Origin Protocol-backed PrimeStaked Platform Reopens Deposits for Liquid Restaking With Added Support for ETH
Built on top of EigenLayer, the PrimeStaked platform offers users a chance to earn yields in several ways in addition to ETH staking rewards.
Within a month of launch, the PrimeStaked platform has amassed over 10,183 ETH worth more than $40 million.
After temporarily closing deposits on Feb 9, the PrimeStaked platform reopened Ether deposits on March 11 following heightened demand.
The Ethereum (ETH) network has successfully activated the much-awaited Dencun upgrade, which introduced several changes but most importantly lowered layer twos (L2s) transaction fees.
The gesture from the Ethereum core developers is expected to attract more users to the network, more so in the staking programs.
Already, more than 31.25 million ETH, worth over $125 billion, has been staked, according to on-chain data.
PrimeStaked Reopens Staking Deposits
Following the heightened demand for EigenLayer restaking, PrimeStaked, a project backed by Origin Protocol and built on top of the EigenLayer, has announced the reopening of deposits with support for native ETH restaking. The PrimeStaked platform offers several liquid staking tokens (LST) that are available on the EigenLayer ecosystem, but majorly focuses on Origin Protocol’s OETH.
Notably, OETH deposited on the PrimeStaked platform currently stands at around 9,777.44 units out of the 10,182 ETH in total. Consequently, the PrimeStaked platform has significantly helped the OETH’s total value locked scale to more than 44.49K Ether units, worth nearly $180 million.
Meanwhile, the PrimeStaked team announced that it will support the native Ether staking on an ongoing basis.
Whereby, the PrimeStaked protocol announced strategic partnerships with P2P.Org, a crypto staking platform with more than $4 billion in assets under management (AUM), and ssv.network, a reputable distributed validator technology (DVT), in a bid to ensure a seamless experience for users seeking liquid restaking.
In addition to ETH and OETH, the PrimeStaked platform also supports several EiginLayer assets including Lido DAO’s stETH, Staked Frax sfrxETH, Rocket Pool's rETH, Mantle Staked mETH, Stader Staked ETHx, and Swell Staked swETH.
“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,” Matthew Liu, co-founder of Origin Protocol, noted in a statement.
The tangible growth of the PrimeStaked platform is directly attributed to the multiple streams of rewards offered to the ETH stakers. Notably, PrimeStaked users first get to earn ETH staking yields that are boosted by the ssv.network. In addition, PrimeStaked platform users get to earn from EigenLayer Points that are boosted via Eigen Bonus Week, and also through the PrimeETH experience points (XP).
Interestingly, the PrimeStaked platform has announced that it intends to distribute 1 million of its EigenLayer Points during the Eigen Bonus Week, which is slated to kickstart on March 18, 2024. The initiative will allow PrimeStaked platform users to boost EigenLayer restaking rewards, thus earning up to a 4.20x boost on EigenLayer Restaked Points.
Market Picture
The notable executional success rate for the PrimeStaked platform is expected to trickle down to Origin Protocol and its native token OGN. Established in 2017, Origin protocol has evolved over the years to meet market demand. Moreover, the cryptocurrency market is fast evolving through the Web3 ecosystem in accordance with the market conditions.
Per latest market data provided through Coingecko, Origin Protocol’s native token OGN had a fully diluted valuation (FDV) of about $235 million and an average daily trading volume of around $44 million. Trading around 23 cents at the time of this writing, OGN's price has gained more than 45 percent in the past four weeks.
