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Reviews/Eigenpie

Eigenpie

Van Thanh Le

Mar 12 2024

7.2 / 10

Summary

Stake ETH. Earn more. Eigenpie review unveils a revolutionary way to maximize your ETH returns.

Pros

plus

Multi-crypto support

plus

DeFi Integration

plus

Robust Security Measures

plus

User Incentives

Cons

plus

Support Response Times

plus

Reward Transparency Lacking

plus

Missing Unstaking

plus

Interface Complexity

Eigenpie Review Scores

7.2

colored-star

Overall

Information

8

colored-star

Feature Set and Innovation

Information

9

colored-star

Security Measures

Information

6

colored-star

Performance and Returns

Information

6

colored-star

User Experience and Interface

Information

7

colored-star

Ecosystem Integration

Information

7

colored-star

User Support and Engagement

Information

An In-Depth Review of Eigenpie

Eigenpie, a rising star in the ETH restaking space, might be the key to unlocking additional yield and flexibility. This innovative SubDAO by Magpie takes ETH Liquid Staking Tokens (LSTs) to the next level, offering isolated restaking and the potential to double dip on earnings. Buckle up, DeFi enthusiasts, as we dive deep into Eigenpie's world!

 

Key Takeaways

Here's the essence of what you need to know to gauge if it's the right fit for your digital finance journey:

  • Innovative Liquid Restaking: Eigenpie reinvents the game by allowing users to deposit Liquid Staking Tokens (LSTs) for a liquid restaked version, boosting yield and security.
  • Wide Token Support: The platform supports a diverse array of LSTs, including stETH, rETH, and mETH, among others, broadening its appeal.
  • Unique Features: Highlights include Chainlink CCIP integration for secure interoperability, a point system rewarding hourly deposits, and isolated liquid restaking for enhanced returns.
  • DeFi Integration: Opens avenues in DeFi through collaborations with protocols like Wombat and Pendle, although clarity on yields could be improved.
  • Performance Indicators: Boasts 94.72K ETH staked with a TVL of $385.88 million. The point system is central to user engagement, offering airdrops and IDO allocations based on activity.
  • Concerns: Lacks transparency on expected APY/APR and has noted issues with the stability of "m" assets. Unstaking options are currently not available, limiting liquidity.
  • Security: Partnerships with top auditors like BlockSec and PeckShield affirm Eigenpie’s commitment to security.
  • User Experience: Generally user-friendly, but navigating DeFi functionalities can be tricky. Community support is available, albeit with potential delays due to high demand.

Eigenpie’s Pros and Cons

Pros

  • Broad spectrum of supported tokens, enhancing flexibility and investment opportunities.
  • Integration with leading DeFi protocols, opening up avenues for enhanced returns.
  • Robust security measures, backed by partnerships with leading auditors.
  • User engagement and reward distribution through a unique points system, incentivizing participation.

Cons

  • Absence of estimated APY/APR on the dashboard, affecting transparency.
  • Unavailability of unstaking options, adding rigidity for users wishing to withdraw their investments.
  • User interface can be confusing when navigating DeFi functionalities, potentially hindering usability.
  • Delayed support responses, especially during high inquiry volumes, impacting user experience.

1. Core Features of Eigenpie

Eigenpie stands out in the Liquid Staking landscape with its innovative features designed to maximize user benefits and security. Here's a breakdown of its core offerings:

  • Liquid Restaking: At its core, Eigenpie allows for depositing LSTs (Liquid Staking Tokens) in exchange for a liquid, restaked version. This not only enhances security and sustainability but significantly bumps up the yield on ETH investments.
  • Supported Tokens: The platform boasts a broad spectrum of supported tokens for pre-deposits, including heavyweights like stETH (Lido), rETH (Rocket Pool), mETH (Mantle), sfrxETH (Frax), wBETH (Binance), swETH (Swell), cbETH (Coinbase), ETHx (Stader), AnkrETH (Ankr), OETH (Origin), OsETH (StakeWise), and LsETH (Liquid). Expect to see more LST deposits enabled soon, broadening the horizon further.
  • Unique Tools & Services:
    • Integration with Chainlink CCIP: Ensuring secure cross-chain interoperability between Arbitrum and Ethereum mainnets, setting a high standard for safety and reliability.
    • Eigenpie Points System: Deposit your LSTs and earn points hourly, adding a layer of incentive for users.
    • Isolated Liquid Restaking: Each restaked token (marked with a prefix "m") is an isolated, liquid version of the original LST, designed to amplify returns while maintaining income from the underlying LSTs.
  • DeFi Opportunities: Beyond just staking, Eigenpie integrates with leading DeFi protocols like Wombat, Pendle, Radiant, Pancake, and Camelot, opening up avenues for users to explore further financial opportunities for enhanced returns.
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2. How to Get Started with Eigenpie

Intrigued by Eigenpie? Diving in is a breeze! 

  1. Navigate to Eigenpie: Head over to https://www.eigenlayer.magpiexyz.io/restake.
  2. Wallet Connection: Click to connect your digital wallet.
  3. Asset Selection: Pick your preferred asset for staking.
  4. Check Availability: Hit 'Restake' to see if you can join the fray (ensure the quota's not maxed out).
  5. Stake Your Claim: Enter how much you want to stake. Click 'Approve', then 'Pre-deposit'. But, pause to peek at the exchange rate, like how 1 stETH equals 0.9958 mstETH.
  6. Claim Your Rewards: Snag your mswETH once Eigenlayer's doors swing open for deposits.

Easy as pie, right? Eigenpie's got you covered.

3. Performance and Returns

Diving into Eigenpie's world, we uncover a platform boasting a significant traction with 94.72K ETH staked and a total value locked (TVL) reaching $385.88 million. What stands out immediately is the platform's unique approach to user engagement and reward distribution, particularly through its point system. This system is not just a gamification strategy but a foundational aspect of how Eigenpie incentivizes participation.

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Cummulative token inflow by DefiLlama.

At the heart of Eigenpie's offering is the accumulation of points for users depositing accepted Ethereum Liquid Staking Tokens (ETH LSTs). These points are more than mere numbers; they're tickets to potential gains. Each point accrued per hour per deposited ETH LST opens doors to airdrops of Eigenpie’s EGP token and an Initial Dex Offering (IDO) allocation. This allocation is meticulously proportional to the total points one has gathered, making every hour and every deposit count.

Early birds catching the worm at Eigenpie aren't left unmentioned. The early deposit phase is a clear nod towards rewarding the platform's pioneers, not just through the token airdrops but also through a referral program that adds an interesting layer of community building. Referring a friend doesn't just help expand the platform's user base; it directly benefits the referrer with a 0.1 point boost per hour for each point their referee earns.

pool.png

However, it's not all sunshine in Eigenpie’s garden. The absence of estimated APY/APR on their dashboard raises eyebrows, especially when compared to other platforms where this metric is standard fare. This lack of transparency is echoed in the DeFi integrations, where despite the presence of data on platforms like Curve, Eigenpie remains silent on the yields.

The issues extend to the "m" asset's peg stability, hinting at underlying challenges within the platform's ecosystem. Furthermore, the current unavailability of unstaking options adds a layer of rigidity for users wishing to withdraw their stakes.

4. Security and Trustworthiness

When diving into Eigenpie's security landscape, it's reassuring to see their proactive approach. Before hitting the Ethereum Mainnet, Eigenpie has already set a high bar for security by partnering with leading auditors: BlockSec, PeckShield, and AstraSec. These names aren't just for show; they're a testament to Eigenpie's robust security measures. 

security.webp

Each firm brought its A-game, rigorously testing and confirming the solidity of Eigenpie's defenses. This triple audit not only showcases Eigenpie's dedication to safeguarding digital assets but also solidifies its reputation as a platform that's serious about security. For users, this means peace of mind knowing their investments are under vigilant watch, a crucial factor in the ever-volatile crypto space.  

5. User Experience and Support

From what I’ve experienced so far, Eigenpie boasts a user-friendly interface on its Stake page, making it easy for beginners to jump in. However, navigating the DeFi functionalities, particularly depositing assets into pools, can get confusing due to a lack of clear instructions. This is evident in the Eigenpie Discord community, where many users have questions about the process, especially regarding the recent depegging issue and recovery timelines.

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While the Discord moderators and active community members are helpful, the sheer volume of inquiries can lead to delayed responses. The platform also offers a website chat box for submitting support tickets, but due to the recent influx, response times may be slow.

Conclusion: Should You Stake with Eigenpie?

Eigenpie offers a unique approach with isolated restaking and point-based rewards, but transparency issues and unavailability of unstaking raise concerns. It's ideal for tech-savvy users comfortable with DeFi and willing to wait for unstaking features. Do your research before diving in!

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