The “My savETH” tab displays the default savETH index associated with your wallet. It contains all of the most important information in regards to your index. An index is a collection of validators.
My savETH Page Details
Index Name - You may select a public name for your index or keep it as default.
Total Rewards Earned - Total amount of staking rewards earned by all validators in your index.
My Assets - This section displays total dETH and total savETH associated with your index.
Index Yield - Displays the current yield of your savETH index compared to all index yields.
Index ID - The unique identification number associated with your index.
Total Number of KNOTs - The total number of validators in your index.
Contract Exchange Rate - This represents the average reported rate of yield (using the Balance Reporter) for all validators across the Stakehouse protocol.
Live Exchange Rate - This represents the consensus layer average yield of all validators across the Stakehouse protocol.
Withdraw All dETH - The My savETH tab also provides a function for you to withdraw all dETH associated with the index. This will result in all your savETH going into your index.
What is savETH?
SavETH is the minted share of a validator on the consensus layer when a validators is created in the Stakehouse registry. It ensures granular level traceability and accountability between the execution layer dETH and the underlying validator. It enables full fungibility for dETH at the universal level while users can retain ownership of their specific validator’s yield. In other words, savETH tokens are the communication between dETH tokens and the underlying validator.
How does savETH earn rewards?
As a validator earns staking rewards a user can run the Balance Reporter to ask Stakehouse to check a node for the balance of the underlying validator. If the validator has earned staking rewards and the balance of the underlying ETH has gone up, then the exchange rate of 24 savETH to the value of the underlying validator has gone up. The user who holds the savETH could then mint additional dETH tokens.
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