The StakedEthToken is an ERC-20 contract. It reflects the deposits made by the stakers in the form of psETH tokens. The tokens are mapped 1 to 1 to ETH.
The total supply of psETH is the sum of all the StakeWise Pool's validators' effective balances, plus an additional amount of up to (32 ETH - 1 Wei) ETH awaiting inclusion into a new validator.
Interactions with the StakedEthToken contract are limited only to the addresses included in the WhiteListManager contract.
The psETH tokens are minted on every pool deposit 1 to 1 to the deposited ETH amount. The amount of psETH a staker holds will determine how much prETH they accrue.
An example of tokens' emission:
The deposit of 5 ETH is added to the StakeWise Permissioned Pool. The total supply of StakedEthToken contract is now 5 psETH.
The deposit of 28 ETH is added to the StakeWise Pool. The total supply of StakedEthToken contract is now 32 psETH. The new validator is now running for the Permissioned Pool.
The validator's balance has changed from 32 ETH to 33 ETH. The Oracles contract submits a total reward of 1 ETH to the RewardEthToken contract. The total supply in the StakedEthToken contract remains 32 psETH and the total supply of the RewardEthToken contract is 1 prETH.