Stabinol migration has now ended. preReeth (ticker: pREETH) will soon be redeemable for REETH at a 1:1 ratio. REETH (Rebasing Ethereum) is a rebasing token, designed to target the price of Ethereum with daily rebases. It has a simple redemption system that rewards users with REETH when they use supported exchanges and provide LP to Sushiswap.
When REETH is finally launched, simply head to the new REETH page to redeem pREETH for REETH. The redemption will initially be 1:1 but will change as REETH rebases based on its price compared to ETH.
What can I do with REETH?
Wrap REETH into zs-REETH
Users can wrap REETH into zs-REETH to help stabilize REETH with ETH in a brand new Stabilize strategy and earn arbitrage interest while doing so.
The wrapper can be found on under the wrap page. Users will receive zs-REETH when they wrap their REETH. zs-REETH can then be staked to start user participation in the cashback system on the REETH page.
How does the cashback system work?
Every time you use the integrated exchange, the gas you’ve spent on the trade and the Ether equivalent of the trade amount is stored under your account. You can then claim up to 50% the value of your staked zs-REETH token value (in total ETH value) up to 4% of what you’ve spent in ETH equivalent. The longer you stake without claiming, the higher percentage you can claim. The claiming percent follows an exponential curve then a linear one up to 50% in about 3.5 months.
Each time you unstake or restake more, the claim timer resets. The more REETH you stake, the higher percentage of your ETH spent is claimable, following a linear curve of 4% when 10 ETH equivalent is staked.
For example, let’s say Alice has 20 zs-REETH staked that are worth 22 ETH in total value. She trades 10,000 USDC for 10,005 USDT using the integrated exchange and is calculated to have spent 4.54 ETH equivalent (when ETH is worth 2,200 USDC). She has staked for over 3 months and is eligible to receive cashback up to 45% of staked ETH value, which is 9.9 ETH; however she has only spent 4.54 ETH equivalent. She can claim 4% of her ETH spent due to staking more than 10 ETH equivalent, which is 0.1816 ETH. This is her maximum claimable amount. The protocol will mint REETH to the user, worth 0.1816 ETH. Claiming zs-REETH rewards will also add to the ETH spent balance.
Not only can users add to their ETH spent balance by using the exchange and claiming zs-REETH rewards, but also calling rebase in the Monetary policy will add the transaction’s gas cost to the caller’s ETH spent balance with a 150% bonus. Users can delegate where this ETH spent goes in case they want to use bots to call the function.
Learn more about REETH and its launch
Visit the website, follow us on Twitter and join the community on Telegram. We will provide updates on Twitter when users can start claiming REETH.