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Description

EigenLayer is a protocol that has introduced re-staking, which allows users to use the security of Ethereum to secure other networks. This is done by bonding LST to the EigenLayer contract to secure other protocols. In exchange for re-staking, re-stakers will receive protocol fees and rewards for providing this security.

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Use Case

**Traders: **Re-staking Ethereum allows traders the ability to retain liquidity while at the same time speculating on this entire new crypto primitive. Re-staking Ethereum aligns with their strategic approach of harnessing various investment tools to optimize profit potential, reinforcing their position in the ever-evolving digital asset landscape. **Researchers: **Researchers can analyze the economic incentives driving participants to engage in re-staking, exploring its potential impact on Ethereum’s ecosystem dynamics and long-term sustainability. Additionally, they use this data to understand the incentive structure, potential benefits, and risks of the entire re-staking ecosystem. Analysts: It is important for analysts to understand staking rewards, slashing conditions, and network participation rates to gauge the potential returns and associated risks of engaging in re-staking activities. Furthermore, analysts monitor Ethereum’s on-chain metrics and network health indicators to identify emerging trends and potential opportunities for optimizing staking strategies.

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Methodology

  • TVL: Total Value Locked (TVL) for the protocol is calculated by summing all deposits and withdrawals into EigenLayer and multiplying the net token amounts by their respective market prices. TVL is reported both in native token quantities and USD value.
  • Amount Staked (LST / Native ETH): The daily total of Liquid Staking Tokens (LST) and native ETH deposited into EigenLayer contracts is calculated, along with the cumulative daily balance over time.
  • Daily Depositors: The count of unique wallet addresses depositing into EigenLayer contracts each day is tracked.
  • Pod Deployed: Every new pod creation event is recorded daily, and cumulative totals of pods deployed are maintained.
  • LST Delegation to Operators: Users staking on EigenLayer may delegate their LST to Operators who support Autonomous Validator Services (AVSs). Delegation volume (in ETH/LST) per operator is analyzed to identify the largest and most popular operators.
  • Number of Stakers to Operators: The total count of unique wallets delegating to each operator is tracked, helping to illustrate the distribution of staked ETH and the number of participants.
  • AVS Overview: Monitors deployed and created AVSs, providing insight into areas of focus and activity within the AVS ecosystem.
  • Registered AVS: Tracks operator events registering AVSs, allowing monitoring of which operators support which AVSs.