Restaked Ether (reETH)

Rio Network's first product is reETH, which provides access to risk-managed ETH total return without sacrificing liquidity.

reETH is a high level abstraction representing a user’s deposit in Rio. The unit of account for the reETH token is ETH.

Validation

ETH deposited into reETH is distributed to Rio's operators in 32 ETH packets to run native ETH validators. The withdrawal credentials of these validators flow through Eigenpods, enabling native ETH restaking on Eigenlayer.

Pricing

The share price of reETH is determined by the total amount of ETH held by the vault, deployed to EigenLayer, and the pending rewards as determined by the feeds of oracles divided by the total supply of reETH.

There is no rebasing mechanism for reETH. Accumulation of validation rewards and penalties cause the share price to rise and fall respectively. The most recent ETH value of a given amount of reETH can be checked by calling convertToUnitOfAccountFromRestakingTokens in the RioLRTCoordinator contract.

Obtaining reETH

Users can deposit ETH by calling the function depositETH() or by simply transferring ETH directly to the RioLRTCoordinator contract. The contract will then mint and send reETH as a receipt for their deposits. These functions are fully supported by the Rio Network dApp.

Alternatively, reETH can be purchased from secondary DeFi markets.