[Launched] Restake Alpha Testnet

We’re excited to announce the Testnet launch of Restake — a cross-chain ETH liquid staking solution powered by Hashstack and built on Starknet. The alpha testnet is live on Sepolia. Try it out here — https://restake.it

Let’s dive into Restake.

How does Restake work?

When you stake your ETH, Restake generates hETH (Hashstack ETH) tokens. These tokens securely represent your staked ETH within the system. The user-staked ETHs are grouped together to form a stake batch, which is then sent to L1. When you decide to unstake, you receive yield and accumulated rewards in return. This involves burning hETH tokens to obtain Starknet ETH.

This can be summarised as:

1. Staking: Stake Starknet ETH and receive hETH.
2. Batching: Group staked ETH tokens together for transmission to L1.
3. Unstaking: Withdraw staked ETH from L1 back to Starknet.

Liquid Staking

Restake enhances the liquid staking experience by providing a streamlined staking process. This is done by issuing hETH tokens in exchange for staked ETH. These hETH tokens represent the staked ETH and are backed by StaderLab’s ETHx and Lido Finance’s wstETH tokens. Restake also applies a predefined percentage staking fee in ETH upon user deposits.

The staking mechanism within Restake is governed by:

• Stake Threshold: The minimum ETH required to dispatch a stake batch to L1.
• Number of Stakers: The count of stakers in the current batch.
• Time Elapsed: Duration since the last stake batch was sent to L1.

Unstaking

The unstaking process allows users to redeem their ETH and rewards generated by their staked ETH using hETH. Restake implements a predefined unstaking fee. There are two scenarios for unstaking ETH:

Immediate Unstaking
The protocol uses the reserve vault for quick unstaking. If enough ETH is available, hETH is burned and ETH is transferred to the user’s Starknet wallet based on the current exchange rate (hETH-ETH). The process is completed without batching.

Batch Unstaking:
When a user requests to unstake, their hETH tokens are transferred to a vault. If there isn’t enough ETH available, the unstaking request becomes part of an active unstaking batch.

Once unstaking is complete, hETH is burned. ETH along with accumulated rewards is automatically distributed to users.

The unstaking mechanism is governed by three criteria:

• Unstake Threshold: The minimum withdrawal required for an unstake batch.
• Number of Unstakers: The count of unstakers in the current batch.
• Time Elapsed: Duration since the last batch was closed.

Benefits

• No lock-up period: You can stake or unstake at any time, providing flexibility and accessibility.
• Lower fees: Restake utilizes Starknet’s technology, which results in significantly reduced fees.
• Low ETH staking limit: Now you can stake even with as little as 0.02 ETH!
• Streamlined process: We handle the complexity for you. Simply deposit your ETH and start earning rewards.
• Earn yield-bearing hETH tokens: Maintain access to your staked ETH through our hETH tokens, allowing you to use them while earning rewards.

Here’s how to participate

Let’s take you through the fundamental steps on how you can use the Restake and its features.

Connect your Wallet

Download and install the Braavos wallet extension from here. You can follow this guide for Metamask installation.

After installing the extension, we will come across the welcome screen.

1. Select “Create a New Wallet”.

2. Create a password and make sure to store it securely.

3. Enter your new password and click on “Login”.

4. Copy your secret recovery phrase and never share it with anyone. Remember to keep it somewhere safe as you will need it to access your wallet in the future. Click on the “I saved my Secret Recovery Phrase” button.

5. Now click on “Done” and accept the disclaimer on the next screen.

6. Next, select the network “Starknet Sepolia” from top right corner of your wallet.

7. Click on Add Account.

Congratulations! You have successfully created the wallet.

Bridge ETH

To test the Restake testnet, you require Sepolia ETH tokens.

Here’s a guide to bridge Sepolia ETH to Starknet Sepolia ETH in your Braavos wallet:

First, receive the test token on your Metamask wallet from here, here or here. Now, go to https://bridge.hashstack.finance/ and connect your Metamask wallet to bridge the Sepolia ETH token.

1. Now connect your Metamask wallet here to bridge the token.

2. Enter the amount you want to bridge to Braavos wallet and click Next.

3. Now connect your Braavos wallet. You will see your address under step 2 in the UI once connected.

4. You will see this UI once you connect your Braavos wallet. Now click on Bridge.

5. Confirm the transaction in Metamask.

6. Now check the balance in Braavos wallet. You will see the ETH balance.

Staking

1. After successfully bridging the token open restake.it and connect wallet.
2. Enter the amount of ETH you want to stake and click Stake.

3. Sign the Transaction in your wallet and wait for the success message.

Congratulations! You have successfully staked!

Now, refresh the page and check the top of the dashboard for Staked amount.

Unstaking

Visit website restake.it

1. Click on Unstake.

2. Enter the amount you want to unstake and click on unstake button.

3. Sign the transaction in your wallet and wait for the success message.

Congratulations! You have successfully unstaked your deposit.

Be an early member and join us in trying out the testnet today! Share your feedback and become a valuable part of our growing community(https://discord.com/invite/hashstack).