Blockchain for data Flare has announced the debut of flrETH, as a liquid Ethereum staking solution. The first Ethereum liquid staking to Flare, allowing DeFi innovation to thrive while users maintain control of their ETH.
Dinero developed flrETH, which allows anybody to participate in Flare’s DeFi ecosystem to receive extra benefits and earn ETH staking return on Flare while preserving liquidity. Users may now continue to earn ETH staking rewards on Flare and explore further uses for their liquid staking tokens thanks to this innovation.
In addition to being able to be easily swapped for WETH on SparkDEX, users who bridge ETH to Flare as flrETH will be eligible to start earning a 7% APR. Flare’s DeFi ecosystem is expanding significantly at the same time as flrETH is released. TVL throughout DeFi on Flare increased by 50% in the first quarter of the program as a result of the Flare Emissions Committee releasing 60 million of the 510 million approved rFLR (reward FLR). All users will benefit from an improved trading experience as a consequence of this rollout, which will deepen the network’s overall liquidity and boost prospects for earning yield on Flare.
On the Ethereum mainnet, flrETH makes use of Dinero’s high yield, pxETH liquid staking solution. PxETH is a desirable choice for supporting flrETH because of its dual-token design (pxETH and apxETH), which provides an ETH staking return that is often two to three times more than other liquid staking alternatives. Through the flrETH dApp, users may also stake ETH that has already been bridged into flrETH.
New DeFi products designed around this flexible liquid staking token will be released on Flare as a result of the launch of flrETH. Flare’s DeFi Emission Program will be used to incentivize the creation of flrETH pools via SparkDEX. Additionally, flrETH could potentially be included in the makeup of Flare’s FAsset collateral.
TVL’s major DeFi vertical is now liquid staking, which has increased liquidity for L1 and L2 chains. While enabling DeFi protocols that employ LSTs to provide extra yield, it has also given rise to novel use cases, such as restaking. With the launch of flrETH, Flare will be able to provide ETH liquid staking, increasing its DeFi offerings and yield potential.
