Understanding the withdrawals/rollover process

Sharedstake v1 is being sunset in favour of v2.

We invite all our users to withdraw their ETH or restake/rollover into sgETH for v2.

These are possible through the rollover and withdraw pages we've added to the website at https://sharedstake.org

Overview

  1. You deposit your vETH2 into either the rollover or withdraw contracts

  2. You wait a period of 2-3 wks

  3. We announce ETH has been buffered into the contracts

  4. You claim your tokens from the contracts

    1. If you picked Rollover or Restake you get sgETH. You then wrap the sgETH to wsgETH via the /wrap page to start earning yield

    2. If you picked withdraw you recieve ETH. You can then stake the ETH via the stake page directly into wsgETH

  5. Repeat

To have a smooth experience here's some things to keep in mind:

  • We need users to signal intent onchain to withdraw or rollover. To do this deposit your vETH2 into your preferred contract

  • We will wait a period of 1 week to buffer requests

  • At the end of the period, we will begin exiting validators

    • The validator exit process has 3 steps with variable durations:

      • A BLS change json to be broadcast

      • An exit message to be broadcast

      • Followed by a variable wait period to receive funds on chain

    • Once exits have occurred, ETH/sgETH will be buffered into the contracts for the next step

  • Validator exit times are out of our control but assuming it is complete within 1 week, the user can now redeem their sgETH/ETH

Some tips:

  • In the interest of security we will be exiting validators gradually so there is never maximal amount of ETH in any single address or contract

  • It may be prudent to exit in batches for larger holders. The contract will not work if your requested amount is greater than whats in it. This needs to be balanced against the need to signal intent onchain.

  • We will announce when there's ETH being buffered into the contracts and when there is excess . As it may be quicker or slower than our expectations

  • Users who rollover will need to go to the /wrap page and wrap their sgETH to wsgETH to begin earning yield

Incentives

Users that rollover will be included in our end of year airdrop and other airdrops we run through 2023.

Details soon.

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