What is PT-eETH-27MAR2026?
PT-eETH-27MAR2026 is a Principal Token for EtherFi's eETH, redeemable 1:1 for eETH at maturity on March 27, 2026.
EtherFi eETH Overview
eETH is EtherFi's liquid restaking token providing:
- Native Restaking: Built-in EigenLayer integration
- ETH Staking Yield: Base Ethereum staking rewards
- AVS Rewards: Additional yield from EigenLayer services
- Liquidity: Fully tradeable liquid restaking token
EtherFi pioneered liquid restaking and remains the market leader by TVL.
Medium-Term Fixed Yield
This March 2026 maturity provides:
Advantages:- Lock in current restaking yields for several months
- Less capital commitment than longer maturities
- Opportunity to reassess market conditions sooner
- Shorter duration = smaller total return
- More frequent position management needed
- May have different liquidity characteristics
How PT Works
- Buy at Discount: PT trades below eETH's value
- Hold Period: Until March 27, 2026
- Redemption: Each PT = 1 eETH
- Your Return: The initial discount is your profit
Restaking Yield Sources
eETH's variable yield comes from:
- Ethereum consensus layer rewards
- Execution layer tips and MEV
- EigenLayer AVS payments
- Protocol incentives and points
PT converts all of this to a predictable fixed return.
Risks
- EtherFi Risk: eETH depends on EtherFi's validator operations
- EigenLayer Risk: Additional smart contract exposure
- Slashing Risk: Both Ethereum and AVS slashing possible
- Opportunity Cost: Miss upside if restaking yields surge
- Smart Contract Risk: Multiple protocol layers