Original Author: Peng SUN, Foresight News

2024, we are just one big market away from the "staking year" prediction.

From the Cosmos and Solana ecosystems to Ethereum, staking has become the industry's recognized wealth code. With the increase in liquidity staking and capital efficiency demand on Ethereum, the release of EigenLayer tokens, AltLayer airdrops, and Renzo financing news have directly ignited the Restaking battle. Restaking, first proposed by Eigenlayer founder Sreeram Kannan, allows ETH already staked on Ethereum to be restaked on other consensus protocols, allowing it to share Ethereum's economic security and ensure its own secure launch and operation.

Currently, airdrop point plans for Ethereum LRT projects such as Renzo, ether.fi, Kelp DAO, Eigenpie, Swell, Puffer Finance, etc., have driven FOMO sentiment in the market. In addition to these mainstream projects, are there any other opportunities in the Restaking track? To this end, the author has made a brief inventory of the Restaking track, compiling a total of 47 projects, including 20 Ethereum Restaking protocols and 7 full-chain LRT protocols. In addition to EigenLayer and Ethereum-related protocols, LRTFi, and infrastructure, the author has also compiled some Restaking projects on other public chains such as Cosmos, NEAR, Solana, Bitcoin, BNB Chain, Polygon, Berachain, etc., for the readers' reference.

Restaking Protocols

EigenLayer

• Token issuance: Not issued

• Supported staking assets: ankrETH, cbETH, wBETH, oETH, swETH, stETH, ETHx, osETH, etc.

• Accumulation of multiple points: EigenLayer points

EigenLayer is an Ethereum restaking protocol and the leader in the restaking track, supporting LST tokens such as ankrETH, cbETH, wBETH, oETH, swETH, stETH, ETHx, osETH, and Ethereum validation nodes can also 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 test network, and the mainnet is expected to launch in the first half of 2024. The third phase will introduce AVS (Active Validation Service) beyond EigenDA, and is expected to enter the test network and mainnet in 2024. In addition, EigenLayer also plans to provide a "shared security" mode for DApps, allowing protocols to join the network by utilizing the public Ethereum staking pool. In addition, the amount of Ethereum restaked on EigenLayer (currently over $1.7 billion) can be simultaneously provided to 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 financing round, led by Blockchain Capital, with participation from Coinbase Ventures, Polychain Capital, Hack VC, Electric Capital, IOSG Ventures, and others, with the valuation terms undisclosed.

EigenLayer has not issued tokens yet, but has launched "restaking points," which are distributed based on the user's restaking time and amount. Currently, EigenLayer has extended the restaking open window to February 6 to February 10, and has removed the upper limit for all LST.

Kelp DAO

• Token issuance: Not issued

• Supported staking assets: ETHx, sfrxETH, stETH

• Accumulation of multiple points: Yes

Kelp DAO is a multi-chain liquidity staking platform, whose founder previously founded the liquidity staking protocol Stader Labs, which is the second largest LSD protocol on Polygon and BNB Chain. According to DefiLlama data, Kelp DAO TVL is currently $255 million.

Kelp DAO is currently building an LRT solution on EigenLayer, with its restaking token being rsETH, and currently supports LST including ETHx (Stader), sfrxETH (Frax), and stETH (Lido). Users can restake the above assets in exchange for rsETH, and the price of reETH is based on various rewards and the base price of staked LST. rsETH can be used in other DeFi protocols.

Currently, Kelp DAO has launched Kelp Miles incentives. Kelp Miles are used to track user contributions to Kelp and determine future reward allocation ratios. Kelp Miles depend on the user's restaked LST quantity and restaking days. Users who restaked LST from December 12, 2023, to January 1, 2024, will receive 1.25 times Kelp Miles in the next 3 months. Users who restake LST after January 1 will receive Kelp Miles rewards as usual.

In addition, all users who restaked on Kelp before the deposit limit was 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

• Token issuance: Not issued

• Supported staking assets: ETH

• Accumulation of multiple points: Yes

ether.fi is a liquidity staking platform that launched its liquidity restaking token eETH on November 15, 2023, allowing users to stake their ETH to earn staking rewards and automatically restake their ETH in EigenLayer without the need for manual restaking. eETH can be used in Pendle, Curve, Balancer, Maverick, Gravita, Term Finance, Smmelier, and other DeFi protocols. Users can wrap eETH into weETH, which can also be used in DApps such as Balancer, Gravita, Pendle, Aura, and Maverick in the future. In addition, ether.fi will also launch Staders, which can be used to stake eETH. According to DefiLlama data, ether.fi TVL is currently $507 million.

ether.fi has introduced loyalty points, where eETH or weETH holders can receive 100% loyalty points and EigenLayer points, which may be used for decentralized governance and are non-transferable. Loyalty points = staked ETH * 1000 * staking days.

Eigenpie

• Token issuance: Not issued

• Supported staking assets: swETH, wBETH, mETH, sfrxETH, rETH, stETH, etc.

• Accumulation of multiple points: EigenLayer points to be launched soon

Eigenpie is a SubDAO organization under the multi-chain yield protocol Magpie, providing liquidity restaking services for assets such as swETH, wBETH, mETH, sfrxETH, rETH, stETH, etc., to Eigenpie. Since the opening of the LST deposit window on January 28, the TVL has exceeded $100 million, currently at $116 million, and the deposit will be open until 03:00 on February 10 Beijing time.

On January 23, Eigenpie announced the EGP token economics, with a total supply of 10 million, distributed including IDO (40%), community incentives (35%), Magpie Treasury (15%), and early supporter airdrops (10%). Eigenpie is committed to introducing the EGP token through a fair launch, with no participation from VCs or presale activities, ensuring equal opportunities for all participants. The team has relinquished token allocation and allocated 15% of EGP tokens to Magpie Treasury.

Eigenpie has now launched a points reward system, where for every 1 ETH of LST deposited, users can earn 1 Eigenpie point per hour. Depositors can earn double points in the 15 days before the deposit. These points can be used for airdrops and participation in IDOs.

Renzo

• Token issuance: Not issued

• Supported staking assets: ETH

• Accumulation of multiple points: Yes

Renzo is an Ethereum staking protocol built on EigenLayer, with the mainnet launched on December 18 last year, and it has 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 distributed Ethereum validator infrastructure supported by Figment and P2P.org, allowing unrestricted participation in EigenLayer. When users deposit native ETH, they need to stake a minimum of 32 ETH through Ethereum's beacon chain validator nodes. Renzo will also introduce a Trade feature. According to DefiLlama data, Renzo's TVL is approximately $155 million.

On January 16, 2024, Renzo completed a $3.2 million seed round financing, 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 program, where users holding ezETH can earn 1 ezPoint per hour, and early users will also receive rewards. Users providing liquidity to the ezETH/WETH pool will receive double ezPoints rewards and can also invite new users to earn exPoints.

Puffer Finance

• Token issuance: Not issued

• Supported staking assets: stETH, wstETH

• Accumulation of multiple points: Yes

Puffer Finance is a native liquidity restaking protocol built on Eigenlayer, consisting of stakers and node operators (NoOps). Users can run a validator and retain 100% PoS rewards (including execution rewards and consensus rewards) with just 1 ETH. NoOps can delegate their ETH in the validator to restaking operators (ReOps) in exchange for restaking rewards, and NoOps can also autonomously choose their MEV strategy. Stakers can deposit any amount of ETH to receive native liquidity staking tokens (nLRT) pufETH. pufETH also uses Compound's cToken mechanism, fully compatible with DeFi protocols, and the value of pufETH will increase with the increase in protocol-minted validator tickets and PoS restaking rewards.

The difference between Puffer's nLRT and other LRTs is that nLRT can receive traditional PoS rewards and restaking rewards, while other restaking protocols only provide rewards related to their native tokens.

On September 1, 2023, several Ethereum liquidity staking providers, including Rocket Pool, StakeWise, Stader Labs, Diva Stake, Puffer Finance, and Swell Network, committed (or are committing) to limit their holdings to no more than 22% of the total staked amount, aiming to address the increasing centralization of the Ethereum staking market.

In August 2023, Puffer Finance completed a $5.5 million seed round financing, 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, and angel investors including Anand Iyer, partner at Lightspeed, Sreeram Kannan, founder of Eigen Layer, Frederick Allen, head of Coinbase Staking Business, and others.

On January 30, 2024, Binance Labs announced an investment in the LSD protocol Puffer Finance, with the specific investment amount undisclosed.

Puffer Finance is about to open staking for ETH, stETH, USDT, and USDC, and users will receive rewards in both Puffer and EigenLayer points. Additionally, Puffer Finance has started the Crunchy Carrot event on January 30, where users can link their Twitter accounts and wallets, choose "Family," retweet the event tweet, and earn points, and view the points leaderboard. Currently, Puffer Finance has ended the first phase of staking early, and the second phase of staking has begun, with TVL exceeding $150 million.

Swell Network

• Token issuance: Not issued

• Supported staking assets: ETH

• Accumulation of multiple points: Yes

Swell Network is an Ethereum staking protocol that launched the restaked token rswETH (Restaked Swell Ether) on January 30 this year, providing unlimited access to EigenLayer Restaking points that can be used in DeFi while continuing to accumulate Restaking rewards. Currently, version 1.0 of rewETH 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 $4.57 billion, 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.

The native token SWELL of Swell Network has not been released, and the token economics have not been disclosed.

Stakestone

• Token issuance: Not issued

• Supported staking assets: ETH

• Accumulation of multiple points: Not available

Stakestone is a one-stop full-chain LST staking protocol, comparable to Lido, that brings native staking rewards and liquidity to Layer2, supporting not only top staking pools but also restaking, and will integrate EigenLayer. StakeStone supports ETH beacon chain restaking and LST restaking, aiming to become a leading protocol in the restaking race.

According to DefiLlama data, in just 3 weeks from December 15, 2023, to January 3, 2024, StakeStone TVL surged from $4.17 million to $5.42 billion, and the current TVL is $6.69 billion. StakeStone also deeply participated in Manta's incentive activities, providing $720 million in liquidity in Manta's New Paradigm $9 billion TVL.

The native LST of StakeStone is STONE, which has officially upgraded to full-chain LRT. STONE is an OFT based on LayerZero, seamlessly used in multi-chain liquidity markets through STONE-Fi, such as DEX, AMM, lending, stablecoins, derivatives, GameFi, SocialFi, and more. STONE does not use 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 returns generated by ETH staking, but its value increases with the increase in ETH staking rewards. This is similar to the utility of Puffer using the cToken model.

StakeStone has not issued tokens yet, and the team is expected to launch airdrop-related activities. Currently, users can stake ETH in StakeStone and earn rewards from the STONE-Fi ecosystem.

ClayStack

• Token issuance: Not issued

• Supported staking assets: ETH, rETH, stETH

• Accumulation of multiple points: Yes

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, named csETH, to a restaking token and will use the Ethereum restaking protocol EigenLayer to provide new services. Currently, ClayStack supports restaking of ETH, rETH, and stETH in the protocol. According to DefiLlama data, ClayStack TVL is currently $3.96 million.

CLAY is the native token of ClayStack, and the issuance plan will be announced in February, providing rewards points to users at a 1:1 ratio before the token release. The total supply of CLAY is 100 million, with 5% of the tokens allocated to the Initial Governance Diversification (IGD) plan for community distribution.

Users can stake ETH or LST to earn CLAY points and EigenLayer points with no upper limit. 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 also increase.

Inception

• Token issuance: Not issued

• Supported staking assets: stETH, rETH, ankrETH, cbETH, wBETH, oETH, osETH, swETH, ETHx, sfrxETH, mETH, etc.

• Accumulation of multiple points: No

Inception is an isolated liquidity restaking protocol that supports various LSTs such as stETH, rETH, ankrETH, cbETH, wBETH, oETH, osETH, swETH, ETHx, sfrxETH, mETH, etc., for restaking and issues isolated liquidity restaking tokens (iLRTs). iLRTs can be used in DeFi protocols and remain isolated from the underlying LST.

Inception has launched on the Ethereum mainnet, and the current TVL is $65,000. Inception will also expand to other Layer2 networks and integrate multiple DeFi protocols.

According to the roadmap, Inception will launch a private round of financing in the first quarter of 2024 and start the mainnet, and in the second quarter, it will launch the TGE and develop full-chain LRT. InceptionLRT will introduce the native token ING, with the current token allocation rules being: 2.5% for the Pre-Seed round, 9% for the Seed round, 10% for the private round, 6% for the treasury, 6% for advisors, 3% for marketing, 15% for team members, and 48.5% for liquidity incentives.

Sommelier Finance

• Token issuance: Issued

• Supported staking assets: eETH, stETH, swETH

• Accumulation of multiple points: Yes

Sommelier Finance is a decentralized asset management protocol built on the Cosmos SDK, and has launched the restaking vaults Turbo eETH, Turbo stETH, Turbo swETH, where users depositing in the eETH vault can also earn loyalty points from ether.fi.

According to DefiLlama data, Sommelier TVL is currently $60.23 million.

The native token SOMM of Sommelier has a total supply of 500 million and was distributed to all investors in August 2023.

Astrid

• Token issuance: Not issued

• Supported staking assets: stETH, rETH, or cbETH

• Accumulation of multiple points: Not available

Astrid is an Ethereum liquidity restaking protocol supported by EigenLayer. Users deposit LST (stETH, rETH, or cbETH) into the restaking pool and receive Astrid liquidity restaking tokens (LRT), including rstETH, rrETH, or rcbETH. The LST will be restaked on EigenLayer and delegated to multiple operators by the Astrid DAO through voting. Rewards earned by users are compounded, restaked back into EigenLayer, and distributed through balance resetting, automatically adjusting the balance of users holding LRT.

Currently, Astrid has launched on the testnet and has introduced restaking points. Astrid points will be determined based on the user's restaked ETH and the duration of the staking, with the total points being the sum of stETH points and rETH points.

GenesisLRT

• Token issuance: Not issued

• Supported staking assets: ETH

• Accumulation of multiple points: Not available

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 yet been activated. According to the official website, the TVL for restaking ETH on the Genesis testnet is $147 million.

According to the roadmap, GenesisLRT will complete a seed round of financing and a $3 million private round of financing in the first quarter, and deploy the Genesis governance token GEN. In the second quarter, the TGE and GEN token airdrop will be launched, and in the second half of the year, full-chain LRT and modular LRT will be developed.

Restaking Cloud - K2

Restaking Cloud - K2 is an Ethereum liquidity restaking protocol that has now launched on the testnet, currently supporting restaking of kETH, stETH, rETH, dETH, and ETH in exchange for K2, but the TVL is 0.

Rest Finance

• Token issuance: Not issued

• Supported staking assets: ETH, stETH, rETH, cbETH, etc.

• Accumulation of multiple points: Yes

Rest Finance is an ACM (Algorithmic Collateral Management) enhanced liquidity staking solution. Users can stake ETH, stETH, rETH, cbETH, and other LSTs to receive the Rest liquidity restaking token restETH. Holders of restETH will receive real-time LST rewards and EigenLayer AVS rewards. ACM can provide deep liquidity to the protocol, increase yield, and strengthen stability.

Rest Finance launched on January 29, but according to the official website, the TVL for Rest Finance is currently 0.

The native token for Rest Finance is REST, which has not been issued yet, with a total supply of 100 million and an FDV of $20 million. 10% of the total supply of REST will be allocated to the Investor Reserve, 20% to contributors, 5% to the DAO treasury, 5% for initial liquidity, and 60% for token release. The token for bullish options on REST is oREST, and holders can purchase REST at a market price discount. Exercising oREST will result in a direct payment of a premium to the protocol.

Restake Finance DAO (RestakeFi)

• Token issuance: Not issued

• Supported staking assets: LST

• Accumulation of multiple points: Yes

RestakeFi is a modular liquidity restaking platform supported by EigenLayer. Users can deposit their LST into RestakeFi to receive their restaking token rstETH. Holders of rstETH can receive native rewards from EigenLayer and Ethereum staking rewards in real-time. Additionally, rstETH can be traded on DEX and will be integrated into DeFi protocols. According to its official documentation, RestakeFi will first integrate stETH into its protocol and then support other LSTs.

Currently, Restake has launched on the testnet, and the mainnet has not been released.

In September 2023, RestakeFi completed a $500,000 seed round of financing, with AlfaDAO, DCD, Yields and More, and Moni participating.

StakeEase

• Token issuance: Not issued

• Supported staking assets: LST

• Accumulation of multiple points: Not available

StakeEase is a cross-chain restaking aggregator supported by the Cross-Chain Intent Framework (CCIF) of Router, enabling the completion of multi-step restaking processes with a single click. On January 18, StakeEase launched on the Ethereum Goerli testnet, and now supports staking ETH using Stader and restaking using Kelp.

StakeEase is about to introduce a points system and launch on the mainnet, integrating more protocols and LST.

YieldNest

YieldNest is a liquidity restaking protocol supported by EigenLayer, with no products launched yet.

Euclid Finance

• Token issuance: Not issued

• Supported staking assets: ETH, LST

• Accumulation of multiple points: Yes

Euclid Finance is a full-chain liquidity restaking protocol based on EigenLayer. Users can restake their ETH and LST into the protocol to receive the LRT elETH, which can automatically compound. Holders of elETH can receive restaking rewards, EigenLayer points, and the Euclid governance token ECL. Additionally, users can independently stake ECL and restake ETH or LST to join the operator node network.

Currently, no products have been launched, and the token situation has not been disclosed.

Rio Network

Rio Network is a liquidity restaking network, with its first liquidity restaking token being reETH. The Restake product has not yet been launched. Chorus One, Figment, HashKey Cloud, Kiln, and Unit 410 are the first batch of node operators for Rio, operating ETH validators and maintaining AVS.

According to official documentation, Rio Network has completed a seed round of financing, with Polygon Capital, Blockchain Capital, and Breyer Capital jointly leading the investment.

Layerless

Layerless is a full-chain liquidity restaking protocol supported by EigenLayer and LayerZero, launched on January 4th. It does not have an official website yet but is set to launch on the testnet in the first week of February. Layerless is creating the On-Chain Restaking Token (ORT), allowing users to deposit EigenLayer-supported LST tokens into EigenLayer and receive ORT with liquidity that can be used in DeFi protocols.

LRTFi

Agilely

Agilely is a liquidity restaking derivative protocol that has introduced a decentralized lending protocol on Arbitrum and launched the full-chain interest-bearing stablecoin USDA (Agilely USD) supported by LayerZero. USDA is backed by collateral such as ETH, wstETH, rETH, cbETH, sfrxETH, wBTC, ARB, GLP, GMX, and LRT. Currently, its products support the minting of USDA with assets such as ETH, wstETH, rETH, wBTC, sfrxETH, and cbETH, but not LRT. Users can collateralize the above assets to create Vaults and borrow USDA.

Agilely currently supports three blockchain networks: Arbitrum, BNB Chain, and Polygon. The Agilely token AGL has not been released and will initiate public sales and a points program.

Entangle

Entangle is a cross-chain DeFi protocol that includes Liquid Vaults, oracles, and the Photon communication protocol. Entangle aims to enter the restaking arena, allowing users to deposit their LP tokens or staking tokens into Liquid Vaults to receive 1:1 backed LSD, which can be restaked or exchanged. Entangle currently supports 11 blockchain networks. It has launched on the testnet and initiated a testnet incentive program.

In January 2024, Entangle completed a $4 million seed and private round of financing, with participation from institutions such as Big Brain Holdings, Launch Code Capital, LBank Labs, Skynet EGLD Capital, Cogitent Ventures, Owl Ventures, Faculty Group, and Seier Capital.

The native token for Entangle, NGL, has not been released.

Ion Protocol

Ion Protocol is a liquidity release protocol for stakers and a lending platform for staked and restaked assets. Users can deposit any validator-supported assets (including LST, LST LP positions, restaking positions, liquidity restaking positions, staked LST LP positions, LST index products, etc.) into the collateral vault and mint allETH from their deposits.

Ion Protocol has launched testnet V2.

In July 2023, Ion Protocol completed a $2 million Pre-Seed round of financing, with Portal Ventures and SevenX Ventures leading the investment, and 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.

Additionally, Ion Protocol was selected as one of the first projects in the Foresight X Accelerator Program in March 2023.

Pendle

• Token issuance: Yes

• Supported staking assets: eETH, reETH, ezETH

• Accumulation of multiple points: Yes

Pendle is a DeFi yield protocol that has recently launched the Pendle LRT pool, currently supporting eETH from Ether.fi, reETH from Kelp DAO, and ezETH from Renzo Finance. Users purchasing Pendle YT tokens can receive corresponding points for the LRT protocol (2-3 times) and EigenLayer points (1 time).

Equilibria

Equilibria is a yield booster on Pendle that utilizes the veToken/boosted yield model adopted by Pendle. It provides higher yields for LPs through the tokenized version of vePendle, ePENDLE, and additional rewards for PENDLE holders. LPs on Pendle can increase their yields by depositing into Pendle through Equilibria without holding any vePENDLE positions. PENDLE holders can use their PENDLE to mint ePENDLE, which can be restaked for additional yields.

Maverick Protocol

Maverick Protocol is a DeFi infrastructure that enables liquidity providers to achieve high capital efficiency through their required liquidity provision (LP) strategies. It currently supports LRTs such as rsETH, rswETH, and weETH, along with their related assets.

In June 2023, Maverick Protocol completed a $9 million strategic round of financing, led by Founders Fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto. This financing round will be used to scale the protocol, deploy it to new chains, and support developers in building on the infrastructure. Additionally, Maverick Protocol is the 34th project on Binance Launchpool.

Davos

Davos is an over-collateralized stablecoin project that has integrated LST and LRT as collateral debt positions (CDPs). Users can deposit collateral and mint the full-chain stablecoin DUSD. For LST, the debt value (LTV) ratio is set 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 secured a $500,000 Pre-Seed round of financing with participation from Polygon Ventures and Sandeep Nailwal, co-founder of Polygon. In March of the same year, Davos received investments from MH Ventures and LD Capital. Additionally, Davos Protocol participated in the 7th edition of the OKX Web3 wallet Cryptopedia event in September 2023.

Ender Protocol

Ender Protocol is a liquidity staking protocol that allows users to mint centralized yield tokens and liquidity staking power tokens END. END is fully collateralized by the liquidity staking rewards from Ender Bond deposits. Ender will launch endETH and build a restaking solution on the EigenLayer stack. In a tweet on January 31st, Ender Protocol described itself as a multi-in-one liquidity staking, restaking, yield separation, yield provisioning, LST-bond, shape-shifting yield compression, metaverse bond, liquidity staking-driven metaverse, L2-EVOS, superfluid restaking, and liquidity provisioning derivative protocol, aiming to be a yield-based liquidity staking yield trading protocol similar to Pendle.

Ender Protocol allows the minting of Ender WL NFT#2 to qualify for early participation and receive ENDR airdrops, with no VC or private round participation, and tokens not allocated to insiders. Users can also participate in the Bond Liquidity Provision (BLP) event to receive airdrops.

Restaking Public Chains

Supermeta

Supermeta is a zkLayer2 specifically designed for liquidity restaking, allowing users to deposit supported LSD into its Layer2 bridge and receive LST, along with ETH and EigenLayer automatic compounding rewards. Supermeta's LRT can be used as collateral or to increase liquidity on Supermeta's native DEX.

Currently, Supermeta's products have not been launched.

Tenet

Tenet is a restaking public chain that introduces the DiPoS consensus mechanism, allowing LSD from other networks to be restaked on Tenet to secure the network and participate in governance. The native token for Tenet is TENET, which can be used to pay transaction fees as Gas. TENET can also be staked to validators in exchange for the LSD token tTENET. Users can stake LSD from other blockchain networks to receive tLSD. Additionally, Tenet utilizes a 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 dollar-pegged stablecoin is LSDC (Liquid Stake Dollar), which can be used to pay loans on the Tenet stablecoin protocol and can be minted by restaking LSD to the Tenet validator network during the genesis period. Users can borrow LSDC interest-free and earn interest through basic collateral returns.

Currently, Tenet has launched its mainnet test version.

Karak

Karak is a modular Layer2 with native risk management, restaking, and AI infrastructure. Currently, users can earn XP rewards on Subsea.

On December 13, 2023, Karak developer Andalusia Labs completed a $48 million Series A financing round, led by Lightspeed Venture Partners, with a valuation exceeding $1 billion. Participants included Mubadala Capital, as well as Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Money Group.

Omni Network

Omni Network is a restaking blockchain that allows developers to access its applications across all Rollups, with Omni validators required to restake their ETH to participate in network consensus. Omni introduces a unified global state layer and uses EigenLayer's restaking to ensure security, which 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, The Spartan Group, and others.

Restaking Infrastructure

In the restaking infrastructure projects, the following are briefly listed. Details about EigenLayer's AVS, Rollup, node operators, etc., will be further detailed later.

AltLayer

AltLayer is a Rollup-as-a-Service protocol. In December 2023, EigenLayer collaborated with AltLayer to launch Restaked Rollups. AltLayer aims to offer Restaked Rollups as a single bundled package for the benefit of Rollup users. Restaked Rollups can integrate decentralized sequencing, fast determinism, and composability into a single Rollup.

AltLayer is also one of the first 8 partners to implement data availability using EigenDA.

Exocore

• Token issuance: Not issued

• Supported staking assets: LST, product not yet launched

• Accumulation of multiple points: No

Exocore is a full-chain restaking protocol with a modular architecture design, combining a Tendermint-based Byzantine Fault Tolerance (BFT) consensus mechanism, zero-knowledge (ZK) light client bridging, and a fully compatible EVM execution environment. Exocore allows restaking of any token supported on-chain, 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 interfaces 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 restaking," where off-chain services can form an alliance to mutually expand their cryptographic economic security.

Exocore has not launched its products yet, and users can join the ecosystem on its website to apply as member restakers, validator nodes, and developers, among others.

SSV Network

SSV Network is a decentralized open-source ETH staking network based on Distributed Validator Technology (DVT). A tweet on January 4th indicates that SSV will collaborate with EigenLayer to complement restaking. It claims that a "mainnet" EigenLayer validator is running on SSV. Additionally, both EigenLayer and stakers can choose to transfer the validator's responsibilities to SSV and maintain the restaking status of ETH on EigenLayer to receive additional incentives from the SSV mainnet.

Hyperlane

Hyperlane is a universal and permissionless interoperability layer built for modular blockchain stacks. Anyone can deploy Hyperlane to any blockchain environment, and blockchains with deployed Hyperlane can communicate seamlessly. Hyperlane collaborated with EigenLayer last year, and both parties will launch AVS integration in early 2024.

In September 2022, Hyperlane completed a $18.5 million financing round, led by Crypto Investor Variant, with participation from Galaxy Digital, CoinFund, Circle, Figment, Blockdaemon, Kraken Ventures, and NFX.

Currently, Hyperlane has not disclosed any token information.

Ethos

Ethos aims to restake Ethereum to Cosmos, allowing application chains to benefit from Ethereum's economic security. Ethos utilizes the Mesh Security shared security solution by deploying AVS to leverage EigenLayer infrastructure and relies on IBC to coordinate user rights between consumer chains. EigenLayer restakers deposit ETH into AVS on the Ethereum Layer1 and choose a node operator for delegation. The execution layer node operator has a preset validator on each Cosmos consumer chain for delegation of their virtual stake. Subsequently, the Ethos application chain coordinates updated states to their respective consumer chains via IBC and processes subsequent reward and/or penalty updates. These are reflected on the AVS contract on the Ethereum L1 through off-chain relay mechanisms.

Image Source: Introduction to Ethos

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.

Polygon Ecosystem

Polygon 2.0

• Token issuance: Yes

• Supported staking assets: POL

In June 2023, Polygon launched Polygon 2.0, aiming to establish a unified network of L2 chains supported by ZK technology to build the "value layer" of the internet. Polygon co-founder Sandeep Nailwal stated in a tweet in August 2023 that in Polygon 2.0, the new token POL is staked in a staking hub, allowing users to stake the same POL on different chains simultaneously, a staking method called "enshrined restaking."

Polygon 2.0 aims to eliminate reliance on third parties for restaking to enhance ecosystem security and reduce centralization risks.

NEAR Ecosystem

LiNEAR Protocol

• Token issuance: Yes

• Supported staking assets: bLiNEAR, LiETH

• Accumulation of multiple points: Yes

LiNEAR Protocol is a full-chain liquidity staking and restaking protocol in the NEAR ecosystem, allowing users to stake or restake ETH, NEAR, and other assets to earn rewards and receive LiNEAR, bLiNEAR, and LiETH. LiNEAR is LST, while bLiNEAR and LiETH are LRT. LRT assets not only earn restaking rewards but also receive PoS staking rewards.

According to DefiLlama data, the TVL of LiNEAR Protocol is currently $61.63 million.

On January 17th, LiNEAR Protocol launched the governance token LNR and distributed it to active community members through the Genesis Airdrop, with a snapshot taken from April 5th, 2023, to December 31st, 2023. Users can claim LNR rewards by connecting their NEAR wallet before April 15th, 2024. LNR grants holders governance rights, including participation in staking and restaking strategies, multi-chain deployment decisions, and more. The total supply of LNR from the Genesis Airdrop is 1 billion tokens, with 10% allocated to LiNEAR stakers, 9% for team incentives over one year, followed by linear distribution over the next three years, 11% reserved for future airdrops, 8% for protocol development, 12% for marketing and operations, 27% for community initiatives, and 23% stored in the DAO treasury.

Octopus Network

• Token issuance: Yes

• Supported staking assets: NEAR

Octopus Network is a multi-chain network in the NEAR ecosystem, with its 2.0 version supporting NEAR restaking and adaptive IBC, including validator and delegator roles. NEAR holders can participate in restaking, with users needing to restake a minimum of 10,000 NEAR to run an Appchain node, and delegators needing to delegate a minimum of 100 NEAR. 70% of the Appchain rewards will be used for restaking rewards, and 30% will be used for OCT buybacks. Appchain rewards are distributed based on the amount of NEAR restaked on the node, with higher restaking amounts resulting in higher rewards.

The restaking reward distribution period is one day, and NEAR staking rewards are automatically restaked, but users need to claim the restaking rewards themselves.

The total supply of the Octopus Network token OCT is 100 million, with a circulating supply of 78.7 million tokens, and a market value of approximately $24.49 million, currently priced at 0.3143 USDT.

Solana Ecosystem

Picasso

• Picasso was originally a Kusama parallel chain of the DeFi protocol Composable Finance in the Polkadot ecosystem. It launched Mantis Games on Solana on January 28th, introducing restaking with initial support for SOL, jitoSOL, mSOL, and bSOL. The vault went live with a minimum of 50,000 SOL, which will later increase to 150,000 SOL and 500,000 SOL. Users holding MANTIS Games NFTs can form teams. The first round of Mantis ended on January 30th with a total of 50,000 SOL deposited, resulting in a reward of 17.5 million PICA, and a vault APY of up to 67.04%. The second round of Mantis Games is set to begin.

On January 31st, Picasso partnered with Solend to integrate cTokens (including cUSDC, cSOL, cUSDT, cSLND) for use in the Solana restaking layer. Users can restake cTokens within the Picasso restaking layer on Solana (Solana IBC) to leverage their liquidity and earn compound returns.

The native token of Picasso is PICA, with a total supply of 10 billion tokens, a circulating supply of approximately 450,000 tokens, and a market value of around $73.32 million, currently priced at 0.016 USDT.

Bitcoin Ecosystem

Babylon

Babylon is a Bitcoin staking protocol that allows Bitcoin holders to stake BTC on PoS blockchains to gain validation rights and earn rewards without the need for third-party custody, cross-chain wrapping, or staking. In a tweet on October 11, 2023, Babylon mentioned that its protocol enables restaking of Bitcoin. The Bitcoin staking testnet for Babylon has not been launched yet.

On December 7th, the Bitcoin staking protocol Babylon completed a $18 million financing round, led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, OKX Ventures, IOSG Ventures, and others.

BNB Chain Ecosystem

Yield 24

• Token issuance: Yes
• Supported staking assets: ETH, BNB, BTC, stablecoins, or LRT
• Accumulation of multiple points: Yes

Yield 24 is a liquidity restaking protocol running on BNB Chain, Ethereum, and other EVM-compatible chains like Polygon. Users can restake 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 earn yBNB and receive rewards in the native token Y24.

Berachain Ecosystem

Beradrome

Beradrome is a restaking and liquidity market on Berachain, featuring ve(3,3) token economics, built-in bribery, voting mechanisms, and the "Tour de Berance" NFT series. Regarding restaking, Beradrome has not made significant progress yet.

The total supply of Beradrome tokens is 100,000, and holders of "Tour de Berance" NFTs can receive token airdrops.

Other

Origin DeFi

Origin DeFi is a DeFi project that launched the Ethereum-based yield aggregator Origin Ether (OETH) on the Ethereum mainnet in May last year. Currently, users can restake oETH in protocols like EigenLayer. OETH uses ETH and LST (stETH, rETH, and sfrxETH) as collateral to ensure 1 OETH = 1 ETH. OETH earns returns through Curve, Convex, Curve AMO, Balancer & Aura.

The governance token of Origin DeFi, OGV, has a total supply of 4,449,673,706 tokens, a circulating supply of 645,405,079 tokens, and a market value of approximately $5.2 million.

Redacted Cartel (Dinero)

Redacted Cartel is a well-established DeFi project that has shifted to the LSD track. In April 2023, Redacted Cartel released the whitepaper for the Ethereum-based over-collateralized stablecoin DINERO, but it has not been launched yet.

Redacted uses a dual-token LST mechanism, allowing users to deposit ETH into Redacted DAO's Pirex platform to mint pxETH. They can then deposit pxETH into Dinero to exchange for apxETH to receive automatic compounding rewards from the treasury. Unstaked pxETH does not earn staking rewards.

On February 1st, the Restaking Cloud - K2 core contributor Blockswap DAO community voted to approve the proposal to "integrate Redacted's Pirex ETH into kETH and Restake Cloud," intending to use apxETH as collateral for their restaking protocol and provide higher staking returns.

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