The total value locked (TVL) in liquid restaking tokens (LRTs) has surged to nearly $8 billion, reflecting a significant increase in user deposits across various protocols. Platforms such as Etherfi, Renzo, Kelp, Puffer, and others have witnessed a remarkable rise in TVL over the past few months, driven by users’ preference for EigenLayer, a platform that enables them to maintain access to their funds while staking.
Among these LRTs, Etherfi leads with a TVL exceeding $3.2 billion, followed by Renzo at $2 billion and Puffer at $1.3 billion. Kelp has amassed over $740 million in user deposits, while EigenPie boasts a TVL of $328 million and Swell at $265 million. Smaller LRT protocols include Bedrock with a TVL of $145 million, Prime at $42 million, and ClayStack at $10 million.
Liquid restaking allows token holders to stake their assets on EigenLayer, contributing to its economic security. This method differs from traditional liquid staking, as it involves staking assets directly through EigenLayer rather than using a staking service provider and receiving receipt tokens in return.
EigenLayer’s contribution to the growth of TVL in these protocols is significant, with its TVL surpassing $13 billion. The platform aims to enhance the security of other networks such as rollups, oracles, and data availability platforms by allocating deposited funds.
While the window for restaking deposits on EigenLayer with liquid staking tokens was briefly opened in February, it has since closed. However, LRT protocols continue to accept deposits of ether, restaking them for users, and issuing derivative tokens. Users leverage LRTs to secure rewards from EigenLayer and potential dual airdrops, as EigenLayer rewards users with points for their deposits.
These protocols offer additional incentives by awarding points from both EigenLayer and the respective protocol. For example, users restaking tokens through Kelp gain points from EigenLayer and KelpDAO, maximizing their potential rewards.
