You may have heard that 'Ethereum staking' can yield profits, but recently a new concept called 'restaking' has gained traction, along with new tokens like LRT (Liquid Restaking Token). Many are puzzled: 'I already staked ETH; how can I restake? Is it risky?'

‘I have already staked my ETH, how can I restake? Is the risk high?’
Today, I will use a simple example to help you understand what restaking is, its uses, and the logic behind its popularity.

🧱 Basic Review: What is ETH Staking?

  • Ethereum PoS Mechanism: Users lock ETH to participate in consensus, run nodes or stake through service providers (like Lido, Rocket Pool) to earn validation rewards, with an annual yield of about 3~5%.

  • Staking Tokens: Like the stETH provided by Lido, representing ETH in staking, supporting circulation and DeFi usage.

🔁 What is Restaking?

  • Core Idea:

    The ETH you stake originally only serves the 'Ethereum main chain'. By restaking, you can lend this portion of your assetsto other protocols as collateral, earning a 'second income'.

  • For example:

    • You deposit ETH to Ethereum and earn POS rewards;

    • then authorize this 'staked equity' to other projects (like oracles, Rollups, bridges), and these projects give you extra rewards—this is 'restaking'.

    Platform Representative: EigenLayer

    • is currently the hottest restaking platform, allowing users to delegate staked ETH, stETH, rETH, etc.

    • will integrate multiple 'module' projects (AVS: Actively Validated Services), such as oracles, consensus networks, etc., which rely on users' restaked assets for security.

🪙 What is LRT (Liquid Restaking Token)?

  • Definition:

    ETH locked after restaking cannot just sit idle; the EigenLayer ecosystem has seen a large number ofLRT protocols, such as EtherFi, Puffer, Renzo, which package the restaked ETH into new tokens—LRT, allowing users to continue trading, borrowing, and providing liquidity.

  • Popular LRT Project Examples:

  • Reason 1: Yield Stacking

    • Regular ETH staking can only earn money once; restaking is like 'renting out', yielding multiple rewards.

    • Plus, liquidity tokens can also participate in DeFi, stacking yields layer upon layer.

    • Some jokingly call it 'DeFi's annuity product'.

    Reason 2: Airdrop Effect

    • LRT projects generally promise to issue tokens (or points redeemable for tokens) to attract users.

    • Users storing ETH not only earn staking rewards but can also take advantage of project benefits, leading to a massive influx of funds.

    • Currently, LRT TVL (Total Locked Value) has exceeded 10 billion USD!

    Reason 3: Surge in Demand for L2, Oracles, and Other Projects

    • Rollups, oracles, cross-chain bridges, etc., do not inherently possess 'economic security'. To have someone stake 'endorsements' for them, they need restaking platforms like EigenLayer.

    • It's like you are collateralizing ETH to these new protocols, making them safer, and then benefitting from it.

⚠️ What risks should newcomers be aware of?

  • Restaking ≠ No Risk: If the protocol you restake to encounters issues, your ETH may be 'slashed'.

  • Liquidity Risk: LRT may decouple in extreme markets, and may not necessarily redeem 1:1 for ETH.

  • Technical and Compliance Risks: These protocols are still in early development stages, with uncertainties in compliance and code security.

  • Airdrop Uncertainty: Although many protocols promise airdrops, timing and amounts are unpredictable. Don't go all-in; participate in a diversified manner.

🧭 Newcomer Participation Guide

✅ If you want to participate, you can:

  • Deposit stETH from Lido or rETH from Rocket Pool into EigenLayer (currently still on the waiting list);

  • or directly purchase LRT (like ezETH, eETH), holding on for airdrops;

  • Recommended to follow: EtherFi, Renzo, Puffer, KelpDAO, EigenPie, Bedrock, etc.

  • Join Discord/TG groups to stay updated on point rules and node activities.

✅ Beginner's Guide

  • Restaking is a new way for you to earn more money with staked ETH, represented by the protocol EigenLayer;

  • The LRT token is the 'representative right' after restaking, making it easier to continue participating in DeFi and potentially receive project airdrops;

  • Beginners should pay attention to risk control, choose active projects, and track the ecological development trends over the long term.

  • Keywords: Restaking, EigenLayer, LRT, Airdrop, Slashing Risk

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