This article discusses six mainstream Ethereum re-staking protocols, with a total TVL of $3.526 billion, accounting for 5.2% of the total staked value on the Ethereum Beacon Chain. Ethereum derivative assets are continuously growing in the “nesting doll” ecosystem.
EigenLayer:
EigenLayer is an Ethereum-based re-staking protocol that provides Ethereum-level security for the entire Ethereum crypto-economic system. It allows users to re-stake native ETH, LSDETH, and LP Tokens through the EigenLayer smart contract and receive validation rewards. This enables third-party projects to enjoy the security of the Ethereum mainnet while earning additional rewards, creating a win-win situation.
TVL: $2.045 billion
ether.fi:
ether.fi is a non-custodial liquidity staking platform that launched the eETH liquidity staking token on the mainnet on November 12, 2023. Users can stake ETH on ether.fi and receive the protocol’s LST (eETH), which can be used to generate more returns in the entire DeFi ecosystem, including re-staking on EigenLayer. Users retain control of their private keys while delegating Ethereum validator operations to node operators. Each validator generated through the protocol is represented as an NFT. Ethereum stakers who deposit at least 32 ETH will hold an NFT representing their economic interest as a validator.
ether.fi has announced its roadmap for the first half of 2024. The team plans to conduct the TGE in April, with other key dates including the release of the DAO framework in February and the tokenomics document in March. Additionally, the mainnet v3 is scheduled to be released in early Q2.
TVL: $509 million
Swell Network:
Swell Network is an Ethereum liquidity re-staking protocol where users can collect Pearls by staking swETH and providing liquidity. These Pearls can be exchanged for SWELL tokens in a token generation event later this year, with a distribution of 50 million SWELL tokens (5%). Swell Network launched the re-staking token rswETH (Restaked Swell Ether) on January 30th, allowing users to earn Pearls, EigenLayer points, and future re-staking rewards, providing unrestricted access to EigenLayer restaking and accumulating restaking rewards.
TVL: $451 million
Kelp DAO:
Kelp DAO is a re-staking project on the multi-chain LSD platform Stader Lab. It has built the Liquid Restaked Token (LRT) solution based on EigenLayer using rsETH. Kelp DAO stakers can earn Kelp points, and the Ethereum in the project’s treasury is also staked on EigenLayer, providing shared points for community users. Within just 6 days of its launch on December 19th, 2023, Kelp DAO attracted approximately 38,000 ETH deposits.
TVL: $255 million
Renzo:
Renzo is a liquidity re-staking protocol that is already live on EigenLayer’s mainnet. Its core is ezETH, a Liquid Restaking Token (LRT). Users can mint this token by depositing Ethereum or LST into Renzo. ezETH can be further used in other DeFi protocols to earn compound returns. Renzo abstracts all complexity for end users, allowing them to participate in the EigenLayer ecosystem’s re-staking with low barriers. As a native re-staking product, its advantage lies in being able to fully stake without being constrained by EigenLayer LST deposit limits.
On January 15th, 2023, Renzo, the liquidity re-staking protocol in the EigenLayer ecosystem, announced the completion of a $3 million seed round, led by Maven11, with participation from SevenX Ventures, Figment Capital, and IOSG, among others.
TVL: $155 million
Eigenpie:
Eigenpie is a re-staking protocol based on Ethereum that allows users to re-stake native ETH, LSDETH, and LP Tokens through the EigenLayer smart contract and receive validation rewards. It is jointly launched by the decentralized liquidity aggregation protocol Magpie and EigenLayer. Eigenpie uses the smart contract technology of EigenLayer to provide LRT services to users, allowing them to simultaneously earn passive income from Ethereum staking and EigenLayer without the need for a lock-up period.
Isolated Liquid Restaking (ILR) tokens are re-staking certificates generated by Eigenpie. They can only be minted by depositing specific LST and not by depositing a basket of different LSTs. Users can deposit their LST into Eigenpie to obtain the LRT version of their specific assets. The ILR tokens received when depositing LST into Eigenpie will retain their original names with the prefix “m”.
The native token of Eigenpie is EGP, with a total supply of 10 million, distributed as follows: IDO (40%), community incentives (35%), Magpie Treasury (15%), and early supporters airdrop (10%). EGP tokens will be introduced through a fair launch, without VC or pre-sales. The team has officially abandoned token distribution and will allocate 15% of the EGP tokens to the Magpie Treasury.
On September 8th, 2022, Magpie Protocol announced the completion of a $3 million seed round, with participation from Jump Crypto, ArkStream Capital, Sandeep Nailwal, GSR Markets, Parafi Capital, Republic Capital, Big Brain Holdings, Serafund, Faculty Group, MH Ventures, D1 Ventures, Apollo Capital, and others.
TVL: $111 million