• Mon. Jul 22nd, 2024

Potential Karak Airdrop: Guide to Earning Karak XP

How to Earn Karak XP

Karak is a restaking platform for multi-chain assets, and users can earn Karak XP by restaking on the platform, referring others, and restaking on Pendle. 


Key Takeaways

  • Karak Network is a restaking platform that offers support for multi-chain assets such as Ethereum, Solana, and Layer 2 tokens. 

  • It was launched in 2023 and successfully raised $48 million in a Series A funding round led by Lightspeed Venture Partners with support from Coinbase Ventures, Pantera Capital, and more. 

  • Users can now earn Karak XP by restaking on the platform and referring others to use Karak.


Karak Network is a universal multi-chain restaking layer that is designed to provide cryptoeconomic security across various blockchain networks. It supports a broad range of assets, including Ethereum, Solana, and Layer 2 tokens. Users are able to allocate their assets to a Distributed Secure Service on the Karak network which enforces additional conditions that might lead to penalties in order to ensure integrity and security. 

The restaking platform also operates as a marketplace where developers incentivize validators to allocate their restaked assets without diluting the value of their tokens. Unlike other methods which include applications issuing their own tokens as validator rewards or building a new trust network from scratch, this method reduces the financial and temporal investment required.

Karak network launched in 2023 and successfully raised $48 million in a Series A funding round in December 2023. Lightspeed Venture Partners led the round and received participation from Coinbase Ventures, Pantera Capital, Mubadala Capital, Framework Ventures, and more. The funding round pushed Karak’s valuation to over $1 billion.

Users can now join the Karak XP Program which incentivizes participation on the platform by rewarding users with Karak XP through restaking and referrals. With a variety of assets to choose from and the opportunity to earn Karak XP, now is a good time to interact with the platform!

However, do note that no specific details on a token airdrop or the required steps to participate have been announced by the Karak team. Therefore, proceeding with the steps below to join the Karak XP program does not guarantee an airdrop allocation. 

Step 1: Enter Your Invite Code

Head to https://app.karak.network/ and provide your invite code in order to start earning XP. 

If you do not have any friends already on Karak, we recommend joining the official Karak Discord channel or browsing through the official Karak Twitter page to see codes being shared by others.

You can access these two channels here.

Karak Discord: https://discord.gg/7nJEVrw4Fh 

Karak Twitter (X): https://twitter.com/Karak_Network 

Step 2: Connect Wallet

In the top right corner, choose to Connect Wallet. 

There are a few options to choose from and in this guide we will proceed with MetaMask.

Step 3: Choose Your Restaking Asset

Once your wallet is connected, you can view the Restaking page to see all your options which include stablecoins, liquid staking, and liquid restaking. 

You can also view the various pools available which include Ethereum, Mantle, BSC, Arbitrum, and K2 at the time of writing.

As you can see, different assets also provide multipliers or additional points. For example, restaking Ethena Staked USDe will also give you 5x Ethena Sats. We recommend that you go through all the options to consider which asset and additional reward will be the most advantageous to you. 

In this guide, we will be restaking Mantle Staked Ether (mETH) which is one of the assets that will give us a 2X Karak multiplier.

Do note that the steps required to restake these assets will differ between the assets. Therefore, we recommend that you also take into consideration your familiarity with the different platforms and blockchains.

Step 4: Get mETH

Go to https://meth.mantle.xyz/stake and Connect your wallet in order to stake your ETH and receive mETH. 

Make sure to toggle on the Bridge to L2 after Staking in order to receive your mETH on the Mantle Network.

Submit your transaction and sign in your wallet pop-up window.

Step 5: Restake mETH

Back on Karak, select to restake Mantle Ether and input the amount to deposit. Submit your deposit transaction and sign your wallet pop-up window. You will need to have some MNT in your wallet to pay for gas fees. 

Step 6: Invite Others

Proceed to your Portfolio in the top menu bar.

On this page, you can view how much Karak XP you have earned, how many users you have referred to Karak, as well as your referral codes to be shared. 

You will receive 10% from the amount of XP your referral accumulates on Karak.

Step 7: Restake on Pendle (Optional)

This is an optional step to earn Karak XP outside of the Karak platform. 

Head to https://app.pendle.finance/trade/points and search for Karak. At the time of writing, both sUSDe and USDe pools have reached their cap. 

You can choose to restake eETH and earn 1.5X Karak multiple, 3X Ether.Fi multiplier, and 1X EigenLayer multiplier. If you are already farming or keen to start farming for the second round of airdrops from Ether.Fi and EigenLayer, this is an ideal option to earn points.

When restaking eETH in the Karak pool on Pendle, you have three options to choose from. 

YT eETH means that you will receive a 31X Karak multiplier, 62X Ether.Fi multiplier, and 21X EigenLayer multiplier. The multiplier will also increase as the pool moves closer to maturity. However, do note that upon maturity, your position will have 0 value. 

Meanwhile, LP eETH lets you earn yield on your position while also earning points on Karak, Ether.Fi, and EigenLayer, though at a lower rate than YT. 

Lastly, PT eETH means that you forego earning any points, instead choosing to only earn yield at a fixed APY. 

Conclusion

Karak Network is a project that offers a versatile platform for restaking a wide variety of assets and enhancing cryptoeconomic security across various blockchain networks. Its multi-asset approach makes it valuable in the development of an interconnected crypto ecosystem. Users can now earn Karak XP by restaking assets on the platform and referring others to it.