Restaking Protocol
EigenLayer
Token Issued: Not issued
Supported Staking Tokens: ankrETH, cbETH, wBETH, oETH, swETH, stETH, ETHx, osETH, etc.
Multiple Point Accumulation: EigenLayer Points
Kelp DAO
Token Issued: Not issued
Supported Staking Tokens: ETHx, sfrxETH, stETH
Multiple Point Accumulation: Yes
ether.fi
Token Issued: Not issued
Supported Staking Tokens: ETH
Multiple Point Accumulation: Yes
Eigenpie
Token Issued: Not issued
Supported Staking Tokens: swETH, wBETH, mETH, sfrxETH, rETH, stETH, etc.
Multiple Point Accumulation: Coming soon – EigenLayer Points
Renzo
Token Issued: Not issued
Supported Staking Tokens: ETH
Multiple Point Accumulation: Yes
Puffer Finance
Token Issued: Not issued
Supported Staking Tokens: stETH, wstETH
Multiple Point Accumulation: Yes
Swell Network
Token Issued: Not issued
Supported Staking Tokens: ETH
Multiple Point Accumulation: Yes
Stakestone
Token Issued: Not issued
Supported Staking Tokens: ETH
Multiple Point Accumulation: Not available
ClayStack
Token Issued: Not issued
Supported Staking Tokens: ETH, rETH, stETH
Multiple Point Accumulation: Yes
Inception
Token Issued: Not issued
Supported Staking Tokens: stETH, rETH, ankrETH, cbETH, wBETH, oETH, osETH, swETH, ETHx, sfrxETH, mETH, etc.
Multiple Point Accumulation: No
Sommelier Finance
Token Issued: Yes
Supported Staking Tokens: eETH, stETH, swETH
Multiple Point Accumulation: Yes
Astrid
Token Issued: Not issued
Supported Staking Tokens: stETH, rETH, or cbETH
Multiple Point Accumulation: Not available
GenesisLRT
Token Issued: Not issued
Supported Staking Tokens: ETH
Multiple Point Accumulation: Not available
Rest Finance
Token Issued: Not issued
Supported Staking Tokens: ETH, stETH, rETH, cbETH, etc.
Multiple Point Accumulation: Yes
Restake Finance DAO (RestakeFi)
Token Issued: Not issued
Supported Staking Tokens: LST
Multiple Point Accumulation: Yes
StakeEase
Token Issued: Not issued
Supported Staking Tokens: LST
Multiple Point Accumulation: No
YieldNest
Euclid Finance
Token Issued: Not issued
Supported Staking Tokens: ETH, LST
Multiple Point Accumulation: Yes
Rio Network
Layerless
LRTFi
Agilely
Entangle
Ion Protocol
Pendle
Token Issued: Yes
Supported Staking Tokens: eETH, reETH, ezETH
Multiple Point Accumulation: Yes
Equilibria
Maverick Protocol
Davos
Ender Protocol
Restaking Public Chains
Supermeta
Tenet
Karak
Omni Network
Restaking Infrastructure
AltLayer
Exocore
Token Issued: Not issued
Supported Staking Tokens: LST (product not yet launched)
Multiple Point Accumulation: No
SSV Network
Hyperlane
Ethos
Polygon Ecosystem
Polygon 2.0
Token Issued: Yes
Supported Staking Tokens: POL
NEAR Ecosystem
LiNEAR Protocol
Token Issued: Yes
Supported Staking Tokens: bLiNEAR, LiETH
Multiple Point Accumulation: Yes
Octopus Network
Token Issued: Yes
Supported Staking Tokens: NEAR
Solana Ecosystem
Picasso
Bitcoin Ecosystem
Babylon
BNB Chain Ecosystem
Yield 24
Token Issued: Yes
Supported Staking Tokens: ETH, BNB, BTC, stablecoins, or LRT
Multiple Point Accumulation: Yes
Berachain Ecosystem
Beradrome
Other
Origin DeFi
Redacted Cartel (Dinero)
2024 is predicted to be the “Staking Year,” and staking has become a recognized wealth code in the industry, from Cosmos and Solana ecosystems to Ethereum. With the increase in liquidity staking on Ethereum and the demand for capital efficiency, the issuance of EigenLayer tokens, the AltLayer airdrop, and Renzo’s financing information have ignited the Restaking war. Restaking, proposed by Sreeram Kannan, the founder of EigenLayer, allows ETH staked on Ethereum to be restaked on other consensus protocols to share Ethereum’s economic security, ensuring its own security and execution.
Currently, the airdrop point programs of Ethereum LRT projects such as Renzo, ether.fi, Kelp DAO, Eigenpie, Swell, and Puffer Finance have driven FOMO sentiment in the market. Apart from these mainstream projects, are there other opportunities in the Restaking race? In this article, we will provide a brief overview of the Restaking race and list 47 projects, including 20 Ethereum Restaking protocols and 7 full-chain LRT protocols. In addition to Ethereum-related protocols such as EigenLayer, LRTFi, and infrastructure, we have also compiled some Restaking projects on other public chains such as Cosmos, NEAR, Solana, Bitcoin, BNB Chain, Polygon, and Berachain to share with readers.
EigenLayer is an Ethereum Restaking protocol and the leader in the Restaking race. It supports staking tokens such as ankrETH, cbETH, wBETH, oETH, swETH, stETH, ETHx, osETH, and even allows Ethereum validation nodes to restake native ETH. According to DefiLlama data, EigenLayer TVL has exceeded $2 billion, increasing more than 7 times since December 18.
Recently, EigenLayer launched the second phase of the EigenLayer and EigenDA testnets, with the mainnet set to launch in the first half of 2024. The third phase will introduce Active Validator Services (AVS) in addition to EigenDA, and is expected to enter the testnet and mainnet in 2024. EigenLayer also plans to provide a “Shared Security” mode for DApps, allowing protocols to join the network by leveraging the shared Ethereum staking pool. Additionally, the Ethereum staked on EigenLayer (currently over $1.7 billion) can be simultaneously utilized by all services developed on the network to achieve a common security mechanism.
In February 2023, EigenLayer’s team, EigenLabs, completed a $50 million Series A funding round, led by Blockchain Capital with participation from Coinbase Ventures, Polychain Capital, Hack VC, Electric Capital, IOSG Ventures, and others. The valuation terms were not disclosed.
While EigenLayer has not issued tokens yet, it has introduced “Restaking Points” that are distributed based on the duration and amount of restaking. Currently, EigenLayer has extended the restaking open window to February 6th to February 10th and removed the limit for all LST tokens.
Kelp DAO is a multi-chain liquidity staking platform founded by the creator of the liquidity staking protocol Stader Labs, which is the second-largest LSD protocol on Polygon and BNB Chain. According to DefiLlama data, Kelp DAO’s TVL is currently $255 million.
Kelp DAO is currently building an LRT solution on EigenLayer, with the restaking token being rsETH. Supported LST tokens include ETHx (Stader), sfrxETH (Frax), and stETH (Lido). Users can restake the mentioned assets to obtain rsETH, and the price of reETH is based on various rewards and the underlying price of staked LST. rsETH can be used in other DeFi protocols.
Kelp DAO has launched the Kelp Miles incentive program. Kelp Miles tracks users’ contributions to Kelp and determines future reward distribution ratios. Kelp Miles depends on the amount of LST restaked by the user and the duration of restaking. Users who restaked LST between December 12, 2023, and January 1, 2024, will receive 1.25 times the Kelp Miles rewards for the next 3 months. Users who restake LST after January 1st will receive regular Kelp Miles rewards.
Additionally, all users who restake on Kelp before the deposit cap is closed on EigenLayer are eligible to receive EigenLayer Points, which will be distributed based on the amount of LST deposited by the user.
ether.fi is a liquidity staking platform that launched its liquidity restaking token eETH on November 15, 2023. It allows users to collateralize their ETH to earn staking rewards and automatically restake their ETH in EigenLayer without the need for manual restaking. eETH can be used in protocols such as Pendle, Curve, Balancer, Maverick, Gravita, Term Finance, and Sommelier. Users can package eETH into weETH, which can also be used in DApps such as Balancer, Gravita, Pendle, Aura, and Maverick. Additionally, ether.fi will soon introduce Staders, which can be staked for eETH. According to DefiLlama data, ether.fi’s TVL is currently $507 million.
ether.fi has launched a loyalty points system where eETH or weETH holders can earn 100% loyalty points and EigenLayer points. Loyalty points will be used for decentralized governance and are non-transferable. Loyalty points = staked ETH * 1000 * staking duration.
Eigenpie is a SubDAO organization under the multi-chain yield protocol Magpie that offers liquidity restaking services. Users can restake their swETH, wBETH, mETH, sfrxETH, rETH, stETH, and other LST assets in Eigenpie. Since the opening of the LST deposit window on January 28th, the TVL has exceeded $100 million and is currently at $116 million. The deposit window will remain open until February 10th at 03:00 Beijing time.
On January 23rd, Eigenpie announced the token economics of EGP, with a total supply of 10 million tokens allocated to IDO (40%), community incentives (35%), Magpie Treasury (15%), and early supporters airdrop (10%). Eigenpie is committed to introducing EGP tokens through a fair launch with no participation from VCs or pre-sale activities, ensuring equal opportunities for all participants. The team has relinquished token distribution and allocated 15% of EGP tokens to Magpie Treasury.
Eigenpie has now launched a point reward system where users can earn 1 Eigenpie point per hour for every 1 ETH worth of LST deposited. Depositors also receive double points for the first 15 days before the deposit, and these points can be used for airdrops and participation in the IDO.
Renzo is an Ethereum staking protocol built on EigenLayer. Its mainnet launched on December 18th last year and introduced native ETH restaking, allowing users to earn ETH restaking rewards and 100% EigenLayer points. For every LST or ETH deposited, users will mint an equivalent amount of ezETH. Renzo operates a decentralized Ethereum validator infrastructure supported by Figment and P2P.org, allowing unlimited participation in EigenLayer. When users deposit native ETH, they need to reach a minimum threshold of 32 ETH and stake it through Ethereum’s beacon chain validator nodes. Renzo will also launch a Trade feature. According to DefiLlama data, Renzo’s TVL is approximately $155 million.
On January 16th, 2024, Renzo completed a $3.2 million seed funding round led by Maven11, with participation from OKX Ventures, IOSG Ventures, Figment Capital, SevenX Ventures, and others, with a valuation of $25 million.
Renzo has now launched the ezPoints rewards program, where users holding ezETH can earn 1 ezPoint per hour, and early users will also receive additional rewards. Users who provide liquidity to the ezETH/WETH pool will receive double ezPoints rewards and can invite new users to earn exPoints.
Puffer Finance is a native liquidity restaking protocol built on EigenLayer. It consists of validators and node operators (NoOps) where users can execute validators and retain 100% PoS rewards (including execution rewards and consensus rewards) with only 1 ETH. NoOps can delegate the ETH in their validators to restaking operators (ReOps) in exchange for restaking rewards, and NoOps have autonomy in choosing their MEV strategies. Stakers can deposit any amount of ETH to receive the native liquidity restaking token (nLRT) pufETH. PufETH also adopts Compound’s cToken mechanism, making it fully compatible with DeFi protocols, and its value increases with the increase in validator tickets and PoS restaking rewards.
What sets Puffer’s nLRT apart from other LRTs is that nLRT can earn traditional PoS rewards and restaking rewards, while other restaking protocols only provide points rewards related to their native tokens.
On September 1st, 2023, several Ethereum liquidity staking providers, including Rocket Pool, StakeWise, Stader Labs, Diva Stake, Puffer Finance, and Swell Network, pledged (or are pledging) to limit their holdings to no more than 22% of the total staked amount, aiming to address the increasing centralization issue in the Ethereum staking market.
Puffer Finance completed a $5.5 million seed funding round in August 2023, led by Lemniscap and Lightspeed Faction, with participation from Brevan Howard Digital, Bankless Ventures, Animoca Ventures, KuCoin Ventures, DACM, LBank Labs, SNZ, Canonical Crypto, 33DAO, WAGMI33, Concave, and angel investors such as Lightspeed Partner Anand Iyer, Eigen Layer founder Sreeram Kannan, Coinbase Staking Business Director Frederick Allen, F2pool and Cobo co-founders Shen Yu and Fang Zhong, Curve core contributor BlockMr, North American Blockchain Association President Ramble, Eigen Layer Chief Strategy Officer Calvin Liu, Obol Chief Commercial Officer Richard Malone, and Staking Community Leader Ladislaus von Daniels.
On January 30th, Binance Labs announced its investment in the LRT protocol Puffer Finance, but the specific investment amount was not disclosed.
Puffer Finance will soon open staking for ETH, stETH, USDT, and USDC, and users will receive rewards in both Puffer and EigenLayer points. Additionally, Puffer Finance launched the Crunchy Carrot event on January 30th, where users can link their Twitter accounts and wallets, choose “Family,” and retweet the event tweet to earn points and view the leaderboard. Currently, Puffer Finance has ended the first phase of staking ahead of schedule, and the second phase has started with a TVL surpassing $150 million.
Swell Network is an Ethereum staking protocol that launched the restaking token rswETH (Restaked Swell Ether) on January 30th this year. It provides unlimited access to EigenLayer Restaking points and can be used in DeFi protocols while continuing to accumulate points.Restaking Rewards. Currently, the rewETH 1.0 version allows users to deposit ETH to receive rswETH and accumulate restaking rewards in the form of Pearls and EigenLayer Restaked points. According to DefiLlama data, Swell TVL is $457 million and Swell Liquid Restaking TVL is $4.43 million.
On March 14, 2022, Swell Network completed a $3.75 million financing round led by Framework Ventures. Swell Network’s native token, SWELL, has not been launched, and the tokenomics have not been announced.
Stakestone is a one-stop full-chain LST staking protocol that aims to bring native staking rewards and liquidity to Layer2. It not only supports top-tier staking pools but also allows restaking and will integrate EigenLayer. StakeStone supports ETH beacon chain restaking and LST restaking and aims to become a leading protocol in the restaking track. According to DefiLlama data, StakeStone TVL surged from $4.17 million to $542 million in just 3 weeks from December 15, 2023, to January 3, 2024, and the current TVL is $669 million. StakeStone also actively participated in the incentive activities of Manta, providing $720 million in liquidity out of Manta’s $9 billion TVL.
StakeStone’s native LST has been officially upgraded to full-chain LRT. STONE is a LayerZero-based OFT that can be seamlessly used in multi-chain liquidity markets through STONE-Fi, including DEX, AMM, lending, stablecoins, derivatives, GameFi, SocialFi, etc. STONE does not adopt a rebase mechanism but is similar to Lido’s wstETH in generating returns. In other words, the quantity of STONE does not change with the income generated by ETH staking, but its value increases as the income from ETH staking increases. This is similar to the utility of Puffer’s cToken model.
StakeStone has not yet launched its token and is expected to launch a related airdrop campaign. Currently, users can stake ETH in StakeStone and earn rewards from the STONE-Fi ecosystem.
ClayStack is a liquidity staking platform that entered the Ethereum restaking field through EigenLayer on January 24. ClayStack has changed its Ethereum liquidity staking token, csETH, to a restaking token and will use the Ethereum restaking protocol EigenLayer to provide new services. Currently, ClayStack supports ETH, rETH, and stETH restaking in the protocol. According to DefiLlama data, ClayStack TVL is currently $3.96 million.
CLAY is the native token of ClayStack and will be announced for issuance in February, providing users with reward points in a 1:1 ratio before the token is released. The total supply of CLAY is 100 million, and 5% of the tokens will be distributed to the community through Initial Governance Diversification (IGD) plan.
Users can stake ETH or LST to earn CLAY points and EigenLayer points without limits. During the IGD period, users can earn more CLAY rewards. As weekly ETH deposits increase, the demand for csETH will also increase, and the distribution of CLAY points will increase.
Inception is an isolated liquidity restaking protocol that supports restaking various LSTs such as stETH, rETH, ankrETH, cbETH, wBETH, oETH, osETH, swETH, ETHx, sfrxETH, mETH, and issues isolated liquidity restaking tokens (iLRTs). iLRTs can be used in DeFi protocols and remain isolated from the underlying LSTs. Inception has launched on the Ethereum mainnet with a current TVL of $65,000. Inception will also expand to other Layer2 networks and integrate multiple DeFi protocols.
According to the roadmap, Inception will start private round financing in the first quarter of 2024 and launch the mainnet. In the second quarter, it will launch the TGE (Token Generation Event) and develop full-chain LRT. InceptionLRT will launch the native token ING, with a token distribution rule of 2.5% for Pre-Seed, 9% for seed round, 10% for private round, 6% for treasury, 6% for advisors, 3% for marketing, 15% for team members, and 48.5% for liquidity incentives.
Sommelier Finance is a decentralized asset management protocol built on Cosmos SDK. It has launched restaking vaults for Turbo eETH, Turbo stETH, and Turbo swETH. Users can also earn loyalty points from ether.fi by depositing into the eETH vault. According to DefiLlama data, Sommelier TVL is currently $60.23 million.
The native token of Sommelier, SOMM, has a total supply of 500 million, and its distribution to all investors was completed in August 2023.
Astrid is an Ethereum liquidity restaking protocol supported by EigenLayer. Users can deposit LSTs (stETH, rETH, or cbETH) into the restaking pool and receive Astrid liquidity restaking tokens (LRTs) such as rstETH, rrETH, or rcbETH. LSTs will be restaked on EigenLayer and delegated to multiple operators through Astrid DAO voting. The rewards earned by users are calculated with compound interest, restaked back into EigenLayer, and distributed through balance resetting. Users holding LRTs will see their balances automatically adjusted.
Astrid has launched on the testnet and introduced restaking points. Astrid points are determined based on the amount of ETH restaked by users and the duration of restaking, with the total points being the sum of stETH points and rETH points.
GenesisLRT is a restaking platform that allows ETH to be restaked on multiple networks in exchange for the restaking token genETH. Currently, GenesisLRT has launched on the testnet, and the mainnet has not been activated. According to the official website, the TVL for ETH restaking on the Genesis testnet is $147 million.
According to the roadmap, GenesisLRT will complete seed round financing and a $3 million private round financing in the first quarter and deploy the Genesis governance token GEN. In the second quarter, it will launch the TGE and GEN token airdrop, and in the second half of the year, it will develop full-chain LRT and modular LRT.
Restaking Cloud – K2 is an Ethereum liquidity restaking protocol that has launched on the testnet and currently supports restaking kETH, stETH, rETH, dETH, and ETH in exchange for K2, but its TVL is $0.
Rest Finance is an ACM (Algorithm Collateral Management) enhanced liquidity staking solution. Users can stake ETH, stETH, rETH, cbETH, and other LSTs to earn restETH liquidity restaking tokens. RestETH holders will receive instant LST rewards and EigenLayer AVS rewards. ACM provides deep liquidity to the protocol, improves yield, and enhances anchoring stability. Rest Finance has launched on January 29, but according to the official website, Rest Finance TVL is currently $0.
The native token of Rest Finance is REST, which has not been issued yet. The total supply is 100 million, with an FDV (Fully Diluted Valuation) of $20 million. 10% of the REST token supply will be allocated to the Investor Reserve, 20% to contributors, 5% to the DAO treasury, 5% for initial liquidity, and 60% for token release. REST token holders can exercise oREST, an options contract that allows them to purchase REST at a discounted market price, and exercising oREST will result in a premium payment to the protocol.
RestakeFi is a modular liquidity restaking platform supported by EigenLayer. Users can stake their LSTs in RestakeFi to receive rstETH restaking tokens. RstETH holders can earn native rewards from EigenLayer and ETH staking rewards. RstETH can also be traded on DEXs and integrated into DeFi protocols. RestakeFi has launched on the testnet, and the mainnet has not been released yet. In September 2023, RestakeFi completed a $500,000 seed round financing with participation from AlfaDAO, DCD, Yields and More, Moni, and others.
StakeEase is a cross-chain restaking aggregator supported by the Router’s Cross-Chain Intent Framework (CCIF), which allows users to complete multi-step restaking processes with a single click. StakeEase launched on the Ethereum Goerli testnet on January 18 and now supports staking ETH using Stader and restaking using Kelp.
StakeEase will soon introduce a scoring system and launch on the mainnet, integrating more protocols and LSTs.
YieldNest is a liquidity restaking protocol supported by EigenLayer, but the product has not yet been launched.
Euclid Finance is a full-chain liquidity restaking protocol based on EigenLayer. Users can restake their ETH and LSTs in the protocol and receive elETH LRT. ElETH can compound automatically, and holders of elETH can earn restaking rewards, EigenLayer points, and Euclid governance token ECL rewards. Additionally, if users independently restake ECL and then restake ETH or LST, they can join the operator node network.
Euclid Finance has not yet launched its product, and the token situation has not been announced.
Rio Network is a liquidity restaking network. Its first liquidity restaking token is reETH, and the Restake product has not been launched. Chorus One, Figment, HashKey Cloud, Kiln, and Unit 410 are the first batch of node operators on the Rio Network, operating ETH validators and maintaining AVS (Advanced Validation System).
According to the official documentation, Rio Network has completed seed round financing, with Polygon Capital, Blockchain Capital, and Breyer Capital as lead investors.
Layerless is a full-chain liquidity restaking protocol supported by EigenLayer and LayerZero. It was launched on January 4 and does not have an official website yet. It will launch on the testnet in the first week of February. Layerless is building full-chain restaking tokens (ORTs) that allow users to deposit LST tokens supported by EigenLayer into EigenLayer and receive ORTs with liquidity that can be used in DeFi protocols.
Agilely is a liquidity restaking derivative protocol that has introduced decentralized lending protocols on Arbitrum and launched the Agilely USD stablecoin (USDA) supported by LayerZero. USDA is backed by assets such as ETH, wstETH, rETH, cbETH, sfrxETH, wBTC, ARB, GLP, GMX, and LRT. Currently, the products support the minting of USDA with ETH, wstETH, rETH, wBTC, sfrxETH, and cbETH but not LRTs. Users can collateralize these assets to create Vaults and borrow USDA.
Agilely currently supports three networks: Arbitrum, BNB Chain, and Polygon. Agilely’s token AGL has not been released yet and will launch a public sale and a scoring program.
Entangle is a cross-chain DeFi protocol that includes Liquid Vaults, Oracles, and the Photon communication protocol. Entangle aims to enter the restaking track, allowing users to deposit LP tokens or staking tokens into Liquid Vaults to receive LSD tokens on a 1:1 basis, which can be restaked or exchanged. Entangle currently supports 11 blockchain networks. Entangle has launched on the testnet and initiated a testnet incentive program.
In January 2024, Entangle completed a $4 million seed and private round financing, with participation from Big Brain Holdings, Launch Code Capital, LBank Labs, Skynet EGLD Capital, Cogitent Ventures, Owl Ventures, Faculty Group, Seier Capital, and others.
Entangle’s native token is NGL, which has not been released yet.
Ion Protocol is a restaking liquidity release protocol and a lending platform for restaking and restaked assets. Users can deposit any assets supported by validators (including LSTs, LST LP positions, restaking positions, liquidity restaking positions, restaking LST LP positions, LST index products, etc.) into collateral vaults and mint allETH from their deposits.
Ion Protocol has launched its V2 testnet. In July 2023, Ion Protocol completed a $2 million Pre-Seed round financing led by Portal Ventures and SevenX Ventures, with participation from Foresight X, Bankless Ventures, Maelstrom Fund, Alexander, Anthony Sassano (sassal.eth), founder of The Daily Gwei, and Ryan Watkins, co-founder of Syncracy Capital.
Ion Protocol was also selected as one of the projects in Foresight X’s first Accelerator Program in March 2023.
Pendle is a DeFi yield protocol that has recently launched the Pendle LRT pool, which currently supports eETH from ether.fi, reETH from Kelp DAO, and ezETH from Renzo Finance. Users can purchase Pendle YT tokens to earn points (2-3x) from the corresponding LRT protocol and EigenLayer points (1x).
Equilibria is a yield booster on Pendle that utilizes the veToken/Boosted Yield model employed by Pendle. It allows LPs to earn higher yields by providing vePendle tokenized version ePENDLE, and provides additional rewards to PENDLE holders. LPs on Pendle can deposit into Pendle via Equilibria to increase their yield without requiring any vePENDLE positions. PENDLE holders can use their PENDLE to mint ePENDLE, which can be further restaked for additional rewards.
Maverick Protocol is a DeFi infrastructure that enables liquidity providers to achieve high capital efficiency through their desired liquidity provision (LP) strategies. It currently supports LRTs such as rsETH, rswETH, and weETH, and their related assets. In June 2023, Maverick Protocol completed a $9 million strategic round financing led by Founders Fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto. This funding will be used to scale the protocol, deploy to new chains, and support developers in building on the infrastructure. Maverick Protocol is also the 34th project on Binance Launchpool.
Davos is an over-collateralized stablecoin project that has integrated LSTs and LRTs as collateral debt positions (CDPs) using its own collateral vaults. Users can deposit collateral and mint their full-chain stablecoin DUSD. For LSTs, Davos sets the Loan-to-Value (LTV) ratio at 66%, ensuring that borrowed DUSD is over-collateralized by 150%. Davos supports Ethereum mainnet, Polygon mainnet, Arbitrum, Optimism, Polygon zkEVM, BNB Smart Chain, Linea mainnet, and Avalanche.
According to DefiLlama data, Davos TVL is approximately $486,000. In January 2023, Davos received a $500,000 Pre-Seed round financing from Polygon Ventures and Sandeep Nailwal, co-founder of Polygon.MH Ventures and LD Capital have invested in Ender Protocol. Additionally, Davos Protocol participated in the seventh edition of Cryptopedia, a web3 wallet event hosted by OKX in September 2023.
Ender Protocol is a liquidity staking protocol that allows users to mint centralized yield tokens and stake liquidity power tokens called END. The END tokens are fully backed by liquidity staked from 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-purpose 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. It aims to become a yield trading protocol based on rates similar to Pendle.
Ender Protocol allows users to mint Ender WL NFT#2 to qualify for early participation and receive ENDR airdrops. The tokens are not distributed to VCs, private rounds, or internal personnel. Users can also participate in the Bond Liquidity Providing (BLP) activity 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 and ETH rewards from EigenLayer’s automatic compounding. Supermeta’s LRT can be used as collateral or to increase the native DEX liquidity of Supermeta.
Supermeta’s product is not yet live.
Tenet is a re-staking public chain that introduces the DiPoS consensus mechanism. It allows LSD from other networks to be re-staked in Tenet to secure the network and participate in governance. The native token of Tenet is TENET, which can be used to pay gas fees. TENET can also be staked with validators to exchange for LSD tokens called tTENET. Users can stake LSD from other blockchain networks to earn tLSD. Tenet also adopts the ve token economic model, allowing TENET to be locked to generate veTENET.
Tenet also has a native stablecoin protocol to support the minting of all tLSD on Tenet. The USD stablecoin is called LSDC (Liquid Stake Dollar) and can be used to pay loans on the Tenet stablecoin protocol. During the genesis period, it can be minted by re-staking LSD to the Tenet validator network. Users can borrow LSDC with zero interest or earn interest through the 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 financing round, led by Lightspeed Venture Partners, with a valuation of over $1 billion. Other investors include Mubadala Capital, 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 need to re-stake their ETH to participate in the network consensus. Omni introduces a unified global state layer and uses re-staking through EigenLayer to ensure security. Re-staking can be used for cross-chain communication and lending between different Rollups.
In April 2023, Omni Network completed an $18 million financing round with participation from Pantera Capital, Two Sigma Ventures, Jump Crypto, Hashed, and The Spartan Group.
Restaking infrastructure projects such as AVS, Rollup, and node operators in the EigenLayer ecosystem will be further reviewed in the future.
AltLayer is a Rollup-as-a-Service protocol. In December 2023, EigenLayer partnered with AltLayer to launch Restaked Rollups. AltLayer aims to provide Restaked Rollups as a single bundled offering for Rollups users to benefit from integrated solutions. Restaked Rollups integrate decentralized ordering, fast finality, and composability into a single Rollup.
AltLayer is also one of the eight initial partners to implement data availability through EigenDA.
Exocore is a full-chain re-staking protocol that combines modular architecture design with a Tendermint-based Byzantine Fault Tolerance (BFT) consensus mechanism, zero-knowledge (ZK) light client bridging, and fully compatible EVM execution environment. Exocore allows the re-staking of any supported tokens on chains, including native L1, L2 protocol tokens, LST, DeFi LP tokens, stablecoins, and other tokenized assets, to provide cryptographic economic security for off-chain services. Exocore seamlessly integrates with external L1 and L2 blockchains through a trustless cross-chain bridge mechanism without introducing additional trust assumptions. Additionally, Exocore introduces the concept of “Alliance Re-staking,” where off-chain services can form an alliance to collectively enhance their cryptographic economic security.
Exocore’s product is not yet live, but users can join its ecosystem through its website as a member, re-staker, validator node, or developer.
SSV Network is a decentralized open-source ETH re-staking network based on Distributed Validator Technology (DVT). In a tweet on January 4th, SSV announced a collaboration with EigenLayer to complement re-staking. It claimed that an EigenLayer “mainnet” validator is running on SSV. Both EigenLayer and re-stakers can choose to transfer 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 permissionless and interoperable layer built for modular blockchain stacks. Anyone can deploy Hyperlane to any blockchain environment, and the deployed blockchains can seamlessly communicate with each other. Hyperlane has previously collaborated with EigenLayer and plans to launch AVS integration in early 2024.
In September 2022, Hyperlane completed an $18.5 million financing round led by Crypto Investor Variant, with participation from Galaxy Digital, CoinFund, Circle, Figment, Blockdaemon, Kraken Ventures, and NFX.
Hyperlane has not disclosed any token information.
Ethos aims to re-stake Ethereum to Cosmos, allowing application chains to benefit from the economic security of the Ethereum network. Ethos utilizes the Mesh Security shared security solution and leverages the EigenLayer infrastructure by deploying AVS. It relies on IBC to coordinate user rights between Ethereum and Ethos application chains. EigenLayer re-stakers deposit ETH into AVS on Ethereum Layer1 and choose a node operator for delegation. The execution layer node operator has a default validator on each Cosmos application chain to delegate its virtual stake. Ethos application chains coordinate updated states to their respective consumer chains through IBC and handle subsequent rewards and/or penalties. These are reflected on the AVS contract on Ethereum L1 through off-chain relays.
Ethos is currently in the private testnet phase. On January 20th, Ethos announced its first launch partner, decentralized asset management protocol Sommelier Finance.
In June 2023, Polygon launched Polygon 2.0, aiming to become a unified network of L2 chains supported by ZK technology to establish the “value layer” of the internet. Sandeep Nailwal, the co-founder of Polygon, stated 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 in 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 PoS staking rewards.
According to DefiLlama, LiNEAR Protocol’s 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 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 power, including participation in staking and re-staking strategies, multi-chain deployment decisions, and more. The total supply of Genesis Airdrop LNR tokens is 1 billion: 10% is distributed to LiNEAR stakers, 9% is allocated for team incentives over one year, followed by linear releases over the next three years, 11% of tokens are reserved for future airdrops, 8% is allocated for protocol development, 12% is used for marketing and operations, 27% is reserved for community initiatives, and 23% is stored in the DAO treasury.
Octopus Network is a multi-chain network in the NEAR ecosystem that supports NEAR re-staking and adaptive IBC in its 2.0 version. The re-staking includes two roles: validators and delegators. NEAR holders can participate in re-staking, where users stake at least 10,000 NEAR to operate an Appchain node, and delegators stake at least 100 NEAR. 70% of the rewards from Appchain are allocated to re-staking rewards, while 30% are used for OCT buybacks. The distribution of re-staking rewards is based on the amount of NEAR staked by nodes, with higher stakes receiving more rewards.
The distribution of re-staking rewards occurs daily, and NEAR re-staking rewards are automatically re-staked. However, users need to claim their re-staking rewards themselves.
The total supply of Octopus Network’s token OCT is 100 million, with a circulating supply of 78.7 million. Its market capitalization is approximately $24.49 million, with a current price of 0.3143 USDT.
Picasso was originally a Kusama parallel chain of Composable Finance, a DeFi protocol on the Polkadot ecosystem. On January 28th, it launched Mantis Games on Solana, introducing re-staking. It initially accepted SOL, jitoSOL, mSOL, and bSOL, starting with a vault of 50,000 SOL, which 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 ended on January 30th, with a total deposit of 50,000 SOL and a reward of 17.5 million PICA tokens. The re-staking Vault APY is as high as 67.04%. The second round of Mantis Games is about to begin.
On January 31st, Picasso announced a partnership with Solend to integrate cTokens (including cUSDC, cSOL, cUSDT, cSLND) for re-staking on Solana. Users can re-stake cTokens within Picasso’s re-staking layer (Solana IBC) to utilize their liquidity and earn compound interest.
Picasso’s native token is PICA, with a total supply of 10 billion and a circulating supply of approximately 450,000. Its market capitalization is approximately $73.32 million, with a current price of 0.016 USDT.
Babylon is a Bitcoin re-staking protocol that allows Bitcoin holders to stake BTC on PoS blockchains to earn staking rewards without the need for third-party custody, cross-chain transfers, or wrapping. In an October 11th tweet, Babylon stated that its protocol enables Bitcoin re-staking. Babylon’s Bitcoin re-staking testnet has not yet been launched.
On December 7th, Babylon, the Bitcoin re-staking protocol, completed an $18 million financing round led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, OKX Ventures, and IOSG Ventures.
Yield 24 is a liquidity re-staking protocol that operates on BNB Chain, Ethereum, Polygon, and other EVM-compatible chains. Users can re-stake their ETH, BNB, BTC, stablecoins, or LRT tokens in the protocol. Yield 24 has integrated Stader and Ankr Liquidi Staking, two liquidity staking platforms and validators, on the BNB Chain. Users can stake BNB to earn yBNB and receive native token Y24 rewards from Yield 24.
Beradrome is a re-staking and liquidity market on Berachain and features the ve (3,3) token economics, built-in bribes, voting mechanisms, and more. The Beradrome NFT series is called “Tour de Berance.” Regarding re-staking, Beradrome has not made significant progress yet.
Beradrome’s token has a total supply of 100,000, and holders of “Tour de Berance” NFTs can receive token airdrops.
Origin DeFi is a DeFi project that launched its Ethereum-based yield aggregator Origin Ether (OETH) in May last year. Currently, users can re-stake oETH in protocols like EigenLayer. OETH uses ETH and LST (stETH, rETH, and sfrxETH) as supporting collateral to ensure 1 oETH equals 1 ETH. OETH earns rewards through Curve, Convex, Curve AMO, Balancer & Aura.
Origin DeFi’s governance token OGV has a total supply of 4,449,673,706 tokens, with a circulating supply of 645,405,079 tokens. Its market capitalization is approximately $5.2 million.
Redacted Cartel is a well-established DeFi project that has shifted its focus to the LSD track. In April 2023, Redacted Cartel released a whitepaper for DINERO, an Ethereum-based over-collateralized stablecoin, but it has not yet launched.
Redacted uses a dual-token LST mechanism. Users can deposit ETH into Redacted DAO’s Pirex platform to mint pxETH and can then deposit pxETH into Dinero to receive apxETH and earn rewards from the automatic compounding treasury. Unstaked pxETH does not receive re-staking rewards.
On February 1st, the Restaking Cloud – K2 Core Contributor Blockswap DAO community voted in favor of the proposal “Integrating Redacted’s Pirex ETH into kETH and Restake Cloud.” It aims to use apxETH as collateral for their re-staking protocol and provide higher re-staking rewards.
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