launched our testnet and would greatly appreciate any feedback. Does the user flow make sense? Are there any specific pointers or suggestions we should be aware of? You can also track our progress on X. Thanks
Great question, i think fundamentally we’re trying to help solve similar things for users, which are (1) providing instant liquidity for users restaking position via LRTs (liquid restaked tokens), and (2) diversifying risk for users since stake are pooled and restaked across multiple Operators vs. just 1 if users were do restake alone.
However the approach to achieve them differs between the protocols, and users will choose which one suits their use case the best. For us instead of just going with 1 LRT, we have a separate LRT for each LST pair, e.g. rstETH for stETH and rrETH for rETH. This way you’re not actually taking on additional risk from other LST that you’re not holding, e.g. if you’re just holding stETH and restaked via Astrid, the price of your rstETH is directly backed 1:1 with the pooled stETH, and not affected by performance of other LSTs.
We also plan to support depositing of native ETH directly to Astrid by leveraging DVT tech. So deposit ETH, ETH is staked via SSV (which is a DVT provider), and withdrawal address pointed to EigenPod. Effectively you can receive back LRT by restaking ETH directly.
We’re still early and would love to hear all feedback