According to Dune data, the total amount of Ethereum beacon chain pledged has exceeded 29.42 million ETH, accounting for 24.53% of the total supply of ETH. Since the upgrade of Ethereum Shanghai, the net staking inflow has reached 9.5513 million ETH, which shows that the native staking of Ethereum is in full swing.

The market seems to be no longer satisfied with the risk-free pledge returns in the primary market. Re-pledge agreements have sprung up like mushrooms after a rain. Major pledge platforms have brought capital to the market and launched their own re-pledge agreements.

Are they all “eyeing” Ethereum in people’s pockets? According to rough statistics, the head re-pledge protocol has spawned nearly 20 Ethereum derivatives (XXXETH/ETHXXX). This article sorted out 6 mainstream re-pledge protocols and their vaults. Without deduplication, Ethereum derivatives assets worth at least US$3.526 billion are continuously earning interest, accounting for approximately 5.2% of the total pledged amount of the beacon chain. Baby is in progress.

EigenLayer

EigenLayer is a re-staking protocol based on Ethereum that provides Ethereum-level security for the entire Ethereum cryptoeconomic system in the future. It allows users to re-pledge native ETH, LSDETH and LP Token through the EigenLayer smart contract and receive verification rewards, allowing third-party projects to enjoy the security of the ETH main network while also obtaining more reward income, thereby achieving a win-win situation.

On August 1, 2022, EigenLabs, the developer of EigenLayer, completed a US$14.5 million seed round of financing, with Polychain Capital and Ethereal Ventures jointly leading the investment.

On March 29, 2023, EigenLabs, the developer of EigenLayer, completed a US$50 million Series A financing, 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 Defillama 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 the liquidity staking token eETH on the mainnet on November 12, 2023. Users who stake ETH on ether.fi will receive protocol LST (eETH), which can be used Generate more revenue across the entire 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. Every validator generated through its protocol will be represented as an NFT. Ethereum stakers who deposit at least 32 ETH will hold the NFT, which represents the financial interest of the validator.

ether.fi announced its roadmap for the first half of 2024. The team has set TGE in April, and other key dates include the release of the DAO framework in February and the release of the token economics document in March. In addition, mainnet v3 is planned to be released in early second quarter.

On February 28, 2023, ether.fi completed US$5.3 million in financing, with North Island Ventures, Chapter One and Node Capital co-leading the investment, and BitMex founder Arthur Hayes and others participating.

TVL: $509 million

According to Defillama data, the current TVL of ether.fi reaches US$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 staking swETH and providing liquidity, and then exchange them for SWELL at the Token generation event later this year. 50 million SWELL (5%) will be distributed. Swell Network launched the re-staking token rswETH (Restaked Swell Ether) on January 30. Users can earn Pearls, EigenLayer points and future re-staking rewards, providing users with unlimited access to EigenLayer Restaking, which can be used in DeFi. At the same time, continue to accumulate Restaking rewards.

On March 14, 2022, Swell Network completed a US$3.75 million seed round of financing, led by Framework Ventures, and founded by IOSG Ventures, Apollo Capital, Maven 11, angel investors Mark Cuban, Synthetix co-founder Kain Warwick, Jordan Momtazi, and Balancer Investors include 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 Defillama data, the current TVL of Swell Network reaches 451 million US dollars, of which 191,070 swETH and rswETH are stored in the vault, which is 1,475.

Kelp DAO

Kelp DAO is a Restaking project under the multi-chain LSD platform Stader Lab, based on EigenLayers LRT (Liquid Restaked Token) solution built with rsETH.

Kelp Dao staking users can earn Kelp points. The Ethereum in the project vault is also pledged to EigenLayer, and points are shared with community users at the same time. On December 19, 2023, Kelp DAO has only been online for 6 days and has attracted approximately 38,000 ETH deposits.

On October 7, 2021, Stader Labs announced the completion of a US$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 the completion of a $12.5 million private placement 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, 4 RC, Figment and many angel investors.

TVL: $255 million

According to Defillama data, the current total TVL of Kelp DAO is US$255 million, and there are three Ethereum derivatives in the vault, namely: 68,360 ETHX (63.02%), 35,230 STETH (31.78%), 0.538 SFRXETH (5.2%)

Renzo

Renzo is a liquidity re-pledge protocol that is currently running on EigenLayer’s mainnet. The core of Renzo is ezETH, which is a liquid re-pledge token (Liquid Restaking Token, LRT). Users can exchange Ethereum or LST Deposit Renzo to mint this token. ezETH can be further used in other DeFi protocols to earn compound interest returns. Renzo abstracts all the complexity for end users, allowing them to participate in re-staking in the Eigenlayer ecosystem with a low threshold. As an original re-pledge product, the advantage is that it can be fully pledged, that is, it is not subject to the EigenLayer LST deposit limit.

On January 15, Renzo, the liquidity re-pledge protocol of the Eigenlayer ecosystem, announced the completion of a US$3 million seed round of financing. This round of financing was led by Maven 11, with participation from SevenX Ventures, Figment Capital and IOSG.

TVL: $155 million

According to Defillama data, Renzo TVL currently reaches US$155 million, with a monthly increase of 1368%, and the number of ezETH stored in the vault reaches 67,109.

Eigenpie

EigenLayer is a re-staking protocol based on Ethereum, allowing users to re-pledge native ETH, LSDETH and LP Token through the EigenLayer smart contract and receive verification rewards. Launched jointly by decentralized liquidity aggregation protocol Magpie and EigenLayer. Eigenpie is based on EigenLayer smart contract technology to provide users with LRT services. Users can obtain passive income from Ethereum staking and EigenLayer at the same time without a lock-in period.

Isolated Liquid Restaking tokens are re-pledge certificates generated by Eigenpie and can only be minted by depositing a specific LST and cannot be minted by depositing a basket of different LST. Users can deposit their LST into Eigenpie to receive an LRT version of their specific asset. The ILR tokens received when users deposit LST into Eigenpie will retain their original names with the prefix m added.

Eigenpie’s native token is EGP, with a total supply of 10 million. The distribution includes IDO (40%), community incentives (35%), Magpie Treasury (15%) and early supporter airdrops (10%). EGP tokens will be introduced through a fair launch without the involvement of VC or pre-sale events. The team officially gave up the token allocation and allocated 15% of EGP tokens to the 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 funded by Jump Crypto, ArkStream Capital, Sandeep Nailwal, GSR Markets, Parafi Capital, Republic Capital, Big Brain Holdings, Serafund, Faculty Group, MH Ventures, D 1 Ventures, Apollo Capital and others participated in the investment.

TVL: $111 million

According to Defillama data, the current total TVL of Eigenpie reaches US$111 million, and the top three Ethereum derivatives in the vault are: STETH (50.73%), WBETH (14.75%), and METH (14.62%).