Understanding Pirex ETH Yield

Since launching Pirex ETH, the first phase of our Dinero rollout, we’ve had quite a few questions about the two-token model and the yield opportunities available to users. And now that Dinero’s validators are running and apxETH is generating yield, we’re expecting to receive more.

In this blog post, we’ll provide all the details you need to start earning yield that scales.

Two-Token Design

Pirex ETH’s two-token design can seem strange at first, but once you understand the why, it’s pretty straightforward. We chose this design because we wanted to give users flexibility while also maximizing yield-earning opportunities for their ETH.

Single-token liquid staking models can be clunky. They either leverage rebasing, which oftentimes requires each staked ETH token to be wrapped (...again) before one can use it throughout DeFi, or they use a non-rebasing approach, and the staked ETH token’s price doesn’t match the market value of unstaked ETH. And nobody wants to do extra math when they’re farming.

A two-token design cleans up this user experience and allows us to scale the yield of each token.

pxETH and apxETH Overview
pxETH and apxETH Overview


Users receive pxETH when they deposit ETH into Dinero’s Pirex ETH contracts. It is effectively a redeemable wrapper for ETH and maintains a 1:1 peg to ETH. Functionally, it’s similar to WETH, except most of the underlying ETH is staked.

pxETH’s peg to ETH makes it easy for the Redacted DAO to expand integrations and create yield-earning opportunities. For example, pxETH holders will be able to provide liquidity across multiple DEXes, borrow against their pxETH, lend their pxETH, and more.

In short, holders of pxETH are sacrificing ETH staking yield in favor of the flexibility to pursue other sources of yield.


If pxETH holders are sacrificing their underlying staking yield, then where does it go? That’s where apxETH, Pirex ETH’s second “token”, comes in. apxETH is an ERC-4626 vault share that users receive when they deposit pxETH into the auto-compounding rewards vault. Or, put simply: When they stake their pxETH.

After users enter the apxETH vault, they begin earning yield from the staked ETH underlying pxETH. For the astute reader, you’ll notice that there are some cool dynamics working in apxETH holders’ favor. If apxETH is earning yield from most of the staked ETH underlying pxETH, and not all pxETH holders are staked… that means apxETH earns boosted ETH staking yield.

Why? Because each apxETH is earning yield from more than one underlying staked ETH. At time of writing, apxETH offers the best staking yield in DeFi.

Where’s the Yield?

TVL and Yield on 1/2/24
TVL and Yield on 1/2/24

Now that you understand why there’s two tokens and how they work, all that’s left is choosing how you want to use your precious ETH.

pxETH Yield

The Redacted DAO is committed to pursuing as many integrations as possible for pxETH. The more opportunities available to users, the better. We’ll do our best to track integrations here – there’s already quite a few. So take a look and see what makes sense for you.


Remember, if you’re a novice (or hands off) DeFi user, chasing pxETH yield might not be the best choice for you. Using pxETH will require you to keep an eye on integrations and manage your own farms. If that’s exciting for you, mint here.

Disclaimer: Before using any third party integration, please do your own research. Each protocol carries its own set of risks and we are not responsible for their work.

apxETH Yield

For the humble farmers looking to earn higher ETH staking yield, apxETH is the place for you. This process is straightforward: deposit pxETH, receive apxETH, and start earning.


apxETH is designed to get the most out of your ETH holdings in a simple, efficient way. Deposit here.

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