Original | Odaily Planet Daily
Author | Nan Zhi
Last week, crypto re-pledge service provider EigenLayer announced the completion of $100 million in financing, with a16z participating. Binance Labs also announced its participation in two Restaking protocols, Puffer Finance and Renzo. On the other hand, in early February, according to on-chain analyst monitoring, Justin Sun’s three addresses had invested 271,328 stETH in ReStaking, with a current value of US$880 million.
Restaking is becoming more and more popular.
Odaily Planet Daily will summarize the mainstream Restaking protocols in this article and compare their differences and highlights from multiple dimensions. The following figure is a list of protocols in descending order of TVL.
Protocol comparison
Financing
In terms of financing, there are not many agreements that have publicly announced the financing status. The time was concentrated at the end of 2023 and the beginning of 2024 (Swell’s financing was mainly for the LSD business at that time), and the amounts were all one million US dollars.
On the other hand, there is not much overlap in the participating investment institutions of each protocol. TVL’s number one ether.fi leading investment institutions are North Island Ventures and Chapter One, and Puffer Finance’s leading investment institutions are Lemniscap and Faction. Among them, the financing event with the greatest impact is Binance Labs’ announcement to invest in Puffer Finance and Renzo. The market believes that this news indicates that the token has a higher possibility of being listed on the Binance Exchange. With the disclosure of the investment news, TVL has rapidly increased rise.
Pendle fixed interest rate
Pendle encapsulates interest-bearing tokens into SY (standard income token), which is then split into two components: principal and income, respectively PT (principal token) and YT (income token). Users holding PT tokens can exchange for an equal amount of principal after maturity, and all interest rates during the period belong to YT. PT The difference between the current price and the expiration price is the fixed income.
Pendle has launched a proprietary navigation interface for LRT, as shown in the figure below. The maturity fixed income of each protocol is approximately within the range of 30% ~ 40%, and the maturity dates are 120 days and 57 days respectively. It is worth noting that holding only PT means only receiving fixed income and giving up points and staking income.
Purchasing YT is equivalent to using leverage to obtain EigenLayer points and project points. Odaily Planet Daily has screenshots of some YT products as follows. YT of several agreements is equivalent to obtaining EigenLayer points with ten times leverage, and is accompanied by different multiples of leverage points. .
EigenLayer Points
Currently, only four protocols have announced EigenLayer points, with the highest being ether.fi’s 308 million points and the lowest being Bedrock’s 13.3 million points.
In addition, according to data from the points trading market Whales Market, the current point floor price of EigenLayer is about 0.15 USDT/point, which is equivalent to a total of 46.2 million U.S. dollars in point assets held by ether.fi pledgers, accounting for about 3% of TVL. Readers can similarly calculate the EigenLayer points value of other disclosed protocols, or convert the point assets of other protocols according to TVL.
In addition, Whales Market has also launched ether.fi project points. The current market depth is poor. If calculated based on the floor price of 0.00074/Point, the Loyalty Points of the current agreement are 22.1 billion, which is approximately equivalent to 16.42 million US dollars. There is currently no public price for reference for other agreement points.
Asset exit
At present, most of the Restaking protocols have not yet implemented withdrawal logic, and can only be withdrawn through various DEXs in the form of asset exchange, and there is a certain amount of wear and tear. Ether.fi is the only protocol that can withdraw directly, and ether.fi has also prepared liquidity reserve funds to meet users’ immediate withdrawal needs.
But at the same time, ether.fi also encountered the question of "stealing points". Community users pointed out that based on the TVL and EigenLayer points of other protocols, the actual points obtained by ether.fi were significantly less than the converted points. ether.fi responded that the reason for the relatively small number of points is due to the time difference between deposits and the fund pool prepared for users to withdraw immediately to transfer all EigenLayer points to users.
in conclusion
Each Restaking protocol has different characteristics, and users can choose according to their own needs:
For users with high liquidity requirements, you can choose to stake on ether.fi to get the opportunity to withdraw from participating in other protocols at any time;
For users who are pursuing stable income, you can choose to purchase Renzo’s PT.
For users with medium risk appetite, you can choose Puffer because it has high expectations of being listed on Binance and has many large investors. For example, Justin Sun is the number one pledger of Puffer.
In addition, there are protocols with rich reward types such as Zircuit and Eigenpie, which are suitable for users who want to improve the efficiency of fund utilization and balance income expectations.
