Pirex ETH is an Ethereum liquid staking solution that’s tailor-made for DeFi’s most active users. Its design gives users the flexibility needed to get the most out of their ETH in an ever evolving DeFi landscape. Pirex ETH has higher yield, a better user experience, and more opportunities.
However, we understand that its two-token design can be weird at first. As such, we’ve put together this guide to help you get started. By the end, you’ll know everything you need to start earning yield that scales.
Two-Token Design
Pirex ETH’s two-token system, consisting of pxETH and apxETH, diverges from other liquid staking solutions like Lido and Rocket Pool. Instead of the usual one token design, it offers users a choice: mint pxETH to prioritize liquidity and DeFi yields, or deposit to apxETH and opt for simple ETH staking yield.
pxETH
Users receive pxETH when they deposit ETH into Dinero’s Pirex ETH contracts. It is effectively a redeemable wrapper for ETH and maintains a 1:1 peg to ETH’s price. Functionally, it’s similar to WETH, except most of the underlying ETH is staked.
pxETH’s peg makes it easy for the Redacted DAO to expand integrations and create yield-earning opportunities across DeFi. For example, pxETH holders can provide liquidity across multiple DEXes, borrow against their pxETH, lend their pxETH, and more.
Holders of pxETH are sacrificing ETH staking yield in favor of the flexibility to pursue other sources of yield.
apxETH
If pxETH holders are sacrificing their underlying staking yield, then where does it go? That’s where apxETH, Pirex ETH’s second “token”, comes in. apxETH is an ERC-4626 vault share that users receive when they deposit pxETH into the auto-compounding rewards vault. Or, put simply: When they stake their pxETH.
After users enter the apxETH vault, they begin earning yield from the staked ETH underlying pxETH. For the astute reader, you’ll notice that there are some cool dynamics working in apxETH holders’ favor. If apxETH is earning yield from most of the staked ETH underlying pxETH, and not all pxETH holders are staked… that means apxETH earns boosted ETH staking yield.
At time of writing, apxETH offers the highest ETH staking yield in DeFi, which usually hovers between 8-12% APR.
Why Use Pirex ETH?
Pirex ETH stands out from other ETH LSTs by prioritizing users and delivering the highest yields for two distinct user groups. We recognize that not everyone is into DeFi farming or solely after ETH staking yield. Pirex ETH’s design ensures no one compromises on yield, regardless of their preference.
Depositing to Pirex ETH
To deposit to Pirex ETH, head over to https://dineroismoney.com/pxeth/deposit. There you’ll be presented with a basic deposit screen. You can either mint pxETH with ETH or mint apxETH with ETH as shown above.
Note: If you decide to mint pxETH first, you can always stake your pxETH as apxETH later using the “stake” tab on the UI.
Earning with pxETH
After you’ve minted pxETH, navigate to https://dineroismoney.com/pxeth/markets. There you’ll find a variety of yield earning opportunities. From DEXes, to lending markets, to whatever else is available. Please note that this page is not a real time tracker of all integrations, but rather our best attempt at aggregating them.
On the left side of the page you’ll see what the integration is, whether or not it’s a liquidity pair, and what chain it’s on.
On the right side of each row, you’ll see the estimated yield available for an integration. This yield is often paid in the protocol’s native token (e.g. CVX, AURA, BAL) and sometimes includes additional BTRFLY incentives.
As a pxETH holder, you must do your own research before participating in these opportunities as they each carry their own set of risks. If you’re new to hunting DeFi yields, our intern writes guides that can help you get started.
Earning with apxETH
Earning yield with apxETH is straightforward. Once you deposit your ETH, you just… do nothing and enjoy the highest ETH staking yield in DeFi.
You will realize your apxETH yields whenever you unstake and/or withdraw from the system.
Wrapping Things Up
To get started, head to dineroismoney.com and take a look around. If you have technical questions, check out the documentation here or join the Redacted Discord.
For updates, follow Redacted on X/Twitter.