The Dinero team has recently rolled out its Branded LST product. With Branded LSTs, L1s and L2s can launch their own ETH LSTs, backed by $apxETH, to offer ETH yield to their users.
Sei was the first L1 to launch a Branded LST, called seiyanETH (sETH), and in this guide I’ll show you how to mint it and where to earn some additional yield.
Please note: This guide is not a recommendation and interacting with DeFi protocols and chains can be risky. Please do your own research and use your best judgment. Best of luck out there!
Overviews
Before we start, let's go over all the details to make sure you're fully prepared.
What is seiyanETH (sETH)?
sETH is a Sei-native ETH LST that delivers DeFi’s highest ETH staking yield to Sei users and builders. By minting sETH, users gain access to the yields available to apxETH holders on Ethereum mainnet—without leaving the Sei network.
What is Nucleus?
Nucleus is a DeFi protocol which aims to bring ETH yield to L1/L2 networks. This is accomplished through price-agnostic lending markets, ETH staking rewards, restaking infrastructure, LRT rewards, cross-chain intents, and more.
What is superseiyanETH (ssETH)?
ssETH is a Nucleus-created Default Yield Asset — which is a tokenized basket of ETH-denominated assets that are used to generate yield to ssETH. 70% of the ssETH basket is composed of sETH.
What is Jellyverse?
Jellyverse is a fork of Balancer V2 which is an automated market maker (AMM). A unique feature they offer is a self-balancing portfolio manager. Which offers a unique twist on the traditional index fund model. Rather than paying fees to a portfolio manager for rebalancing, JellySwap collects fees from traders who balance the portfolio through arbitrage opportunities.
Obtaining seiyanETH
Users can mint sETH through the seiyanETH UI available here. Once there, select your origin chain (Ethereum or Sei), input how much ETH you’d like to deposit, then you’re done!
Note: If you’re minting from Ethereum, you’ll have to wait a little longer for your seiyanETH to make its way to Sei. This process is tracked in the UI.
sETH is an indexed LST, so as long as you're holding sETH, you’re earning the underlying staking yield. To realize this staking yield, simply withdraw from the system (i.e. unstake) and you’ll have more ETH than when you started.
If you encounter any issues, please open a support ticket in our Discord.
Obtaining superseiyanETH (Optional)
After minting sETH, users have the option to mint ssETH. Which is the boosted brother of sETH. Users still earn the underlying staking yield and are presented an opportunity to earn some additional rewards from Nucleus and Sei and Dinero (i.e. boosted Nucleus points, iSEI tokens, and $DINERO tokens).
Users can mint ssETH through Nucleus UI available here. Once there, select your origin chain (Ethereum or Sei), on ETH input how much ETH or apxETH you’d like to deposit, or on Sei input the amount of SeyianETH you’d like to deposit, then you’re done!
Note: If you’re minting from Ethereum, you’ll have to wait a little longer for your ssETH to make its way to Sei.
As mentioned above, if you encounter any issues, please open a support ticket in our Discord.
Earning on Jellyverse
Using the sETH / WETH pool
Using the sETH / wETH pool is easy: simply add sETH / WETH liquidity to receive $iSEI, $DINERO. I’ll show you how below.
Proving Liquidity on Jellyverse
After minting sETH, go here to the Jellyverse homepage.
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Head over to the sETH / wETH LP, click “Add Liquidity”. You will be prompted with this module below.
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At this point input the amount of seyianETH/WETH you’d like to deposit.
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Select your “Slippage Tolerance”.
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Sign any transaction that are required, you’re set!
Note:I selected 0.1% for my assets range, but you can do your own research.
After depositing liquidity into this LP, you will start to earn ISEI and DINERO rewards.
Rewards on Jellyverse
Rewards can be found within the “Profile” tab within the Jellyverse UI. Here you can claim $ISEI (staked SEI) and $DINERO (DINERO’s native governance token). Which you can go stake for sDINERO. Keep in mind $DINERO must be bridged back to mainnet in order to stake, this can be done through the DINERO dapp here. In this case we would be going from SEI → ETH.