Restaking / cmETH
Status: Under Development
The contents of this page are currently under development and may be updated frequently without prior notice. It is not recommended to use the information on this page for production purposes.
Simplified Diagram
Key Points
BoringVault and related system components have been provided in cooperation with Veda. For more information, visit: https://docs.veda.tech/architecture-overview. PositionManagers have been provided in cooperation with https://www.intotheblock.com/.
User Related
Deposits: Users deposit mETH and receive the cmETH receipt token (via the Teller contract ).
Withdrawals: Users redeem cmETH and withdrawal mETH (via the DelayedWithdraw contract).
cmETH: This is a single receipt token which represents a portfolio of underlying restaking positions and associated rewards.
Note:
[1] The Teller can handle multiple assets, but for mETH Protocol purposes it has been simplified to a single token (mETH).
[2] The Accountant determines the principle-to-receipt token ratios. For mETH Protocol this has been simplified to 1:1 as rewards will not be automatically sold into more principle tokens.
Vault Related
mETH Routing: Principal mETH held in the BoringVault and can only be transferred to approved addresses and positions, such as the PositionManager(s) and DelayedWithdraw.
Constraints: Transfers and other actions are constrained by the MerkleRoot and MerkleProofs, which utilizes Merkle Verification technology (see Merkle Verification for details).
MerkleRoot Updates: Only the Security Council can update the MerkleRoot (thereby updating modifying the constraints).
Rebalancing: StrategistNodes can request to rebalance the mETH, but this must be accompanied by Merkle Proof(s), which are compared against the MerkleRoot.
PositionManagers
Design: PositionManagers are simple and unupgradable smart contracts controlled by the BoringVault.
Purpose: 1) To simplify and limit the number of permitted function calls from the BoringVault. 2) To enable integration with the latest changes in third-party restaking protocols by allowing us to set up, audit, and test new PositionManagers before connecting them to the BoringVault and routing mETH.
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