What is King Protocol?
King Protocol is a unified restaking rewards protocol. Its vault holds the rewards tokens as underlying assets. Through King Protocol, projects can pool restaking network protocol rewards into this single vault and issue vault share tokens to their stakers (or distributor contract). This system cuts transaction costs and streamlines the rewards process, great for those with smaller stakes who might find it easier to manage and trade their shares collectively. Larger stakeholders can redeem and possibly arbitrage, which will drive the market price of KING tokens.
Is there a difference between AVS rewards from direct staking on Eigenlayer vs Etherfi?
Users will get the same effective APR as if they were earning all of those different emissions from Eigenlayer, BUT they'll all be wrapped up in a single token, $KING.
When is KING distributed?
ether.fi will distribute KING tokens through a cumulative claims distributor contract on a weekly basis. Weekly distributions will be announced on our X account. You do not need to claim every week, but can claim at any time. If you continue to stake without claiming, your claimable amount will continue to rise week-over-week.
I deposited into a DeFi protocol that isn't yet integrated - what will happen to my weekly rewards?
Since ether.fi uses a cumulative claims contract, ether.fi is able to make sure that your KING is properly allocated to you once we integrate the DeFi protocol. Each week, we will recalculate what your distribution should have been for the last few months, and ensure you're able to claim that full amount.
Will underlying assets be staked?
They will, making KING an interest-bearing derivative that will qualify users for any of the underlying AVS or restaking protocol seasons or rewards.
Does King Protocol have a governance token?
Yes! This token will be used for many purposes:
Whitelisting integrated assets
Determining $KING GOV emissions
Setting rate / risk parameters
Is KING claimable on L2s?
It’s not possible at the moment since AVS rewards are distributed on ETH mainnet.
How is the KING price determined?
It’s explained in the KING whitepaper: https://LRT².gitbook.io/LRT²/docs/whitepaper
Do I need to claim my KING or can I just let it accumulate?
Restaking rewards will continue to accrue over time, minted into KING tokens every week. you can allow them to accumulate without having to claim since there’s no deadline. Claim when you want, unwrap if you'd like!
Are KING tokens available for restaking, or what other options are there for using them?
At this time KING tokens are available on Uniswap for trading, and may become available later on across DeFi platforms.
What is the difference between KING tokens and KING points?
KING tokens are the rewards provided by restaking platforms for stakers that participate in their ecosystem. KING points are earned from users staking their ETH in positions that are related to the King protocol. (For example, holding claimed or unclaimed KING tokens)
Where can KING tokens be converted?
Please head over to https://app.ether.fi/portfolio
Click on “View Rewards”
Next, click on Unwrap
Is the price of KING fixed?
The price depends on the price performance of underlying assets.
How does EIGEN stake earn KING:
Staking EIGEN currently receives 25% of weekly EIGEN emissions; these rewards get wrapped into KING tokens for eEIGEN.
For restaked EIGEN, EIGEN rewards are auto-compounding, so it will accumulate value. Any future AVS rewards would still be given out as KING though.
https://www.blog.eigenlayer.xyz/introducing-programmatic-incentives-v1/
What is the KING distribution based on?
Total rewards/amount of eETH/weETH
Can EIGEN stakers earn KING tokens?
For restaked EIGEN, EIGEN rewards are auto-compounding, so it will accumulate value. Any future AVS rewards would still be given out as KING though.
How are KING points calculated? Is there any conversion between KING points and KING tokens?
Navigate here: https://etherfi.gitbook.io/etherfi/lrt/lrt-points
Regarding eEIGEN: are there any platform fees besides the operator fees? (similar to etherfi fees on the staking yield):
We take a 10% fee on all restaking rewards (5% Etherfi & 5% Operators), regardless of what asset it is generated on.
Do members receive KING governance points by holding KING tokens? (if yes, does that apply to their unclaimed KING too?)
If you're holding KING, whether in a claimed or unclaimed position, you're earning KING points. Once you unwrap however, you would only be holding the underlying assets, which do not earn you points.