Extending the Capabilities of varETH

Metronome Synth extends its collateral support to accept varETH deposits.

2 min readMar 21, 2023

Overview

Recently you may have seen a trend with Metronome adding support for Liquid Staking Tokens (LSTs) such as vastETH (more on the way…). We have been working hard to complete the trifecta of integrating Vesper Grow Pool LSDs so users can fully maximize their capital efficiency and truly put their assets to work.

With the addition of varETH as a collateral asset, users unlock the ability to utilize their Vesper positions further and generate synthetic assets, while still earning Ethereum staking rewards from their original rETH position and additional yield from Vesper.

What is Rocket Pool?

With traditional staking out of reach for the average user, Rocket Pool set its sights on becoming the standard protocol layer for Ethereum 2.0. Their innovative design enables anyone to start earning rewards from the Beacon chain immediately, with as little as 0.01 ETH.

So how does it work? The process is very simple. Once users make their deposit, they will receive an rETH token representing the amount and timing of their deposit. The ratio also accounts for rewards earned by Rocket Pool node operators. As an added bonus, these rewards continually accumulate, and users can expect the value of their rETH to rise compared to ETH.

Users can optimize their earnings for even greater yields by combining these rewards with Vesper and Metronome. Win-win right? Learn more about Rocket Pool.

How to Deposit varETH into Metronome Synth

Head to the Metronome Synth app.
Select “Deposit”.
Choose your collateral; in this case, select “varETH”.
Enter the amount and click “Deposit”.
Confirm the transaction (make sure you have enough gas for the fees).
Once confirmed, you will see your collateral amount on the dashboard.
Next, click “Generate” and select your synth of choice.
Input the amount and check your health factor.
Confirm the transaction just like before, ensuring enough gas for the transaction.
Visit the dashboard to see your newly generated synths and stats.

For a more comprehensive overview, please check out our guide. If you would like to withdraw your funds and earnings, you can do so at any time.

Find out more about Rocket Pool

Feedback and Updates

Any feedback and suggestions during this beta period are encouraged and greatly appreciated as the team continues to work toward improving the protocol. Join our Discord to get involved. We thank everyone in the community for your support.