As Etherfi officially announced the spin-off of its Restaking business, the LRT sector is pretty much wrapped up— As of September 30, the total TVL in the liquid restaking market is around $1.45 billion, while the weekly protocol revenue across the entire sector is only about $100,000. Breaking it down, the annualized revenue-to-TVL ratio is roughly 0.36%, and after deducting operating costs, there’s basically nothing left. Thinking back to 2024, starting with Manta at the beginning of the year, then Eigenlayer, Etherfi, Kelp... Every ethereum:native project seamlessly connected, riding the wave all the way to the end of the year; Token prices doubled, token quantities doubled too—those were truly the good old days that will never come back!