jakiro
Author: DODO Research
Today Dr. DODO will take you to understand what projects are worth participating in Liquid Restaking Service (Liquid Restaking Service). This article will focus on four projects whose products have been launched but have not issued coins.
The long-standing weak Ethereum ecosystem is finally about to usher in a new wave of narratives. In addition to benefiting many L2 upgrades, the trend of re-pled has become Ethereum after EigenLayer opened up to increase the LST mortgage quota at the end of last year.The focus of the ceremonial ecosystem, EigenLayer has absorbed more than 500,000 $ETH TVL in just one month, and has exceeded US$1 billion. Now it has reached US$1.4 billion. It is currently the 12th-ranked superstar project of Ethereum TVL, and the first to use EigenLayer to verify it.AVS for services – EigenDA is also about to be launched. The narrative of DA services has also become a topic of attention in the market with the surge in Celestia’s token $TIA. EigenLayer not only keeps itself safe, but also brings a new track Liquid Restaking Defi (LRD)/ Liquid Restaking Token (LRT) liquidity re-staking service, as the name suggests, LRD’s project is to release the liquidity of LST (stETH, swETH, ETHx) in EigenLayer, and help users release liquidity by issuing staking voucher tokens (LRT)Sex, forming a new round of token dolls.
Today Dr. DODO will take you to understand what projects are worth participating in Liquid Restaking Service (Liquid Restaking Service). This article will focus on four projects whose products have been launched but have not issued coins.
What is Restaking?
As early as half a year ago, Dr.DODO introduced to you the concept of EigenLayer and its Restaking. Simply put, it is to pledge Ethereum in POS for you to have an additional layer of income.
After understanding EigenLayer, let’s explain the derivative projects under the Restaking narrative. By citing the pictures of Delphi Digital, you can have a good understanding of the four types of Restaking:
-
LSD Restaking:Save the LST (stETH, swETH, etc.) you obtained after depositing into the LSD protocol and then pledge it.
-
Liquid-LSD Restaking:Through LRD protocols such as KelpDAO, the LST is delegated to the LRD protocol and is deposited in EigenLayer instead and then pledged, while the user gets the staking credential token (LRT).
-
Native Restaking:Native re-staking means that the staker operating native nodes can also provide ETH to EigenLayer for re-staking.
-
Liquid Native Restaking:Native mobile re-polition refers to projects such as etherf.fi or Puffer Finance that provide small ETH node services, providing ETH in the node to EigenLayer re-polition.
KelpDAO
KelpDAO is a Restaking ecological project made by the LSD project Stader Lab. As mentioned above, it belongs to the Liquid-LSD Restaking type. It is currently open to deposit two LST tokens: stETH and Stader’s ETHx. However, due to the current EigenLayer LSTThe credit limit is full, so the deposit is currently suspended. In addition, the official also clearly stated that users who deposit KeplDAO will be able to receive EigenLayer points rewards.Currently, the protocol TVL exceeds 160M is the highest TVL project in the LRT field.
Source: kelpdao.xyz/restake
Renzo
Renzo is different from KelpDAO but belongs to the Liquid Native Restaking type product, which means that it is not limited by the EigenLayer LST deposit limit and is still able to deposit. However, it should be noted that the ETH deposited in Renzo is not open for redemption at the moment, and the mortgage certificate ezETHIt cannot be transferred to the position locked in the short term. The same team as KelpDAO also stated that users will be able to obtain EigenLayer points, and the current team background or financing information has not been disclosed, so early projects need to pay attention to risks.
Source: https://www.renzoprotocol.com/#what-is-renzo
Swell
Swell Network is an old LSD agreement. This time, the official recommendation also stated that it will enter the Liquid Restaking field. It is also a product of the Liquid Native Restaking type and will not be subject to the EigenLayer LST limit. Since Swell did not issue coins and had airdrop expectations, it will beIts LST token swETH has been favored by many airdrop hunters and is currently the second largest pledged asset in EigenLayer.
Source: Binance Research https://public.bnbstatic.com/static/files/research/monthly-market-insights-2024-01
Currently, only partial open stakes for LSD products are open. If you deposit ETH, you will get swETH tokens, while Liquid Native Restaking products are pledged by ETH to obtain rswETH to obtain rswETH.
Source: https://x.com/swellnetworkio/status/1743204726777450672?s=20
ether.fi
ether.fi is the same as the two projects mentioned above, and is also a product of Liquid Native Restaking. It has received a $5.3 million seed round of financing participated by BitMEX founder Arthur Hayes. Unlike LIDO, ether.fi adopts a decentralized, unmanaged methods to realize ETH staking, and announced the provision of re-staking services. Since it is native ETH re-staking, it can still be deposited without being affected by the EigenLayer LST limit, and its staking voucher token eETH (packaged token weETH) is also one of the few liquid LRT collateral certificate tokens.
Source: https://www.ether.fi/
Author’s opinion
The author believes that after the official launch of Bitcoin spot ETF in Q1 2024, the Ethereum ecosystem will be expected to rebound, and the three major narratives will be the main theme of the Ethereum ecosystem. The first is that Cancun upgrades directly favorable to the second-tier Ethereum ecosystem.The second is the EigenLayer re-pled ecosystem introduced today, and the third is the Web3 application project (game, payment, etc.) for Mass Adoption. The Liquid Restaking project introduced today is the most cost-effective way to participate in the EigenLayer re-pled track.You must deposit ETH into the relevant agreement to participate in eating more fish.
In addition to the four projects mentioned above, there are many people who are currently in preparation. For example, Puffer Finance, which was also introduced by Dr.DODO, has recently announced that it will participate in the re-pled, but since its products have not yet been launched, it is in this article.I won’t give more introductions, but you can also always pay attention to other projects in this track and participate moderately under controllable risks. Maybe you will be able to make a profit when waiting for the relevant agreement to issue coins.
