On October 30th, 2024, flrETH, our native ETH liquid staking token went live.
This allows users to earn ETH staking yield without leaving Flare, and benefit from our DeFi ecosystem as flrETH becomes the go-to choice for liquidity pairs and other integrations.
This guide will help you get started with flrETH, covering how to stake your ETH and how to provide liquidity on SparkDEX to earn additional incentives.
Quick ETH Staking Overview
Ethereum’s security relies on staking, where users lock ETH into validators that maintain the network and earn ETH rewards for their service. Running a validator, however, can be complex and requires users to lock their ETH–limiting their ability to participate in DeFi or other popular use cases.
Liquid staking solves this by issuing a receipt token—such as flrETH—when users deposit ETH to a liquid staking protocol. This token accrues staking rewards without requiring validator management and maintaining the ETH’s liquidity.
Built by the Dinero team, flrETH is built on top of the pxETH protocol specifically for the Flare –allowing users to earn ETH staking rewards without leaving the network.
How to Acquire flrETH
1. To begin staking, open the flrETH dapp here.
2. Connect your wallet to the flrETH dapp. Your wallet should be connected to the Ethereum mainnet.
3. Once you’ve connected your wallet, look for the following staking panel:
4. Select Ethereum as your ‘Stake from’ chain (i.e., the chain where your ETH is currently located), and Flare Mainnet as your ‘Receive on,’ as the destination chain.
5. Enter the amount of ETH you’d like to stake.
Note: flrETH will be deposited to the same wallet address on Flare mainnet as the ETH wallet address you connected to the UI. If you’d like to designate a different wallet to receive flrETH, toggle the ‘Stake to a different address?’ option and enter your wallet address.
After inputting the amount, simply press the “Stake” button. A modal will appear, detailing each transaction and step required to complete the staking process.
Follow the on-screen instructions, sign the necessary transactions, and you’re all set! Soon after, you’ll see flrETH in your wallet, and you’ll start earning ETH staking yield on Flare.
Please note that flrETH is designed as an index token, meaning yield accrues behind the scenes. When you unstake, you’ll receive your original deposit plus any yield accumulated while holding flrETH.
As needed, you can track your flrETH balance on the flrETH dashboard pictured above.
Bridging Details
Behind the scenes, flrETH uses Stargate to manage cross-chain bridging between Ethereum mainnet and Flare. Users don’t need to handle any bridging themselves, as the flrETH UI and smart contracts take care of this, making the staking process as simple as possible.
Using your newly acquired flrETH
Stake flrETH on Flare
flrETH can be staked to earn additional yield, in addition to the native ETH staking rewards and MEV tips that you’re now accruing. Users can stake flrETH directly at https://flare.dinero.xyz. Simply select “Flare Mainnet” as the “Stake From” destination in the UI:
Input the amount of flrETH you would like to stake, then select ‘Stake.’
Sign the transaction and you’re all set.
Earn Rewards with flrETH on Sparkdex
To drive the adoption of flrETH, the Dinero team has partnered with SparkDEX to establish a flrETH/WETH liquidity pool, allowing users to easily swap in and out of flrETH. For those new to SparkDEX, a tutorial on swapping is available here.
Liquidity providers in the flrETH/WETH pool will receive additional incentives in rFLR. A guide on rFLR is available here.
When the pool is live, you can head to the flrETH/WETH pool, provide liquidity, and you’re good to go. Rewards will be distributed according to the rFLR epoch schedule and can be claimed through the Flare portal. SparkDEX will make an announcement on their social channels once the pool is live, so be sure to keep those notifications on.