Dinero has launched a new Branded LST called iETH for the Ink ecosystem. Since going live, iETH has become one of the most popular assets on Ink, recording more than 35,000+ unique users.
In this guide I’ll cover everything you need to know about iETH, including how to stake your ETH, how to provide liquidity on Velodrome, and how to claim rewards.
Overviews
Before we start, let's go over all the details to make sure you're fully prepared.
What is iETH?
iETH is a native ETH LST that delivers DeFi’s highest ETH staking yield to users and builders on Ink. It can be minted natively with ETH on Ink or with ETH on Ethereum mainnet.
What is Velodrome Finance?
Velodrome is the largest DEX and AMM across the Super Chain that’s designed to optimize liquidity incentives through a vote-escrowed (ve) tokenomics model. Velodrome serves as the liquidity hub for the Super Chain ecosystem, and is iETH’s home on Ink.
Obtaining iETH
Users can mint iETH through the UI available here. Once there, select your origin chain (Ethereum or Ink), 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 iETH to make its way to Ink. This process is tracked in the UI.
iETH is an indexed LST, so as long as you're holding iETH, 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.
Earning on Velodrome Finance
Velodrome makes depositing inkETH as simple as possible. To begin, navigate to the iETH/WETH pool in the Velodrome Finance dApp:
Before continuing, let’s note a few stats on the UI:
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APR: The amount of yield your iETH LP will be earning
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POOL TRADING FEE: The protocol fee is a small percentage taken from each transaction within the liquidity pool to sustain operations and fund development
To deposit, follow the steps below:
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Connect your wallet
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Note: If you didn’t mint iETH beforehand, you will need to do so as users have to deposit both iETH and WETH.
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Enter the amount of iETH and WETH you’d like to deposit
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Click “Deposit” and sign the transaction
After depositing into the iETH LP, LP tokens represent your share in the boosted position.
Note: Don’t forget to stake your position in order to receive rewards.
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Allow spending cap limit for vAMM-inkETH/WETH LP token to be staked, wait for confirmation.
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Click “Stake” to stake the position on Velodrome
Rewards on Velodrome FinanceAfter completing the steps above, you will begin to earn VELO rewards for adding liquidity and staking your position with inkETH/WETH.
Make sure you monitor your positions and actively harvest rewards as needed. Your VELO rewards will be available for harvest as they’re earned over time. After harvesting your yield, you can hold onto your rewards or sell them as you see fit.
If you encounter any issues, open a support ticket in the Discord.