Pirex ETH is Live on Ethereum Testnet

Today, we’re deploying Pirex ETH (pxETH) on the Goerli Ethereum testnet. A crucial step towards launching Dinero. Note: After about a week or so on Goerli, we’ll migrate pxETH to Holesky.

For the uninitiated, we’re building Dinero to bring together ETH staking, block creation, an RPC, and other features into a single, synergistic protocol. This protocol includes pxETH, the DINERO stablecoin, and the Redacted Relayer RPC.

The Dinero launch is rolling out in phases, beginning with pxETH, our Liquid Staking Token for ETH.

pxETH Overview

System Overview
System Overview

pxETH is built on top of our Pirex platform and forms an integral part of the Dinero protocol. pxETH provides users with a liquid and fungible tokenized staked ETH which benefits from Ethereum staking rewards and other revenue forms such as maximal extractable value (MEV) tips and block rewards. Additionally, future pxETH yield and pxETH withdrawals can be tokenized and used throughout DeFi.

When depositing ETH, users can choose between holding pxETH or depositing to an auto compounding rewards vault for apxETH. The apxETH vault benefits from Ethereum staking rewards generated by the Dinero protocol (minus fees), which are compounded into pxETH. As rewards are earned by the vault over time, the amount of pxETH underlying each apxETH increases.

Meanwhile, the Redacted DAO will be incentivizing pxETH (and not apxETH) liquidity on decentralized exchanges through our treasury holdings. As a result, not all pxETH is expected to be deposited in the rewards vault, as a portion of it will be in incentivized liquidity pairs. This scenario creates a leverage effect on apxETH's rewards, with 1 pxETH in the rewards vault linked to rewards from more than 1 ETH staked within the Dinero protocol.

For more details, read the whitepaper here or our testnet user guide here. Get Involved

Get Involved

With the rollout of this testnet version, we invite our community to actively participate, engage, and provide feedback. Your insights will play a crucial role in fine-tuning the system. Beyond just testing the waters, this deployment helps us make sure our system is prepared for launch.

As we move closer to mainnet, we remain deeply committed to our community, ensuring transparency, continuous improvements, and, most importantly, a system that caters to the needs of every Ethereum user.

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