Restaking is a $12.5 billion sector, accounting for 0.37% of the global crypto market cap.
The total value locked in restaking protocols has grown by 41% from mid-April's lows and currently sits at $19.27 billion.
With ETH ETF staking proposals awaiting formal approval, there seems to be scope for further growth.
@ollieblocmates got curious and dived into the restaking meta, why it’s making a comeback, and what staked ETH ETFs might mean for restaking platforms.
What is restaking?
Ethereum restaking simply describes a scenario where users put their previously staked ETH to use (twice).
This mainly expands to the use of restaked ETH as security for protocols in exchange for rewards.
What is liquid restaking?
On the other hand, liquid restaking describes a scenario where a receipt token (LRT) is issued to the user for restaking their staked ETH receipt token (LST).
Holders or restakers of LRTs accrue rewards over time.
An example is @ether_fi. Users can stake ETH, get eETH, and proceed to restake eETH to earn double the rewards.
What ETH staking ETFs mean for restaking protocols?
An ETH staking ETF will simply mean more ETH locked in staking, giving TradFi bros access to ETH staking yield (3-5% APR), and not just exposure to ETH price.
The idea is that this scenario could drive demand for LSTs, and in turn LRTs, due to the influx of big players.
The aggregate value locked in restaking protocols is already on the rise, up 41% from April's lows.
How this benefits restaking protocols?
Restaking protocols stand to benefit in a pretty significant way.
Essentially, they gain access to:
→ Greater liquidity for liquid staking tokens
→ Increased competition among AVSs (Actively Validated Services)
→ Possible institutional interest in higher-yield DeFi products
The dominant player? EigenLayer.
@eigenlayer introduced the concept of shared security, letting other networks or services “rent” Ethereum’s trust by tapping into the security of ETH stakers.
This has turned stakers into a new class of decentralized infrastructure providers.
The ETH staking ETF is capable of supercharging rewards and boosting security.
The issues:
A staked ETH ETF could centralize ETH staking, with huge amounts of ETH managed by a few ETF providers.
And those large institutions may opt out of restaking due to the added risk of slashing or protocol failure.
Then, there’s also the regulatory angle.
Restaking involves complex risk dynamics. If ETF-driven staking growth draws regulatory scrutiny, restaking protocols could be in the crosshairs.
Looking beyond EigenLayer:
We think there are few other really cool protocols worth keeping an eye on as things progress.
→ @symbioticfi's TVL has grown by 29% in the last 30 days.
Symbiotic provides a generalized shared security system for networks, bootstrapping powerful, fully sovereign ecosystems.
→ @RenzoProtocol's EZETH is up 61% in the last 60 days.
Renzo builds on top of EigenLayer, providing security for AVSs while offering higher yields.
→ @puffer_finance's PUFFER token is up 26% in the last 60 days.
The Puffer ecosystem is encompassed by a suite of dependent protocols, such as a pre-confirmation AVS and liquid restaking.
You do you, but this is pretty much why folks are talking about restaking once again.
As always DYOR, etc!
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