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HashKing is introducing a new way to stake Ethereum. Instead of generating withdrawal credentials, you can stake 32 ETH and receive an NFT that represents your stake, protocol rewards, and MEV fees. This NFT can be used in DeFi and can earn additional yield.
The Stake & Mint process is simple. You just need to visit the HashKing website, interact with the smart contract, and send 32 ETH to stake. The smart contract will mint an NFT and transfer it to your wallet. This new user flow simplifies the staking process and makes it easier for you to manage and represent your ownership of an Ethereum validator.
Here are some of the key benefits of using Ethereum Validator NFTs:
- They are easier to manage than traditional withdrawal credentials.
- They can be used in DeFi to earn additional yield.
- They represent your stake, protocol rewards, and MEV fees in a single token.
The primary action that owners of HashKing Validator NFTs can take is to transfer ownership. When the ownership of the NFT is transferred, the ownership of the associated validator changes accordingly. This means that the NFT essentially carries control of the validator.
Once withdrawals for Ethereum staking are enabled, users can request validator exits by owning the NFT. In the future, NFT owners will also be able to withdraw the principal deposit, protocol rewards, and claim MEV fees and priority tips. There may also be potential use cases to unlock collateralization for liquidity purposes.
Here are some of the key takeaways:
- Protocol rewards and the staking principal are sent to a secure wallet contract that is created for each validator.
- MEV (Maximal Extractable Value) and priority tips are sent to a vault operated by HashKing.
- Owners of HashKing Validator NFTs can transfer ownership, request validator exits, and withdraw rewards.
- In the future, NFT owners may be able to unlock collateralization for liquidity purposes.