P2P.org is excited to walk you through an exciting opportunity from Re7 Labs - the rstETH vault, a liquid restaking solution built on the Mellow protocol.
Understanding the rstETH Vault
The rstETH vault is curated by Re7 Labs and built on the Mellow protocol, offering an innovative approach to liquid restaking. Mellow provides both a user-friendly interface and the underlying protocol infrastructure, enabling the creation of Liquid Restaking Tokens (LRTs).
At the core of the vault's functionality is Symbiotic - a permissionless restaking protocol that offers flexible mechanisms for decentralized networks to coordinate node operators and security providers. The protocol's flexible and neutral design provides unique benefit for Mellow users.
Mellow allows the permissionless creation of modular LRTs (Liquid Restaking Tokens). It offers a series of vault smart contracts with different and unique properties, managed by LRT curators. One of these LRTs is rstETH, which represents an innovative approach to liquid restaking. When you deposit assets into the rstETH Vault, Mellow's smart contract mints LRT tokens at your request. The amount of rstETH tokens you will receive is almost equivalent to a 1:1 wstETH:rstETH ratio.
What is Symbiotic and why is it important in this vault?
Symbiotic is a permissionless restaking protocol designed to support decentralized networks by aligning node operators and security providers. According to Symbiotic, the importance of this vault lies in its ability to provide a secure, adaptable and efficient restaking framework.
The protocol’s versatile and neutral design delivers unique opportunities
Immutable core smart contracts on Ethereum.
Flexibility for all ecosystem players: Network builders control their restaking implementation, operator selection mechanics, and reward and slashing logic.
Capital-efficient multi-asset design.
What is Mellow?
Mellow is a modular infrastructure designed for creating Liquid Restaking Tokens (LRTs) with varying strategic frameworks. The system is fully permissionless, agnostic to underlying restaking protocols, and compatible with any assets.
Key Highlights
Flagship LRT for Symbiotic: Mellow will become the first and flagship LRT within the Symbiotic ecosystem.
Security Approved: As a member of the Lido Alliance, Mellow has successfully passed security evaluations by the Alliance group.
Strong Backing: Mellow’s 2021 fundraising round was led by Arrington Capital, ParaFi, and Robot VC, with contributions from Lemniscap, Primitive, and other notable VCs.
Why Mellow?
According to Mellow, their team has extensive expertise in developing advanced vaults and liquidity management systems. They highlight their experience in bootstrapping wstETH liquidity on mainnet for Lido and collaborating with leading protocols like Olympus, Velodrome, Aerodrome, Gearbox, and zkBob, where they’ve delivered sophisticated assets and ALM strategies.
Third-Party Incentives
For additional details, visit Mellow.Finance and Symbiotic.Fi. Please note that P2P.org does not manage or take responsibility for these incentive programs.
Risks assessment
This information is provided for general purposes only and reflects P2P.org’s subjective view of the project. It is not professional financial advice. Before deciding to participate, you should carefully review all materials on the Mellow and Symbiotic websites, thoroughly evaluate the associated risks, and consult with appropriate legal, financial, and tax advisors. Failure to do so may result in significant financial losses, P2P.org will not be held liable for any decisions made based on the information provided. Proceed at your own risk.
Audited Smart Contracts
Immutable Symbiotic Contracts
Symbiotic smart contracts cannot be changed by the Vault curator.
Controlled Upgrades for Mellow Contracts
Mellow smart contracts are upgradable, P2P.org as the Vault co-curator cannot modify the Vault contract or withdraw user funds. The responsibility for upgrades lies with a Lido & Mellow-managed multisig, meaning the primary risk relates to the security of that multisig.
For more information on Symbiotic Restaking with P2P.org, visit https://p2p.org/economy/introduction-to-symbiotic/.
You can also get in contact with a live agent by selecting the speech bubble at the bottom right of this page, sending a message to the Telegram bot, or emailing [email protected].