Fluid launches weETH/wstETH vault
Fluid, a DeFi protocol, has announced the launching of the weETH/wstETH vault. It enables users to access a leverage farm of up to 10x. The borrowing limit is currently capped at 10,000 wstETH. Users on Fluid can leverage farm points in two simple steps. They first have to deposit the token and then use the leverage strategy. Unregistered users will first have to create an account with Fluid to proceed.
The development comes in association with ether.fi and EigenLayer, to offer the lowest borrowing rates. It has been appreciated by community members, with most of them saying that it is a capital-efficient way that requires users to navigate sparingly. The borrowing limit is expected to fill up faster, but Fluid could later expand it.
Many community members have also called it a useful feature since up to 10x leverage is available. Auto-strategy is expected to be at the center of the stage with its offering of weETH collateral deposit, wstETH borrowing, and swapping wstETH for weETH.
The development comes days after Fluid went live on InstaDapp Pro, serving several benefits like high lending APRs, high LTV, and better APRs. It also includes low liquidation penalties and high liquidation limits.
The last recorded value of fluid was over $82 million. The total supplied and total borrowed figures stood over $178 million and $95 million, respectively.
Ether.fi and EigenLayer have confirmed their participation in the launch of the weETH/wstETH vault on Fluid. Ether.fi is currently in the middle of Season 2, rewarding users who stake longer than others. The event is live from March 15, 2024, to June 30, 2024. Season 2 has received a total allocation of 5%.
StakeRank essentially comes with eight levels of ranks, wherein users can advance from one rank to another in every 100 hours of staking their ETH. Every rank level comes with a different number of loyalty points. Needless to say, the higher the rank, the higher the loyalty points.
EigenLayer is fresh from its mainnet launch. EigenLayer is undergoing a multi-phased approach to enhance its security and success. A phased rollout is being implemented to ensure adequate time is allocated for performance monitoring and testing.
Circling back to the launch of the weETH/wstETH vault on Fluid, there is currently a borrowing limit of 10,000 wstETH. There is no official confirmation, but it is speculated that the limit will eventually be increased with time. Users can leverage farms up to 10x by following two simple steps: deposit wstETH to the vault and utilize the leverage strategy. The development is associated with EigenLayer and ether.fi to offer the lowest borrowing rates.
Moving forward, Fluid could soon launch another vault offering.
