Dinero (pxETH)

Dinero's pxETH is an Ethereum liquid restaking product with an unusually explicit split between liquid ETH exposure and yield. ETH deposits mint pxETH one-for-one; holders who want validator and restaking rewards deposit pxETH into Dinero's rewards vault for apxETH.

pxETH stays liquid while apxETH receives yield

pxETH is an ETH-pegged token for DeFi uses such as lending and liquidity provision, but it does not itself receive validator rewards. apxETH is an ERC-4626 rewards-vault share: validator rewards, after fees, compound into pxETH in the vault, increasing the pxETH represented by each share rather than rebasing the apxETH balance.

Because pxETH holders need not enter the vault, apxETH holders share rewards generated by more ETH than the pxETH inside it. EigenCloud restaking is included in that vault-side yield, making token selection central to the product rather than a cosmetic difference.

Validator rewards and a buffer for exits

Dinero stakes most deposited ETH through its validators, which earn consensus, execution-layer and MEV rewards that keepers distribute to the apxETH vault. A smaller unstaked ETH buffer helps the protocol work around 32 ETH validator increments and can fund faster redemptions when it has available ETH.

A pxETH holder can use the funded buffer for an instant ETH redemption at the stated 0.5% fee, or the normal route at the stated 0.03% fee. When validator exits are needed, the pending claim becomes an ERC-1155 upxETH token and remains dependent on Ethereum's validator exit capacity.

Withdrawal-pool liquidity and tokenized future yield

Dinero's withdrawal pool lets other users supply ETH and receive pxETH plus rewards when exit-sourced ETH is not readily available. The pool complements the buffer: it pays for providing ETH liquidity during an unstaking queue rather than distributing staking yield.

The protocol also lets apxETH-vault positions be split into ERC-1155 principal and yield tokens for selected reward periods. That adds tradable claims on future pxETH and vault rewards to a design already separating liquid pxETH from the auto-compounding yield position.

A different yield allocation from Lido

Lido's stETH is the direct contrast for someone who wants the liquid staking token itself to reflect pooled rewards through rebasing. Dinero keeps pxETH liquid but directs staking and restaking yield to apxETH holders, so moving between its two tokens changes both reward treatment and the position used for redemption.

The extra choice suits a holder deliberately reserving pxETH for DeFi while placing another portion in an auto-compounding vault. A single-token liquid-staking design is easier to follow when that separation is not useful.