nrETH: ETH LRT for Soneium with ether.fi

About nrETH

nrETH is a liquid restaking token (LRT) available on Soneium through our partnership with Ether.fi. It allows you to stake ETH, wETH, eETH, stETH, wstETH, weETH on Ethereum Mainnet and Soneium Mainnet (coming soon!) and mint nrETH on Soneium Mainnet in return. This can be used freely in Soneium DeFi to maximize your rewards. Find all the information related to nrETH below.

Benefits of nrETH

• Boosted Rewards:

  • ETH staking rewards

  • Restaking Rewards: When you mint nrETH, you also become eligible to receive restaking rewards via ether.fi. These rewards are accrued in the form of LRTsquared tokens. These tokens can further be unwrapped for the restaking reward tokens such as EIGEN, ETHFI etc.

  • Ether.fi loyalty points

  • Neemo points

  • Defi partner's rewards/points

• Defi Utilization: Neemo’s nrETH exists as a DeFi primitive. Therefore, it is expected to be utilized in DeFi protocols. We aim to increase the utility of nrETH by collaborating with major DeFi protocols such as DEX, lending, perpetuals, yield optimizers, and yield splitting protocols. Check out our partners page: Partners & Campaign Rewards

• Further rewards from ether.fi vault integration (Feb-Mar): Neemo is preparing to optimize user deposits on Neemo Finance by depositing all funds into Ether.fi’s liquid vault. This ensures users earn further rewards while retaining full liquidity via the nrETH token (on Soneium).

• Native Staking/Unstaking (Feb-Mar): You can stake/unstake ETH/nrETH on Soneium with one click. This approach ensures a stress-free experience for users when minting and redeeming nrETH, simplifying the process and minimizing complexity across networks.

How to Mint nrETH

You can mint nrETH by depositing supported assets on either Ethereum mainnet or Soneium:

• Ethereum Mainnet: Deposit ETH, wETH, eETH, weETH, stETH, or wstETH. Your assets are converted into weETH on Ether.fi, and nrETH is minted on Soneium.

• Soneium Mainnet: Coming soon

nrETH can be used in Soneium DeFi protocols to earn boosted Ether.fi Points, Neemo Points, and additional rewards from partner platforms.

Phase 2 Development (Feb-Mar)

Vault Integration

Neemo is preparing to optimize user deposits on Neemo Finance by depositing all funds into EtherFi’s liquid vault. This ensures users do not miss out on EtherFi rewards. While this integration increases the unbonding time you benefit from Ether.fi rewards while maintaining Soneium exposure through the nrETH liquid token. Note that the Ether.fi vault offers attractive yields but comes with associated risks, such as impermanent loss and liquidation. Read more here : https://app.ether.fi/liquid/eth.

Staking from Soneium to Ethereum Mainnet

Deposit ETH or wETH directly. The assets are transferred to Ethereum mainnet, staked on Ether.fi, and nrETH is minted on Soneium.

Withdrawals

You can withdraw nrETH using two methods:

• Standard Withdrawal: Burn your nrETH on Soneium. The assets are unstaked on Ethereum and returned to Soneium after the unbonding period.

• Instant Withdrawal: Burn nrETH and pay a small fee to receive instant ETH liquidity from Neemo’s maintained liquidity pools or through DEX swaps.

Why We Partnered with Ether.fi

Ether.fi is the largest LRT protocol in the Ethereum ecosystem, with 8x the market size of its closest competitor. This partnership ensures:

• Access to a secure and reputable restaking service.

• Enhanced liquidity and reward opportunities for Soneium users.

Did you know? You can use your nrETH in Soneium DeFi to earn 3x ether.fi points and 3x Neemo points! You also earn partner protocol rewards and incentives. Read more in the How to Participate in Soneium Genesis page.

nrETH Protocol Design