Reward-bearing LRTs
Layerless LRT are Reward-bearing. At the same time, it's worth mentioning that EigenLayer restaking is characterized by a dual reward system.
First of all, we distinguish base restaking rewards in the form of an increasing amount of underlying LSTs to be obtained for 1 Layerless LRT (basic APY).
Secondly, in the future, Layerless Token Stakers will be able to vote on the delegation of restaked balance to selected EigenLayer Operators. These Operators can also pay out additional rewards in e.g. their ERC-20 token. The rewards obtained in this way will also become payable to Layerless LRT holders in the ratio of the amount of LRT they have to its total supply at the selected time.
Underlying (base) LST restaking rewards:
The LRT:LST ratio changes over time to include the accrued EigenLayer restaking LST rewards (base APY). For instance, at first 1 lrETH might be worth 1 rETH but after a year of restaking it will be worth more, e.g. 1.05 rETH. This is the most fundamental type of EigenLayer restaking rewards.
Additional ERC-20 restaking rewards:
As mentioned above, in the future Layerless Token Stakers will be able to vote on the delegation of restaked balance to selected EigenLayer Operators. These Operators can also pay out additional rewards in, for example, their native ERC-20 token.
Every LRT transfer has its onchain snapshot. Using this method we can read the LRT balance of any address from any point of time. To increase the intuitiveness and simplicity of the storage system and rewards claiming, we set and measure snapshots in days.
Moreover, we snapshot each LRT's total supply change (minting and burning) as well as the amount of newly received from EigenLayer restaking rewards. These 3 types of snapshots are all recorded in days. This way, we can calculate the share of any user in restaking rewards from any day completely onchain without any additional or external mechanism and delay.
All the received additional ERC-20 restaking rewards will be transferrable to the Layerless RewardsManager contract from which restakers will be eligible to claim these additional rewards.
The formula to calculate daily Layerless additional restaking rewards for a given asset:
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