EtherFi Kicks Off EigenLayer Vampire Attack

Liquid restaking protocol EtherFi has launched ‘deVamp’ in a bid to incentivize users to swap their existing Eigenlayer deposits for its eETH liquid restaking token (LRT).

Users that restaked Lido’s stETH, Coinbase’s cbETH, and Binance’s wBETH on Eigenlayer can now instantly swap their deposits into liquid eETH, avoiding the 7-day delay on withdrawals put in place by the highly anticipated restaking protocol.

With deVamp, users will receive 3,000 loyalty points per restaked ETH migrated into eETH.

Additionally, holders of these liquid staking tokens (LSTs) can swap them for eETH and earn points on the deVamp website. Traders will be exempt from paying trading fees and earn 2,000 points per ETH.

The move comes at a time of increasing controversy over large Ethereum staking pools. Lido Finance commands 33% of all staked ETH, along with nearly 75% of on-chain liquid staking, as per DefiLlama. It is followed from afar by RocketPool, which accounts for less than 3% of all staked ETH.

EtherFi has also committed to supporting minority clients, after a bug found in the Nethermind client sounded the alarm on Geth’s 84% lead in all software run on Ethereum nodes.

Participants in deVamp will receive Vamp Badges, whereas those trying to game the system by depositing and immediately withdrawing will receive a sad pepe Quitter badge with a penalty of 4,000 points upon withdrawal.

To quell any possible abuse of deVamp, the platform is initially capped at 1,000 ETH.