"The entire Eigenlayer ecosystem is a dreamland for venture capitalists."

Written by: hitesh.eth

Translated by: DeepTechFlow

LRTs provide users with a simple interface to re-stake ETH and LSTs for additional returns. Now that the Points meta activities for LRT, Eigenlayer, and over 10 AVS have concluded, we need to shift our focus to tokens like EzETH and eETH, and consider how to generate additional returns on the 3.21% native ETH yield.

In the design of EL, AVS operators run hardware for computation and validation, and delegate the re-staked ETH to AVS—essentially, AVS is a web3 service protocol guided by Eigenlayer's economic security pool.

As they borrow economic guarantees from EL, they need to pay some fees, which constitute the promised additional returns.

In the early stages, most AVS struggled to gain project adoption, making it nearly impossible to earn returns in the form of Rev shares. Their only option was to launch a token out of thin air.

Today, venture capital firms are blindly investing in AVS, so I wouldn't be surprised if some AVS tokens achieve valuations of tens of billions of dollars at TGE.

Web3 service protocols like Graph, Pyth, and Axelar allocate a certain percentage of supply for node rewards, with annual token inflation specifically for node rewards. The supply allocation for node rewards typically ranges from 5-10%, but this is subjective when considering the economic security scale they obtain from Eigenlayer. For example, AXL holds an economic security of $750 million, while AVS like Witness Chain and Lagrange accumulate over $5 billion in economic security in less than a month.

Ideally, they would allocate over 10% of the supply to provide fair rewards to AVS operators, who would then share a portion with the re-stakers.

Before the introduction of Points plans in these AVS, you could earn AVS points by staking ETH in Renzo, Puffer, and Etherfi… and this will continue until we reach the saturation phase of Points meta.

For LRT tokens, they currently have governance utility, so purchasing these tokens is meaningless unless they start sharing fees or other income from stakers.

The entire EL ecosystem is a dreamland for venture capitalists.

For retail investors, this is purely a capital dilution to earn some additional returns on ETH.

You can also optimize returns in other DeFi strategies, so only play this game if you understand the rules and risks.

Finally, the original author has also compiled a comprehensive dashboard on the status of EigenLayer, covering various real-time data such as LRTs, AVS, and user metrics, providing useful reference for readers interested in the EigenLayer ecosystem.

EL Ecosystem Data Dashboard link (click here)

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