Original author: Haotian (X: @tme l0 211)

Recently, dozens of Restaking solutions have emerged at the same time, and the market is very lively. The battle is much more exciting than the previous Staking battles such as Lido, RockX, and SSV. From the technical strength war of node services that lowered the user threshold of 32 ETH, to the operational strategy war of competing for Eigenlayer points, the more typical one is @KelpDAO, who managed to reach TVL Top 3 by relying on the points war. , how to do it?

In the first stage, because @Eigenlayer suspended its re-staking business, market users were unable to directly participate in staking for a long time. Eigenlayer also launched a brand point airdrop mechanism, which gave latecomers such as KelpDAO an empty window to seize market users. Chances are, the KelpDAO treasury will distribute the points earned on Eigenlayer from its own pocket to users.

Users who pledge LST such as ETHx, stETH and sfrxETH on @KelpDAO can not only obtain Kelp Miles points, but also obtain EL Points provided by Eigenlayer. At this stage, a total of 49 K ETHx participated in Eigenlayers point acquisition.

In the second phase, Eigenlayer fully opened the Restaking business and canceled the upper limit of pledge funds. I thought this would invalidate point battle strategies such as KelpDAO. After all, users can directly participate in Eigenlayer to obtain points, and the demand for other competing platforms will inevitably decrease. Unexpectedly, @KelpDAO launched the EigenBoost 2.0 strategy for emergency response:

1) Users can get an additional 1 million EL points by staking ETHx, and get an additional 50 EL points for every ETHx deposited;

2) Users can mint LST into rsETH to provide liquidity to the market. When users successfully mint 1 rsETH on the Stader platform, they can obtain 100 K Kelp Miles. This part of the rsETH liquidity will not be wasted. Users can deposit Pendle enjoys 30% APY income.

The interesting part is here. Although Eigenlayer has opened the window, the standard of 720 points is not available to everyone. More small funds may choose to flow in through KelpDAO, thereby achieving more than one fish. After all, if Eigenlayer’s points are If you fall short, KelpDAO will provide minimum guarantee.

In particular, @KelpDAO has also grown to the top of the psychological safety threshold of more than 3.3 billion US dollars. Such an operating strategy will definitely attract a large portion of idle funds to enter.

The strongest among the strongest. If Eigenlayer’s decision to relax the pledge limit is to recapture users who have been sucked away by other Restaking projects, then KelpDAO’s enhanced points operation strategy is a powerful counterattack. Indeed, when Eigenlayer’s After the competition for points becomes clear, the mentality of retail investors to get more out of one fish becomes the key.

If you want to ask, how do you view the security risks of excessive involution in the Restaking track? Let me give you 3 simple opinions:

1) Eigenlayers brand and reputation are the fundamentals of the Restaking track. Since its AVS and node Slash mechanisms are not perfect, the only security carrier is Eigenlayers own smart contract.

If a large number of retail investors fomo into Eigenlayer, the risk will be greater, and any small problem can cause a run risk. Based on this, I believe that letting institutional platforms such as KelpDAO take the lead will actually share and reduce the potential security risks of Eigenlayer’s dominance;

2) It seems that this type of third-party platform has Rug risks, but the points earned by users are not generated out of thin air. Eigenlayer holds the trump card of this type of platform. If a platform wants to gain a good share of the internal roll market, its Rug opportunity cost is also large. In addition to the total amount of funds tied up by Eigenlayer, the cost of market operation and maintenance is also not small.

From an optimistic point of view, compared with the potential security risks of a single Eigenlayer contract, the dispersion of funds on the third-party platform will actually reduce the overall systemic risk. Of course, the premise is that the platform must withstand a period of market brand reputation accumulation;

3) With Eigenlayer’s current capital volume, the possibility of idle funds participating in gaining points to capture airdrop opportunities is decreasing. The influx of more funds will only increase the threshold for low points guarantee. At this time, the points extracted by the third-party platform with large funds are indeed an opportunity for retail investors to prevent shortfalls;

Note: The above opinions are only for reference and suggestions. In any case, you should be more vigilant against the leveraged liquidity gameplay behavior of Restaking. After all, the overall situation is not stable, so please participate rationally and moderately, and do not take blind risks.