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Restaking Platform PrimeStaked Reopens Deposits Following $40M in Demand

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PrimeStaked Deposits Helped Origin Protocol’s OETH Reach Record- High $180M in TVL

March 12, 2024 3:34 PM EDT

New York, NY, March 12, 2024 (GLOBE NEWSWIRE) -- Origin Protocol, a leading DeFi platform, has announced the remarkable success of a newly launched liquid restaking platform, PrimeStaked, which has achieved a Total Value Locked (TVL) milestone of over $40 million and has just reopened deposits with added support for ETH restaking. Built on top of EigenLayer, the platform has attracted $35+ million in OETH deposits on PrimeStaked and $80 million of total OETH deposits on EigenLayer. Acting as a catalyst for Origin Ether, the total OETH market cap has increased from $75 million to $180 million year-to-date.

Introduced on February 5, 2024, PrimeStaked offers liquidity for restaked assets on EigenLayer via its primeETH token. The platform launched with support of various assets, including Origin Ether's OETH, Lido's stETH, Staked Frax sfrxETH, Rocket Pool's rETH, Mantle Staked mETH, Stader Staked ETHx, and Swell Staked swETH.

EigenLayer and PrimeStaked LST deposits closed on February 9. On March 11, PrimeStaked opened support for native ETH restaking, which will accept deposits on an ongoing basis. PrimeStaked has partnered with P2P.org, a staking provider with $1B+ in AUM, and ssv.network, a distributed validator technology (DVT), to support ETH deposits for liquid restaking.

"PrimeStaked has exceeded our expectations, demonstrating the demand for innovative liquid restaking solutions. The strong response from the community affirms our commitment to delivering user-centric platforms," said Matthew Liu, co-founder of Origin Protocol.

PrimeStaked offers token holders access so multiple streams of rewards, including:

  • ETH staking yield, boosted by ssv.network
  • EigenLayer Points, boosted via Eigen Bonus Week
  • primeETH XP

The platform has gained rapid popularity, with over 10,000 ETH deposited within days. In addition, PrimeStaked has announced its plans to distribute 1 million of their treasury’s EigenLayer Points during “Eigen Bonus Week” which will start on March 18th at 7pm UTC (12 pm PDT). The initiative will allow users to boost EigenLayer restaking rewards, earning up to a 4.20x boost on EigenLayer Restaked Points.

The success of PrimeStaked is expected to boost OETH adoption, further solidifying Origin as a key player in liquid staking and Ethereum restaking.

About Origin Protocol

Origin Protocol is a comprehensive DeFi ecosystem established in 2017. Origin invented the yield-bearing stablecoin in 2019 and launched Origin Ether (OETH) in May 2023. Origin Ether is the first LST yield aggregator and has integrations on EigenLayer, Pendle, and dapps across Ethereum’s mainnet. Origin Protocol’s OETH is the largest ETH yield aggregator on mainnet, and over $200M in TVL is locked across the protocol’s products.

Media Contact:

Robert Penington

[email protected]

Source: Origin Protocol

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