Ender Protocol has received investments from MH Ventures and LD Capital. In addition, Davos Protocol participated in the seventh session of the OKX Web3 wallet Cryptopedia in September 2023.
Ender Protocol is a liquidity staking protocol that allows users to mint centralized yield tokens and stake liquidity power tokens (END) that are fully collateralized by Ender Bond deposits. Ender will launch endETH and build a re-staking solution on the EigenLayer stack. In a tweet on January 31st, Ender Protocol described itself as a multi-functional protocol for liquidity staking, re-staking, yield separation, yield provisioning, LST-bond, deformable yield compression, meta-universe bond, liquidity staking-driven meta-universe, L2-EVOS, superfluid re-staking, and liquidity supply derivatives. Its goal is to become a yield trading protocol based on Pendle’s yield.
Users can mint Ender WL NFT#2 to qualify for early participation and receive ENDR airdrop. The token is not allocated to VCs or private rounds, and it is not distributed to internal personnel. Users can also participate in the Bond Liquidity Provision (BLP) event to receive airdrops.
Supermeta is a zkLayer2 specifically designed for liquidity re-staking. Users can deposit supported LSD into its Layer2 bridge and receive LST while also receiving automatic compounding rewards in ETH and EigenLayer. Supermeta’s LRT can be used as collateral or to increase liquidity on Supermeta’s native DEX.
Supermeta’s product is not yet live.
Tenet is a re-staking public chain that introduces the DiPoS consensus mechanism, allowing LSD from other networks to be re-staked into Tenet to protect the network and participate in governance. Tenet’s native token is TENET, which can be used to pay gas fees. TENET can also be staked to validators in exchange for tTENET tokens. Users can stake LSD from other blockchain networks to receive tLSD tokens. Tenet also adopts the ve token economic model, where TENET can be locked to generate veTENET.
Tenet also has a native stablecoin protocol to support the minting of all tLSD on Tenet. Its USD stablecoin is called LSDC (Liquid Stake Dollar), which can be used to pay off loans on the Tenet stablecoin protocol. During the genesis period, LSDC can be minted by re-staking LSD to the Tenet validator network. Users can borrow LSDC with no interest or earn interest through underlying collateral.
Tenet has already launched its mainnet test version.
Karak is a modular Layer2 with native risk management, re-staking, and AI-based infrastructure. Currently, users can earn XP rewards on Subsea.
On December 13th, 2023, Karak developer Andalusia Labs completed a $48 million Series A funding round led by Lightspeed Venture Partners, with a valuation exceeding $1 billion. Other investors include Mubadala Capital, as well as Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Money Group.
Omni Network is a re-staking blockchain that allows developers to access its applications across all Rollups. Omni validators are required to re-stake their ETH to participate in network consensus. Omni introduces a unified global state layer and uses re-staking on EigenLayer to ensure security. Re-staking can be used for cross-chain communication and lending between different Rollups.
In April 2023, Omni Network raised $18 million in funding, with participation from Pantera Capital, Two Sigma Ventures, Jump Crypto, Hashed, The Spartan Group, and others.
The infrastructure projects under Restaking include AVS, Rollup, and node operators in the EigenLayer ecosystem, which will be further reviewed later.
AltLayer is a Rollup-as-a-Service protocol. In December 2023, EigenLayer and AltLayer collaborated to launch Restaked Rollups. AltLayer aims to provide Restaked Rollups as a bundled solution for Rollups, allowing Rollup users to benefit from a single integration. Restaked Rollups can integrate decentralized ordering, fast finality, and composability into a single Rollup.
AltLayer is also one of the eight initial partners to implement data availability using EigenDA.
Exocore is a full-stack re-staking protocol that uses a modular architecture design and combines the Tendermint-based Byzantine Fault Tolerant (BFT) consensus mechanism, zero-knowledge (ZK) light client bridging, and fully compatible EVM execution environment. Exocore allows re-staking of any tokens supported on the chain, including native L1 and L2 protocol tokens, LST, DeFi LP tokens, stablecoins, and other tokenized assets, to provide cryptographic economic security for off-chain services. Exocore seamlessly interfaces with external L1 and L2 blockchains through a trustless cross-chain bridging mechanism without introducing additional trust assumptions. Additionally, Exocore introduces the concept of “alliance re-staking” where off-chain services can form an alliance to mutually expand their cryptographic economic security.
Exocore’s product is not yet live, but users can join the ecosystem on their website and apply as members, re-stakers, validators, and developers.
SSV Network is a decentralized open-source ETH staking network based on Distributed Validator Technology (DVT). In a tweet on January 4th, SSV announced its collaboration with EigenLayer for complementary re-staking. SSV claimed that a “mainnet” EigenLayer validator is running on SSV. Both EigenLayer and stakers can choose to delegate the validator responsibilities to SSV while maintaining the re-staking status of ETH on EigenLayer to earn additional rewards from the SSV incentive mainnet.
Hyperlane is a universal and permissionless interoperability layer built for modular blockchain stacks, allowing seamless communication between blockchains deployed on Hyperlane. Hyperlane partnered with EigenLayer last year, and they plan to launch AVS integration in early 2024.
In September 2022, Hyperlane raised $18.5 million in funding, with Variant leading the round. Other investors include Galaxy Digital, CoinFund, Circle, Figment, Blockdaemon, Kraken Ventures, and NFX.
Hyperlane has not announced any token information at the moment.
Ethos aims to re-stake Ethereum to Cosmos, allowing application chains to benefit from the economic security of Ethereum. Ethos uses the Mesh Security shared security solution and leverages the EigenLayer infrastructure by deploying AVS and relying on IBC to coordinate user rights between consumer chains. EigenLayer re-stakers deposit ETH into AVS on the Ethereum Layer1 and choose a node operator for delegation. Execution layer node operators have a default validator on each Cosmos consumer chain to delegate their virtual stake. Then, Ethos application chains coordinate the updated state to their respective consumer chains through IBC and handle subsequent rewards and/or penalties. This is reflected in the AVS contract on Ethereum L1 through off-chain relays.
Ethos is currently in the private testnet phase. On January 20th, Ethos announced that decentralized asset management protocol Sommelier Finance is its first launch partner.
In June 2023, Polygon launched Polygon 2.0, aiming to create a unified network of L2 chains supported by ZK technology to establish the “value layer” of the internet. Sandeep Nailwal, co-founder of Polygon, mentioned on Twitter in August 2023 that in Polygon 2.0, their new token POL is staked in a staking hub, and users can stake the same POL on different chains, a method called “enshrined restaking.”
Polygon 2.0 aims to eliminate reliance on third parties for re-staking, enhance ecosystem security, and reduce centralization risks.
LiNEAR Protocol is a full-chain liquidity staking and re-staking protocol within the NEAR ecosystem. Users can stake or re-stake ETH, NEAR, and other assets to earn rewards and receive LiNEAR, bLiNEAR, and LiETH tokens. LiNEAR represents LST, while bLiNEAR and LiETH are LRT tokens. LRT assets not only earn re-staking rewards but also earn PoS staking rewards.
According to DefiLlama data, LiNEAR Protocol’s Total Value Locked (TVL) is currently $61.63 million.
On January 17th, LiNEAR Protocol launched its governance token LNR and distributed it to active community members through a Genesis Airdrop, with a snapshot period from April 5th to December 31st, 2023. Users can claim LNR rewards by connecting their NEAR wallets before April 15th, 2024. LNR grants holders governance rights, including participation in re-staking and re-staking strategies, multi-chain deployment decisions, and more. The total supply of LNR from the Genesis Airdrop is 1 billion tokens, with 10% allocated to airdrops for LiNEAR stakers, 9% for team incentives over one year and distributed linearly over the next three years, 11% reserved for future airdrops, 8% for protocol development, 12% for marketing and operations, 27% for community programs, and 23% stored in the DAO treasury.
Octopus Network is a multi-chain network within the NEAR ecosystem that supports NEAR re-staking and adaptive IBC in its 2.0 version. Re-staking in Octopus includes two roles: validators and delegators. NEAR holders can participate in re-staking, with users able to execute Appchain nodes by staking at least 10,000 NEAR, and delegators needing to delegate at least 100 NEAR. 70% of the rewards from Appchains are allocated for re-staking rewards, and 30% are used for repurchasing OCT. The rewards are distributed based on the amount of NEAR re-staked by nodes, with higher re-staking amounts resulting in higher rewards.
The re-staking reward distribution cycle is one day, and NEAR re-staking rewards are automatically re-staked. However, users need to claim the re-staking rewards themselves.
The total supply of OCT tokens is 100 million, with circulating supply of 78.7 million OCT and a market cap of approximately $24.49 million. The current price is 0.3143 USDT.
Picasso was originally the Kusama parallel chain of the Composable Finance DeFi protocol and launched Mantis Games on Solana on January 28th. It introduced re-staking and initially accepted SOL, jitoSOL, mSOL, and bSOL. The vault was initially launched with 50,000 SOL, and it will be increased to 150,000 SOL and 500,000 SOL. Users who hold MANTIS Games NFTs can form teams. The first round of Mantis Games has ended with a total of 50,000 SOL deposited, and a total reward of 17.5 million PICA tokens was distributed. The vault APY for re-staking is as high as 67.04%. The second round of Mantis Games is about to begin.
On January 31st, Picasso announced its collaboration with Solend to integrate cTokens (including cUSDC, cSOL, cUSDT, cSLND) and plans to use them for re-staking on Solana. Users can re-stake cTokens within Picasso’s re-staking layer (Solana IBC) on Solana to leverage their liquidity and earn composite yields.
Picasso’s native token is PICA, with a total supply of 10 billion tokens, circulating supply of approximately 450,000 tokens, a market cap of approximately $73.32 million, and a current price of 0.016 USDT.
Babylon is a Bitcoin re-staking protocol that allows Bitcoin holders to re-stake BTC on PoS blockchains to earn staking rights and rewards without the need for third-party custody, cross-chain, or wrapping. In a tweet on October 11th, Babylon stated that its protocol can achieve re-staking of Bitcoin. Babylon’s Bitcoin re-staking testnet is not yet live.
On December 7th, Babylon, the Bitcoin re-staking protocol, completed an $18 million funding round led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, OKX Ventures, IOSG Ventures, and others.
Yield 24 is a liquidity re-staking protocol that operates on BNB Chain, Ethereum, and Polygon, among other EVM-compatible chains. Users can re-stake their ETH, BNB, BTC, stablecoins, or LRT in the protocol. Currently, Yield 24 has integrated Stader and Ankr Liquidi Staking, two liquidity staking platforms and validators, on BNB Chain. Users can stake BNB to receive yBNB and earn native token Y24 rewards from Yield 24.
Beradrome is a re-staking and liquidity market on Berachain, featuring ve (3,3) tokenomics, built-in bribing, voting mechanisms, and more. The Beradrome NFT series is called “Tour de Berance.” There are no significant developments regarding re-staking in Beradrome at the moment.
The total supply of Beradrome tokens is 100,000, and holders of “Tour de Berance” NFTs can receive token airdrops.
For more information, refer to the following articles:
– An Introduction to Ethos
– A Look at EigenLayer: Technology, Community, and Future
– TVL Surpasses $3.6 Billion: Overview of 6 Ethereum Re-staking Protocols
– Ethereum’s “Re-staking Track” Regains Attention: Overview of 5 Potential Projects Yet to Be Launched.