This step-by-step guide will help you unlock the full potential of restaking through EigenLayer using the Figment app. Discover how to seamlessly set up an EigenPod, deposit ETH to a validator, and delegate to the public Figment EigenLayer Operator, amplifying your security and rewards across multiple networks.

What is Restaking?

Restaking is an advanced process within the Proof-of-Stake (PoS) framework where a single staked asset, such as Ethereum (ETH), is used to secure multiple networks, protocols, or applications simultaneously. This is not merely about earning multiple rewards; it’s also about amplifying the security across various chains by leveraging the staked assets of a more established network like Ethereum. 

EigenLayer is the first implementation on Ethereum that facilitates the re-staking of ETH. By using EigenLayer, token holders can deposit their ETH to activate new validators while opting to re-stake their ETH across chosen networks for additional security roles. This process is managed through a series of specialized smart contracts, each serving a specific function within the EigenLayer ecosystem.

How to Re-stake using Eigenlayer Through Figment: Step-by-step guide

Re-staking your ETH is a multi-step process that can feel complex and difficult. Fortunately, the Figment app will guide you through each step in the process and get you re-staked quickly and easily. The guide below will walk you through how to restake your ETH by creating an EigenPod, depositing to a validator, and delegating your restaked ETH to the public Figment EigenLayer Operator.   

Navigate to the Figment Staking App to get started staking Ethereum.

Locate the “Stake” button on the right. In this case, the button says “Stake gETH” since we are using the testnet in this example. To proceed with restaking, ensure the “EigenLayer Restaking” toggle is flipped ON. 

Below this, we can see the latest benchmarked price, Staking Rewards Rates (SSR), and how often rewards are distributed. As a reminder, when staking ETH, it must be in increments of 32. With the Figment Staking App, you create up to 250 validators at one time. 

Click the “Stake” button to proceed.

Now, let’s connect your wallet. Within the Figment application, you can connect any MetaMask or WalletConnect compatible wallet or clone. We recommend only having one wallet extension enabled at a time while using the app.

Through WalletConnect, there are several different custodian solutions available such as Fireblocks, Ledger, and more.

Native staking on Eigenlayer requires an EigenPod, a smart contract associated with your wallet address. The Figment application will automatically check for an EigenPod associated with the connected wallet.  If there is not one deployed on chain, it will manage the process of deploying it for you.  When you are ready to proceed, click “Deploy EigenPod”.

Once you click “Deploy EigenPod” it will prompt you to confirm this transaction in your wallet. Click “Confirm” and proceed.

Now, you will see an EigenPod address once the transaction is confirmed on chain. Once confirmed, you are able to select a validator location. Here, you can also select how much ETH you wish to stake using the slider on the left side. Once you have set your preferences, click “Continue”. 

As a reminder, the Figment app automatically sets the withdrawal address to the EigenPod, and the fee recipient address to the connected wallet. Review one more time to ensure that all your information here is correct, and then click “Confirm Stake”.

Again, it is very important to ensure all of this information is accurate.

Once you click “Confirm Stake”, a pop-up will appear indicating that Figment validators are now being fetched. Please note that this step can take up to five minutes – do not close or refresh the pop-up window during this period.

Once the validators are fetched, we will see the pop-up change to “Waiting for Signature”, and your MetaMask wallet should pop up on the right-hand side of your screen. If not, go ahead and check your wallet to sign the transaction. 

If you use WalletConnect, you will need to go to your wallet and sign the transaction just like any other transaction.

Once signed, the popup will say “Confirming Transaction”. Once the transaction has been confirmed, you will see a confirmation message. You will also receive an email shortly after you stake confirming the transaction went through, and then another email after the validators have become active.

Once activated, you will now see your validator in the Figment app dashboard. Click the “Awaiting Restake” button to continue with the restaking setup process.

A window will appear that will prompt you to “Verify” your restake. Click “Verify” to continue, and there will be a small transaction fee associated with this verification. Proceed by confirming the transaction in your wallet.

Once the verification transaction is completed, the Figment app will prompt you to select an EigenLayer Operator. To delegate to the Figment operator, ensure that the “Figment Public” operator is selected. Click “Delegate” to continue and confirm the transaction in your wallet.

Once the transaction is confirmed, you will see the screen below. Congratulations, you have successfully delegated your restaked ETH to the public Figment EigenLayer Operator.

Now back on the dashboard, you will see your restaking position now active. Clicking “Details” will allow you to view information about the validator such as the public key, staked balance, rewards, validator status, and the location. 

Staking Ethereum with Figment 

Figment believes EigenLayer is an important part of the Ethereum ecosystem and has been engaged for some time. Figment’s involvement includes:

• Being a member of the operator working group, testing EigenLayer and EigenDA,
• Partnering with liquid restaking protocols such as Renzo and Rio 
• Offering white-label solutions for unique staking strategies. 

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 500 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. 

Figment’s Protocol team has extensive Ethereum knowledge intended to help dive into the specifics such as rewards and staking information. Head here to learn more about Ethereum staking.

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, or investment advice. Figment undertakes no obligation to update the information herein.