Introduction
EigenLayer introduces a novel staking concept that reutilises staked ETH, effectively extending Ethereum's crypto-economic security to other protocols. This innovation aids in establishing security for these external protocols while enabling validators to earn additional income. Consequently, EigenLayer could transform ETH staking into a more versatile asset, utilising established trust networks to enhance the security of various protocols such as Oracles, Rollups, Bridges and more.
In recent months EigenLayer has experienced impressive growth and has continued to expand its compatible liquid staking token offerings.
Analysis of assets under management (AUM)
Since its inception the protocol has amassed $1.16 billion of assets under management.
We can refine this one step further and analyze the AUM as of today per respective liquid staking token. As illustrated in the chart below, Lido’s liquid staking token “stETH” is currently leading the way accounting for ~40% of the assets under management at present:
EigenLayer’s supported liquid staking tokens
EigenLayer currently permits users to stake nine types of Liquid Staking Derivatives – stETH, swETH, rETH, ETHx, cbETH, osETH, oETH, wBETH and ankrETH. Each of these derivatives has its own maximum deposit cap, which is periodically adjusted.
As of yesterday, EigenLayer has also announced that it will be adding sfrxETH, mETH and LsETH. Below is a complete overview of the compatible liquid staking tokens:
In line with these new compatible liquid staking tokens, EigenLayer will resume restaking with a continued cap of 200k ETH for each liquid staking token.
This Restaking Period is open from January 29th, 12 PM PT to February 2nd, 12 PM PT. Furthermore, the New liquid staking tokens will be available starting January 29th, 12 PM PT.
Conclusion:
EigenLayer's innovative approach to ETH staking, by reusing staked ETH to bolster the security of external protocols, has not only broadened Ethereum's crypto-economic influence but also enhanced validators' revenue opportunities. As discussed, the platform currently supports nine Liquid Staking Derivatives and is set to add three more – sfrxETH, mETH, and LsETH. This expansion aligns with its upcoming restaking window, maintaining a 200k ETH cap for each token. Starting from January 29th, this period marks a significant stride in EigenLayer's journey and further entrenches its success to date.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.