LRT Vaults FAQ
General FAQ
Is restaking with Nektar live already?
Not yet, launch is planned later this year. In the meantime, vaults accrue points and yield with their respective strategies for Phase 1 as described in the announcement.
How many Nektar points do I accrue?
The deposits get up to 40 Nektar Drops per day per ETH (or ETH equivalent). Find the latest announcement at https://medium.com/@nektarnetwork/announcing-epoch-4-of-nektar-drops-exciting-updates-and-new-integrations-a6bdb1e935f8
How do I track my points?
The Nektar Drops can be tracked at https://www.app.fuul.xyz/points/nektar
Why does the deposit link take me to the Enzyme app?
The deposit link takes you directly to the Enzyme app because the Enzyme protocol is the vault infrastructure for the new Liquid Restaking Tokens (LRT) vaults building on top of the Nektar ecosystem.
What are some major differences vs Mellow?
These first LRTs in the Nektar ecosystem use the Enzyme protocol as vault infrastructure (whereas Mellow is used in the Symbiotic ecosystem as part of the Lido Alliance). One of the main differences: Enzyme has been around as vault infrastructure for years (with audits, bug bounty, live DeFi integrations supporting hundreds of millions of TVL).
Can assets be sent directly to the vault address?
No, you need to use the Enzyme App/UI for deposits. Otherwise, you will lose your funds.
Can I deposit ETH into the stUSD and dlcBTC vaults?
Yes, you can deposit ETH and/or USDC or WBTC in these vaults. If you deposit ETH, the protocol automatically converts it to stUSD or dlcBTC. No need to manually convert, the vault will always receive the denominated asset. This functionality is standard across all vaults. On Enzyme, no matter a vault's denomination asset, it's always possible to deposit ETH.
Why am I not getting 1:1 vault shares with my deposit?
Over time, the vaults accrue rewards on pre-existing assets, causing the value of each vault share to appreciate. As a result, your deposit will not receive a 1:1 ratio of vault shares, reflecting the increased value of the shares.
Can anybody access the funds within the vaults?
No, the vaults are non-custodial, so only you as depositor/delegator who have received vault shares from their deposits can access and withdraw the funds. The manager can only allocate to pre-defined strategies using a curated set of audited DeFi integrations.
Where can I track the TVL of the Vaults?
Visit https://nektar.network/lrtvaults and click on each of the vaults.
I want to redeem my deposit and I see the message “... in-kind redemptions are still available.” What should I do?
There may be issues with the wallet you are using. Please try Metamask for the redemption process.
Can I deposit from L2s?
Not at the moment, deposits can be done only on Ethereum Mainnet. Stay tuned for an update here soon.
Angle stUSD
What is stUSD?
stUSD is a staked version of Angle USDA stablecoin. stUSD earns a native Dollar yield paid in USDA. It’s a yield-bearing ERC-20 token that can be freely transferred and that is always redeemable for an ever-growing amount of USDA. The value of one stUSD is not meant to be $1 — its value increases over time as yield continuously accrues to it. Learn more about stUSD at https://www.angle.money/stusd
What is Angle?
Angle Protocol is a DeFi Protocol specializing in building resilient stablecoin infrastructures. The Protocol’s main products are USDA, the most reliable USD stablecoin, and EURA (formerly agEUR), the most traded Euro stablecoin. Read more at https://www.angle.money/
What are Angle Prots?
'Prots' are credits that users or protocols can earn and accumulate by completing specific actions. Prots holders will be able to redeem their Prots for ANGLE tokens at the end of Season 1 in September. Read more about the details of the Prots campaign at https://blog.angle.money/get-rewards-for-building-on-top-of-usda-join-the-new-angle-integration-program
dlcBTC Bitcoin staking
What is dlcBTC?
dlcBTC is a non-custodial representation of Bitcoin on Ethereum, enabling Bitcoin holders to participate in DeFi protocols while retaining full ownership of their assets. Further reading at https://www.dlc.link/dlcbtc
What is DLC.Link?
DLC.Link utilizes the concepts of Discreet Log Contracts, invented at MIT by the co-creator of the Lightning Network, to provide a trustless bridge to DeFi on Ethereum without centralizing or pooling assets.
How does the compounding of rewards work?
The way it works is dlcBTC staking gains are auto-compounded within rstBTC.
rstBTC = "wrapper" - token name for a vault' share (with repricing mechanism)
1 dlcBTC = 1 BTC (based on DLCLink tech and arbitrage mechanism)
dlcBTC is used as the core of the strategy to get rewards from Nektar (as collateral for ETH to be repurposed). Rewards are swapped for more dlcBTC inside rstBTC.
rstBTC = "wrapper" - token name for a vault' share (with repricing mechanism)
1 dlcBTC = 1 BTC (based on DLCLink tech and arbitrage mechanism)
dlcBTC is used as the core of the strategy to get rewards from Nektar (as collateral for ETH to be repurposed). Rewards are swapped for more dlcBTC inside rstBTC.
Is the vault automated or does it require manual interaction to stream associated rewards?
The vault is automated, there's nothing to do beyond the initial deposit.
Re7 Nektar ETH
What is Re7 Labs?
Re7 Labs is part of Re7 Capital, a research-driven digital asset investment firm specialising in DeFi yield and liquid alpha strategies.
What is the APY that the vault offers?
The APY may vary. In the phase before Nektar is live, yield (besides points) is coming from ETH staking strategies, and post-launch of Nektar, from restaking rewards which may vary.