Special report on the re-staking chain: the number of participants has dropped by 90% since February, less than 1,000 people per day

Author: OurNetwork

Compiled by: Xiaobai Navigation coderworld

Re-pledge

EigenLayer | Ether.fi | Swell | Symbiotic | Karak

Lewis Harland | Dashboard

Since June, the total locked value (TVL) of ETH in re-staking has increased by 30%, with less than 1,000 users participating in re-staking every day; EigenLayer has a market share of 84%.

• Re-staking protocols aim to improve the returns on staked assets by supporting external systems, often called Active Validation Services (AVS). These protocols have led to billions of dollars in liquidity re-staking.Token(LRT), representing the amount on deposit in the re-pledge protocol. Re-pledge interest increased in the first half of 2024, but has now stabilized - total ETH staked in USD in the re-pledge protocol is down 38% from its peak in June. Excluding ETH-USD volatility, staked ETH units have remained stable over the same period, with very limited net new inflows. There are currently 23 AVS, and liquidity re-pledge accounts for 75% of total TVL.

Dune – @hashed_official

• Eigenlayer is the leading restaking protocol with a market share of 84%.Emerging protocols Symbiotic ranked second, accounting for 12%, while Karak ranked third, accounting for 4%. As of September 12, Eigenlayer had a net outflow of -94,000 ETH in the past month, about 222 million US dollars. Karak also had an outflow of -14,000 ETH, about 33 million US dollars in the same period. Symbiotic was the only protocol that showed a positive change, with an increase of +253,000 ETH, about 598 million US dollars.

Dune – blocklytics

• Users can deposit directly into Eigenlayer using ETH and LST, or indirectly through liquidity re-pledge projects like Ether.fi. The Liquidity Re-Pledge Protocol mints a liquid token called LRT.Token, representing the claim of re-collateralized assets in protocols like Eigenlayer - Ether.fi's eETH is the largest LRT supported by Eigenlayer, with 1.96 million issued and a market value of $804 million. Puffer's pufETH has issued 515,000, and Renzo's ezETH has issued 363,000.

Dune – @hahahash

• The number of liquidity re-stakers has dropped by 90% from a peak of 10,000 in February. Of the remaining ~1,000 individuals, the majority (95%+) operate through Ether.fi and Puffer.

Dune – cryptokoryo

• Transaction highlights:thiswas the first transaction to fund Kiln, which provides services as an AVS operator (AVS operators use re-staked assets for validation). Today, this address has become one of the top operators on Eigenlayer with over 39,000 ETH and 5,400 delegators.

Ether.fi

Matt Casto | Website | Dashboard

Lending protocols have been the biggest beneficiaries of weETH/eETH flows over the past month

• Over the past month, lending protocols experienced the highest net inflows into Ether.fi’s weETH/eETH (the leading LRT), which totaled $252 million in inflows. During the same period, users invested $52 million into bridge protocols and $39 million into EOAs and Safes. The largest net outflows came from re-staking, which fell by $52 million, mainly due to a notable outflow of $61 million on August 15th. This coincided with the launch of another LRT, eBTC, from Ether.fi, and supply was likely directed to Symbiotic’s eBTC/weETH, which may explain some of the outflows.

Dune – @mcasto_

• Aave has seen the largest growth in weETH supply liquidity so far this year, growing from 1.4% market share when deposits were enabled in mid-April to 35% currently. This growth is primarily due to users engaging in recycling strategies and strong demand to borrow stablecoins using weETH as collateral.

Dune – @masto_

• Ether.fi’s governance in the DEX ecosystemToken ETHFI’s TVL has recently increased on Uniswap v3, mainly due to the liquidity on Curve moving to Uniswap in early August. This move was driven by the Ether.fi team, who moved the liquidity purchased by the Treasury to Arrakis on Uniswap v3.

Dune – @masto_

• Transaction highlights:The dealThe automated liquidity solution that injected liquidity into Arrakis that was previously drawn from Curve. This was the second largest liquidity injection into the pool since its existence. In addition, 80 ETH was injected in this transaction, which was worth $409,000 at the time. After the liquidity injection in this transaction, almost all of ETHFI's DEX liquidity passed through the Uniswap v3 pool.

Swell

Ian Unsworth | Website | Dashboard

Swell's total locked swBTC value has exceeded 30 million US dollars

• While most of the discussion about restaking has centered around ETH LRT, Swell’s new LRT, swBTC, has recently gained attention. Swell’s new product offers users the opportunity to earn potential restaking rewards on Ethereum’s top three restaking platforms: EigenLayer, Symbiotic, and Karak. In just 10 days, swBTC’s total locked value exceeded $30 million, with over 560 unique depositors participating in deposits. As BTC liquidity becomes an ongoing trend, the increase in BTC LRT could serve as a positive on-chain catalyst.

Dune – @maybeYonas

• About a month after its launch, a portion of swBTC’s supply has flowed into key DeFi protocols such as Curve and Morpho, which together account for approximately 8% of the total supply. In addition, Swell is developing a Layer 2 Platform, users have injected 68% of swBTC supply into the extended platformcontractin order to facilitate its launch.

Nansen

• Users deposit funds into Swell’s Layer 2 contract, and continued to express high interest in potential uses. Although Swell announced that the snapshot record of the airdrop has been completed, there are still about 460,000 ETH and more than $1 billion in funds deposited. The expansion solution is scheduled to be officially launched at the end of the fourth quarter.

Dune – @maybeYonas

• Transaction highlights:When looking at the usage of swBTC by some early adopters,This walletSwell L2 contractDeposit100 swBTC, worth more than $5.9 million.wallet, this address may belong to Amber Group, a well-known asset management company with more than 3,000 institutional clients.

Symbiotic

Royce | Website | Dashboard

Symbiotic’s TVL Surpasses $1.5 Billion, New Tokens Join

• Symbiotic’s TVL, the second-largest heavily-collateralized protocol after Eigenlayer, has surpassed $1.5 billion, with the addition of other assets such as BTC, Ethena, and sUSDe.

Dune – maybeYonas

• Pools like Re7LRT account for over 70% of depositors, reflecting the growth of liquid heavily staked tokens on the Symbiotic protocol.

Dune – @maybeYonas

• BTC re-staking has officially begun, and Symbiotic is one of the main platforms for depositing BTC. In the past month, more than $100 million of BXiaobai NavigationTC deposits, Re7, Ether.fi and Swell’s BTC LRT drove this explosive growth.

Dune – @maybeYonas

• Transaction highlights:Yield trading using Re7LRT remains active. The trader has set fixed yields of over 300 ETH through Pendle, a yield-splitting protocol, with Re7LRT maturing in September and December.

Karak

Honz | Website | Dashboard

Karak’s ETH TVL has remained stable at 280,000 for nearly 3 months

• Karak is the third-largest heavily-collateralized protocol by total value locked (TVL), maintaining a steady 280K ETH in deposits, but has not seen significant new inflows over the past three months. This is likely due to difficult market conditions and the emergence of competitors like Symbiotic, which launched later than Karak but now attracts three times as much ETH. To keep up, Karak has accelerated the process of introducing new assets.

DeFiLlama

• In the past 7 days, users have withdrawn 6,025 ETH from Karak, showing a lack of growth compared to its competitors. Users may have chosen to withdraw funds due to the decline in the attractiveness of Karak’s points program.

Dune – @blocklytics

• The pie chart shows that EigenLayer’s LRT and Pendle’s LRT derivatives account for a significant portion of Karak’s total locked value (TVL), accounting for 61%. Given this significant dependency on competitor assets, Karak may need to explore new strategies to mitigate the risks associated with such dependencies.

Dune – @blocklytics

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