What is PT-eETH?
PT-eETH-25JUN2026 is a Principal Token for EtherFi's eETH, redeemable 1:1 for eETH at maturity on June 25, 2026.
Understanding EtherFi eETH
eETH is EtherFi's native restaking token that provides:
- ETH Staking Yield: Base Ethereum staking rewards
- EigenLayer Integration: Restaked on EigenLayer for additional yield
- Liquid Staking: Fully liquid and tradeable
- Non-Custodial: Users maintain control of their keys
EtherFi has become the largest liquid restaking protocol, pioneering the restaking narrative.
Restaking Value Proposition
eETH combines multiple yield sources:
- Ethereum Staking: ~3-4% base yield
- EigenLayer AVS Rewards: Additional yield from actively validated services
- Points Programs: Various point-based incentives
When you buy PT-eETH, you lock in a fixed version of these combined yields.
Fixed Yield Through PT
Purchasing PT-eETH converts variable restaking rewards to fixed returns:
- Buy at Discount: PT trades below eETH's current value
- Hold to Maturity: Wait until June 25, 2026
- Redeem 1:1: Each PT = 1 eETH
- Guaranteed Return: Discount becomes your profit
Maturity: June 25, 2026
At maturity:
- Redeem each PT for 1 eETH
- Process through Pendle interface
- Can unstake eETH for ETH if desired
Risks
- EtherFi Protocol Risk: eETH depends on EtherFi's operations
- EigenLayer Risk: Additional smart contract exposure from restaking
- Slashing Risk: Both Ethereum and AVS slashing possible
- Smart Contract Risk: Multiple protocol layers
- Opportunity Cost: Miss upside if restaking yields increase