vETH minting refers to the process in which users invest any amount of ETH to participate in the staking of Etherum 2.0 and obtain the corresponding vETH certificate. After the coin is minted, users can sell vETH at any time to obtain liquidity.vETH Minting
vETH will be divided into four stages to achieve complete decentralization. It is currently in the second stage of development. The ETH invested by users will be put into the official Ethereum 2.0 Deposit contract to complete the staking operation. This operation process is transparent and open, but the smart contract call process is more complicated. The contract calls involved are 4 levels of serial calls:
Multi-Signature » BatchDeposit » MintDrop » ETH 2.0 Deposit
The BatchDeposit contract is upgradeable, and a layer of proxy contract is encapsulated on it. There is a Worker account in the BatchDeposit contract, which can be replaced by a multi-signature operation. It is specifically used to store Deposit parameters on the chain. This Worker role is currently played by Bifrost. After the worker fills in the parameters, he can initiate another transaction that triggers Deposit. After multiple partners have signed and approved it, the ETH invested by the user will be deposited into the Ethereum 2.0 official Deposit contract.
The parameters filled in by Bifrost are currently provided by InfStones and Ankr respectively, and checked and confirmed by InfStones and Ankr before multi-signature approval. After each multi-signature operation is completed, Deposit transaction information will be publicly displayed in the community, and users can check their corresponding parameter information through Etherscan. Through these parameter information, the actual staking income can be queried and calculated. Before the Bifrost mainnet went live, staking proceeds were issued in the form of ERC20-vETH. After the Bifrost mainnet goes live, all ERC20-vETH will be mapped to the Bifrost mainnet, and subsequent staking proceeds will be reflected in the coin price adjustment formula. Ref: Bifrost Whitepaper