Restaking protocols provide a set of smart contracts that allow staked tokens to be repurposed and staked again (i.e., restaked) to provide security to applications beyond the primary blockchain.
Restaking seeks to solve the problem of fragmented blockchain security. Generating sufficient crypto-economic security can be a time-consuming and expensive process, but pooling existing security from a large chain such as Ethereum can help solve this issue.
EigenLayer is the originator of this sub-sector and can be thought of as providing “security-as-a-service” through Ethereum. With over US$7B in total value locked (“TVL”), this is the largest restaking project in the market. EigenLayer operates a three-pronged marketplace consisting of restakers, node operators, and actively validated services (“AVSs”).
EigenLayer has taken a phased approach to its launch, utilizing restaking deposit caps to manage the growth of the protocol. They are currently in the middle of Stage 2, with a full mainnet launch expected after Stage 3 in the second half of this year.
EigenDA, a data availability layer, will be the first AVS to launch using EigenLayer’s pooled security model. A number of other teams, including Espresso, AltLayer, Lagrange, Hyperlane, and more, are working on their own AVSs.
Babylon, a Bitcoin staking protocol, and Picasso, an interoperability-focused infrastructure layer, are working on similar shared security protocols for Bitcoin and Solana, respectively.
Liquid restaking protocols allow users to participate in restaking while maintaining liquidity through a token (“LRT”). These LRTs can then be used across the DeFi space to generate incremental yield.
The liquid restaking market is growing fast, boasting over US$3.5B in TVL. Ether.fi, Puffer Finance, Kelp DAO, and Renzo Protocol have emerged at the top of the rankings for now, while many other teams are also innovating rapidly and seeking to enter the market in the foreseeable future.
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