The full step-by-step guide to restaking on EigenLayer with stakefish

The full step-by-step guide to restaking on EigenLayer with stakefish

stakefish is excited to announce support for restaking with Eigenlayer. Always at the forefront of the latest innovations in crypto, stakefish is excited to expand our staking offerings and options to provide the best service for our stakers.

Table of Contents

  1. What is EigenLayer?
  2. How to restake with stakefish
  3. Withdrawals from EigenLayer
  4. Try on Goerli testnet

What is EigenLayer?

Eigenlayer is a protocol built on the Ethereum network that introduces the concept of restaking, a new element in cryptoeconomic security. This innovative approach allows for the rehypothecation of Ethereum (ETH) within the consensus layer, thereby enhancing the utility of staked assets. 

Users engaging in Ethereum staking, either directly with ETH or through various liquid staking tokens (such as stETH, rETH, cbETH, and LsETH), have the opportunity to participate in EigenLayer's smart contracts. By opting to restake their assets, users can amplify cryptoeconomic security beyond Ethereum itself, extending it to a multitude of other applications on the network. 

This process not only broadens the security landscape but also opens avenues for users to reap additional rewards. EigenLayer's distinctive capability lies in its aggregation and extension of cryptoeconomic security through restaking, simultaneously fostering the validation of emerging applications built atop the Ethereum platform.

Learn more about EigenLayer by visiting their website.

Information provided here shall not be understood, intended as, or construed as, financial advice. Users should always do their own research on defi services and consider all potential risks, including, contract risks, and counterparty risks.

How to restake with stakefish

You are able to restake your ETH with stakefish via your Ethereum staking dashboard. Our non-custodial and permissionless Ethereum staking dApp supports the customization of validator withdrawal addresses to enable native staking with your EigenPod. 

We have prepared a step-by-step guide to help walk you through the process of setting up an EigenPod, deposit ETH, claim rewards, and handle partial and full withdrawals. 

Please note that before restaking your ETH deposit's withdrawal address is set only once and cannot be changed after the staking deposit. Choosing EigenPod Address as the withdrawal address means you accept the risks of the EigenLayer smart contract and acknowledge that stakefish cannot alter this address.

1. Set up an EigenPod address

To begin restaking, you will first need to create an EigenPod address. This address will connect with your wallet and be used as the withdrawal address when you create a validator from the stakefish Ethereum staking dashboard. 

Step 1: Open the EigenLayer App and connect your Web3 wallet, making sure you are connected to Ethereum mainnet.

Step 2: Click Create EigenPod.

Step 3: Confirm this action in your wallet.

Step 4: A confirmation message will confirm the successful creation of your EigenPod.

Step 5: Visit your dashboard to see your EigenPod address. The EigenPod address created is responsible for all subsequent restaking and withdrawal operations from that EigenPod. 

Copy this address to begin restaking with stakefish.

2. Restaking with stakefish

Step 1: Navigate to and click “Dashboard” in the upper right corner to begin staking. 

Step 2: From the dashboard page click “Stake Now.”

Step 3: A pop-up will appear with our lightweight staking option. In the right corner click “Advanced” to open up more staking options.

Step 4: Connect to a wallet.

Step 5: On the advanced staking page click “Edit” in the “Withdrawal address” section to paste and replace your ETH1 withdrawal address with your EigenPod address to restake.

Step 6: Paste your EigenPod address and click save.

Step 7: Once the EigenPod address is saved, there will be a designation next to the address that it is associated with EigenPod and a notification at the bottom of the page confirming that the EigenPod address is associated with the wallet being used to restake. This is a feature unique to stakefish.

Step 8: Click “Stake 32 ETH” to begin restaking with stakefish and EigenPod.

Step 9: EigenPods are not designed for handling execution layer rewards (e.g. from MEV boost). To claim priority tips/mev you will need to claim these from your stakefish Ethereum staking dashboard.

Withdrawals from EigenLayer

In EigenLayer's native restaking, withdrawals come in two forms:

Partial Withdrawals: Any balance over 32 ETH, which represents earned rewards, can be withdrawn to an Ethereum address for immediate use. The validator remains active on the beacon chain, continuing to validate.

Full Withdrawals: This involves the validator ceasing its role and exiting the beacon chain. Subsequently, the entire balance, including the initial 32 ETH and accrued rewards, becomes unlocked and available for spending after the completion of the exit and withdrawal process.

Full Withdrawals

This section to help you withdraw from Ethereum consensus and EigenLayer with 32ETH + staking rewards

All funds unstaked from EigenLayer go through a 7-day escrow period before being able to be withdrawn. Thus after you initiate your unstake, you must wait 7-days before being able to withdraw your assets.

Step 1: Withdraw from the Ethereum Network through your stakefish dashboard

First, initiate a withdrawal from stakefish to your EigenPod contract.

Once you withdraw from Ethereum, your staked ETH balance is credited to your EigenPod address and can be viewed on the EigenLayer app.

To withdraw from your stakefish Ethereum staking dashboard click “View details.”

From the validator detail page click “...” in the upper right corner and select “Request exit” to be taken to a page to complete full withdrawal.

After withdrawing from Ethereum, your staked ETH balance will be transferred to your EigenPod address, where it can be accessed and monitored through the EigenLayer app.

Step 2: Select 'Unstake' to begin the 7-day escrow period. After the transaction is confirmed, you will notice your EigenPod balance shift to 'Unstake pending' status.

Step 3: After the 7-day escrow period ends, click 'Withdraw' to move the ETH into your wallet.

If successful, you will receive the following confirmation:

Partial Withdrawals

This section is to help you withdraw your Ethereum staking rewards (to date).

Note: The design of Ethereum withdrawals allows only one partial withdrawal per validator sweep cycle, typically spanning 4-5 days.

Any funds unstaked from EigenLayer are subject to a 7-day escrow period. Therefore, once you initiate an unstake, a waiting period of 7 days is required before you can withdraw your assets.

Step 1: Click Unstake to initiate the escrow period.

If successful, you will receive the following confirmation:

After the transaction is verified, your EigenPod balance will update to reflect a status of “Unstake pending.”

Step 2: After the escrow period ends, click 'Withdraw' to move the funds into your wallet.

If successful, you will receive the following confirmation:

Try on Goerli testnet

To have a feel of the staking flow before staking on mainnet, use the following link to test Eigenlayer on Goerli.

For updates and special announcements, follow our Twitter (@stakefish 🐠) and join our community on Telegram.

About stakefish

stakefish is the leading validator for Proof of Stake blockchains. With support for 20+ networks, our mission is to secure and contribute to this exciting new ecosystem while enabling our users to stake confidently.

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