stETH Migration Tool
What stETH Migration Tool
The stETH Migration tool is designed to streamline the onboarding process of already restaked illiquid stETH. The migration tool is only available for stETH (EigenLayer).
Currently, the market cap of illiquid restaked stETH on EigenLayer stands at $3.1 billion. By issuing ultraETH against restaked stETH, it enhances liquidity and accessibility, making it easier for users to manage and increasing the usability of their restaked assets.
How to use stETH Migration Tool
The stETH Migration tool allows users currently restaking with stETH to move their restaked stETH to ultraETH without losing any EigenLayer points. It is a one-stop solution to make the existing illiquid stETH liquid.
On https://app.affinedefi.com scroll down and click on "Check if you qualify" button. Or go to https://app.affinedefi.com/restake/migrate
It will show your total stETH amount restaked on EigenLayer as "Total Unstakable Tokens."
You can put the amount you want to unstake.
Click on "Unstake" to start the migration of the tokens to ultraETH.
EigenLayer currently has a 7-day escrow period during which it holds the restaked stETH once the unstaking is requested. Then after 7 days you will need to click on Restake to receive ultraETH.
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