Over $3.6 billion of Ethereum is pledged again, the Year of the Doll is coming
Written by: Noc, West
According to Dune data, the total amount of Ethereum beacon chain staked has exceeded 29.42 million ETH, accounting for 24.53% of the total ETH supply. Since the Ethereum Shanghai upgrade, the net inflow of staked tokens has reached 9.5513 million ETH, which shows that Ethereum native stake is in full swing.
However, the market seems no longer satisfied with the risk-free pledge returns in the primary market. Re-pledge agreements have sprung up like mushrooms after a rain, and major pledge platforms have brought in funds and launched their own re-pledge agreements.
Are they all "eyeing" the Ethereum in people's pockets? According to rough statistics, the top re-pledge protocols have spawned nearly 20 Ethereum derivatives (XXXETH/ETHXXX). This article sorts out 6 mainstream re-pledge protocols and their vaults. Without deduplication, at least $3.526 billion worth of Ethereum derivative assets are constantly generating interest, accounting for about 5.2% of the total beacon chain pledge. "Making dolls" is in progress.
EigenLayer
EigenLayer is a re-staking protocol based on Ethereum, providing Ethereum-levelSafetyIt allows users to use EigenLayer intelligentcontractRe-stake native ETH, LSDETH and LP Token and get verification rewards, so that third-party projects can enjoy the benefits of ETH mainnetSafetyWhile enjoying the benefits of sex, you can also get more rewards and benefits, thus achieving a win-win situation.
On August 1, 2022, EigenLayer developer EigenLabs completed a $14.5 million seed round of financing, led by Polychain Capital and Ethereal Ventures.
On March 29, 2023, EigenLayer developer EigenLabs completed a US$50 million Series A financing round, led by Blockchain Capital, with participation from Electric Capital, Polychain Capital, Hack VC, Finality Capital Partner, Coinbase Ventures and IOSG Venture.
TVL: $2.045 billion
According to Deflama data, the current total TVL of EigenLayer is US$2.045 billion, and the top three ETH and its derivatives in the vault are: WETH (45.23%), STETH (22.22%), and SWETH (13.34%).
ether.fi
ether.fi is a non-custodial liquidity staking platform that launched liquidity staking on the mainnet on November 12, 2023.Token eETH, users who stake ETH on ether.fi will receive protocol LST (eETH), which can be used to generate more income throughout the DeFi ecosystem, including re-staking on EigenLayer. Throughout the process, users will retain control of their private keys while delegating Ethereum validator operations to node operators. Each validator generated through its protocol will be represented as an NFT. Ethereum stakers who deposit at least 32 ETH will hold NFTs, representing the economic interests of the validator.
ether.fi has announced its roadmap for the first half of 2024. The team has set the TGE for April, and other key dates include the February release DAO Framework, released in MarchTokenEconomics documentation. In addition, mainnet v3 is scheduled for release in early Q2.
On February 28, 2023, ether.fi completed a financing of US$5.3 million, led by North Island Ventures, Chapter One and Node Capital, with participation from BitMex founder Arthur Hayes and others.
TVL: $509 million
According to Deflama data, the current ether.fi TVL is $509 million, with a monthly increase of 367%. There are currently 220,000 WETH in the vault.
Swell Network
Swell Network is an Ethereum liquidity re-pledge protocol. Users can collect Pearls by pledging swETH and providing liquidity, and then redeem them for SWELL at the token generation event later this year. 50 million SWELL (5%) will be distributed. Swell Network launched the re-pledge token on January 30.Xiaobai NavigationThe coin rswETH (Restaked Swell Ether) allows users to earn Pearls, EigenLayer points and future re-staking rewards, providing users with unlimited access to EigenLayer Restaking, which can be used in DeFi while continuing to accumulate Restaking rewards.
On March 14, 2022, Swell Network completed a US$3.75 million seed round of financing, led by Framework Ventures, with participation from IOSG Ventures, Apollo Capital, Maven 11, and angel investors Mark Cuban, Synthetix co-founders Kain Warwick and Jordan Momtazi, Balancer founders Fernando Martinelli, Ryan Sean Adams, Bankless co-founder David Hoffman, Ren Protocol co-founder Loong Wang, and Mask Network founder Suji Yan.
TVL: $451 million
According to Deflama data, the current Swell Network TVL is $451 million, of which 191,070 swETH and 1,475 rswETH are stored in the vault.
Kelp DAO
Kelp DAO 是多链 LSD 平台 Stader Lab 旗下的 Restaking 项目，基于 EigenLayer 以 rsETH 构建了的 LRT（Liquid Restaked Token）解决方案。
Kelp Dao users can earn Kelp points by staking. The Ethereum in the project treasury is also staked on EigenLayer, and at the same timeCommunityUsers share points. On December 19, 2023, Kelp DAO attracted about 38,000 ETH deposits after only six days of launch.
On October 7, 2021, Stader Labs announced the completion of a $4 million seed round of financing, led by Pantera Capital, with participation from Coinbase Ventures, True Ventures, Jump Capital, Proof Group, Hypersphere and others.
On January 20, 2022, Stader Labs announced that it had completed a $12.5 million private placement financing at a valuation of $450 million. This round of financing was led by Three Arrows Capital, with participation from Blockchain com, Accomplice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and several angel investors.
TVL: $255 million
According to Deflama data, the current total TVL of Kelp DAO is 255 million US dollars. There are three Ethereum derivatives in the vault, namely: 68,360 ETHX (63.02%), 35,230 STETH (31.78%), 0.538SFRXETH (5.2%)
Renzo
Renzo 是一个流动性再质押协议，目前已在 EigenLayer 的主网上运行，Renzo 的核心是 ezETH，这是一种流动性再质押Token（Liquid Restaking Token, LRT），用户可以通过将以太坊或 LST 存入 Renzo 来铸造这种代币。ezETH 可以进一步用于其他 DeFi 协议，从而获得复利回报。Renzo 抽象了终端用户的所有复杂性，使他们能够低门槛地参与 Eigenlayer 生态的再质押。作为原生态的再质押产品，优势在于可充分质押，即不受到 EigenLayer LST 存款限额的约束。
On January 15, Renzo, the liquidity re-pledge protocol of the Eigenlayer ecosystem, announced the completion of a $3 million seed round of financing. This round of financing was led by Maven11, with participation from SevenX Ventures, Figment Capital and IOSG.
TVL: $155 million
According to Deflama data, the current Renzo TVL has reached 155 million US dollars, with a monthly increase of 1368%, and 67,109 ezETH stored in the vault.
Eigenpie
EigenLayer is a re-staking protocol based on Ethereum that allows users tocontract将原生 ETH、LSDETH 及 LP Token 进行再质押并得到验证奖励。由去中心化流动性聚合协议 Magpie 与 EigenLayer 联合推出。Eigenpie 是基于 EigenLayer 智能合约技术从而为用户提供 LRT 服务，用户可以同时从以太坊质押和 EigenLayer 中获得被动收入，而无需锁定期。
Isolated Liquid Restaking tokens are restaking certificates generated by Eigenpie and can only be minted by depositing a specific LST, not by depositing a basket of different LSTs. Users can deposit their LST into Eigenpie to receive the LRT version of their specific asset. The ILR tokens received when users deposit LST into Eigenpie will retain their original name with the prefix "m" added.
The native token of Eigenpie is EGP, with a total supply of 10 million, including IDO (40%),CommunityIncentives (35%), Magpie Treasury (15%), and early supporter airdrops (10%). EGP tokens will be introduced through a fair launch, without VC or pre-sale activities. The team officially abandons token distribution and allocates 15% of EGP tokens to Magpie Treasury.
On September 8, 2022, Magpie Protocol announced the completion of a US$3 million seed round of financing. This round of financing was participated by Jump Crypto, ArkStream Capital, Sandeep Nailwal, GSR Markets, Parafi Capital, Republic Capital, Big Brain Holdings, Serafund, Faculty Group, MH Ventures, D1 Ventures, Apollo Capital and others.
TVL: $111 million
According to Deflama data, the current total TVL of Eigenpie is 111 million US dollars, and the top three Ethereum derivatives in the treasury are: STETH (50.73%), WBETH (14.75%), and METH (14.62%).
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
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