Stabinol, the Ethereum cashback token, will soon migrate to Reeth (ticker: REETH), the rebasing Ethereum cashback token. Reeth is a token with an enhanced and simplified redemption system that rewards users with Reeth when they use supported exchanges. This new process will be more streamlined and intuitive for new users.
What is REETH?
Reeth (Rebasing Ethereum) is a token, developed by the Stabilize team, that is designed to rebase once daily to peg its price near the price of Ethereum (ETH). Using decentralized TWAP oracles, when the price of Reeth is above ETH, the supply expands. When the price is below ETH, the supply contracts. Since this is a rebasing token, these changes in supply affect all wallets equally.
In addition to native rebases, Reeth will also be supported by Stabilize arbitrage strategies that provide even more stability for Reeth by trading it constantly with Ethereum. This will help Reeth maintain relative stability to the Ethereum peg.
How do I get REETH?
Reeth can be earned passively by supplying liquidity to the REETH / ETH pool and staking the LP tokens into the protocol.
Reeth can also be earned by wrapping Reeth into the active Stabilize REETH strategy, obtaining zs-REETH and staking that into the protocol. Users who stake zs-REETH become eligible to receive cashback rewards from trading (+ gas fee reimbursement!) up to 50% the value of their holdings of Reeth in the Stabilize strategy.
Unlike Stabinol, Reeth will, at launch, integrate a popular DEX aggregator that will be used for trading. Users can use the Reeth DEX for trading while also earn cashback and gas-back rewards for each trade when they participate in Reeth strategy staking.
Part of the fees earned from trading on the DEX will be used to buyback Reeth from the liquidity pool to be saved for future growth of the protocol. This buyback will become especially important during contraction periods to accelerate the process of returning Reeth to peg.
As an extra feature, Reeth Dex will give users the option to submit private pool transactions that cannot be easily front-ran using only MetaMask like browser extensions.
Initial Distribution of REETH
During the upcoming migration window, users will be allowed to swap STOL (Stabinol) for pREETH (pre-Reeth) at a fixed ratio. This ratio has yet to be determined and will be calculated between Ethereum block 12651000 — 12652000, which is about 2 weeks from now. At that time, the average price of STOL will be calculated and the price of pREETH will be equal to 1 ETH. This ratio will then be used for the eventual migration.
For example, if STOL’s price is 0.02 ETH at that time, users will be able to swap 50 STOL for 1 pREETH when migration starts. Once the migration window is closed, users will no longer be able to exchange STOL for pREETH and pREETH will be swappable 1:1 for REETH initially. Once rebasing starts, this ratio will change depending on how the supply changes during rebases.
We will release more information on dates once the price ratio has been determined and please remember, do not buy any other token claiming to be REETH. We will announce the token contract when the token has been created.
Learn more about Stabilize, Stabinol and Reeth
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