Here's how it works:
Go to the ETHFI tab in the ether.fi dapp here: https://app.ether.fi/ethfi
Choose the amount of ETHFI you would like to stake
Stake your ETHFI
The ETHFI vault will automatically re-stake ETHFI on Karak to earn 2x Karak points. You will also earn ether.fi points. In the future, the vault will add additional strategies to earn more rewards on your ETHFI
Earn points and future rewards automatically!
FAQs:
Can I participate in DAO voting with staked ETHFI? Yes! You can vote on ether.fi DAO proposals through Snapshot
Can I delegate my staked ETHFI for them to vote on my behalf? Yes. Please note that if you have previously delegated using Agora (vote.ether.fi), staking your ETHFI will undelegate from Agora and re-delegate via the ETHFi staking contract. In future, you will be able to see all Delegates and re-delegate through the ETHFI tab.
How many points do I earn? Staked ETHFI loyalty points are earned at the relative base rate of loyalty points earned on weETH. The ratio of points is based on the relative price of ETHFI to weETH at launch of the staking contract. This earning amount will be updated monthly when required to reflect the 30 day trailing price of ETHFI, relative to the 30 day trailing price to weETH. Calculation: Based on the relative price of ETHFI to weETH on July 16th, it was determined that 1 weETH = ~1,538 ETHFI. Given the base rate of 1 weETH receives 10,000 loyalty points / day, the amount of Loyalty points / ETHFI / day is set at 6.5. 1 weETH = 10,000 Loyalty points / day 1 ETHFI = 6.5 Loyalty points / day As an example, if a user was to stake $1,000 worth of weETH and $1,000 worth of ETHFI, that user would be earning 2x ether.fi loyalty points / day compared to the base rate of just holding weETH. Since the governance proposal, it has been determined that at times, ether.fi has to rely on partner endpoints that can result in short term point issues/deviations. These issues stem from endpoints going down, syncing issues with the database, etc. As a result, the most simplistic and elegant approach was to base ETHFI loyalty point earnings on the amount of ETHFI staked. Under this approach, there is also no minimum ETHFI stake amount required.
Can I withdraw my staked ETHFI? Members can request to withdraw their ETHFI at any time. Withdrawals are queued and typically take between 24-72 hours to fulfill
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