Liquid restaking is een uitbreiding van vloeistof uitzetten where users take already-staked assets (like stETH from Lido) and restake them through EigenLayer to earn additional yield while receiving liquid tokens (LRTs, or Liquid Restaking Tokens) that represent the combined staking position and remain usable in DeFi.
EigenLayer was een pionier in het restaking-concept op Ethereum, waardoor ETH-stakers hun cryptoeconomische zekerheid konden uitbreiden naar nieuwe protocollen (Actively Validated Services, of AVS'en) buiten Ethereum zelf.
Liquid restaking protocols (ether.fi, Renzo, Kelp DAO, Puffer Finance) automate this process by depositing into EigenLayer on users’ behalf and issuing liquid tokens (eETH, ezETH, rsETH, pufETH) that automatically compound restaking rewards and remain usable as DeFi collateral, creating a yield-on-yield stack with additional hakken risico's.
By 2026, EigenLayer has broadened its own positioning beyond pure restaking, rebranding its wider platform as EigenCloud and pushing into verifiable compute and AI-agent infrastructure worth knowing, since “EigenLayer” and “restaking” are no longer fully interchangeable the way they were in 2023–2024.
Oorsprong en geschiedenis
| Datum | Evenementen |
|---|---|
| juni 2023 | EigenLayer mainnet opens for stETH restaking, introducing the “restaking” concept |
| oktober 2023 | Renzo Protocol launches; ezETH becomes one of the largest LRT tokens |
| november 2023 | ether.fi launches as a major liquid restaking protocol; eETH token |
| Mar 2024 | EigenLayer opens for unrestricted deposits; TVL exceeds $15B by April–May 2024 |
| april 2024 | Renzo’s ezETH de-pegs roughly 18–20% following airdrop-design backlash |
| 2024 | EIGEN-token airdrop; Actief gevalideerde diensten worden gelanceerd. |
| 2025 | EigenLayer TVL climbs as high as $25B before entering a slower, more selective growth phase |
| 18-2026-XNUMX | Kelp DAO’s LayerZero bridge is exploited for ~$292–294M (18% of rsETH’s circulating supply), the largest DeFi hack of 2026, triggering ~$13B in two-day TVL outflows sector-wide and freezes on rsETH markets across Aave, SparkLend, and Fluid |
| 27-2026-XNUMX | A coordinated industry recovery effort (Aave, Consensys, Lido, ether.fi, and others) pledges 300M+ in support for affected users |
| Mar 2026 | EigenLayer/EigenCloud TVL stabilizes around $8.9B, roughly half Lido’s $18.32B, marking a maturation phase for restaking |
Lees ook: staking
Hoe het werkt
| LRT-protocol | Token | steun | Notes |
|---|---|---|---|
| ether.fi | eETH | ETH in EigenLayer | Largest LRT by TVL; distinguished by non-custodial key management — users retain withdrawal keys |
| Renzo | ezETH | ETH in EigenLayer | One of the largest LRTs; suffered an 18%+ de-peg in April 2024 |
| Kelp DAO | rETH | ETH in EigenLayer | Suffered a $292M cross-chain bridge exploit in April 2026 |
| Puffer Financiën | pufETH | ETH in EigenLayer | Focused on anti-slashing technology and reducing operator concentration risk |
"Restaking is de meest kapitaalefficiënte innovatie in Ethereum-staking – één ETH beveiligt nu Ethereum plus elke AVS die EigenLayer gebruikt. De vraag is of de risicopiramide houdbaar is."
Beyond EigenLayer itself, two newer restaking layers have gained relevance: Symbiotisch (permissionless, modular) and Karak (multi-asset, accepting wBTC and stablecoins as collateral alongside ETH).
EigenLayer domineert nog steeds de categorie met een marktaandeel van ongeveer 93%, maar het is niet langer de enige serieuze optie.
In eenvoudige bewoordingen
- Yield stacking: Regular ETH staking earns roughly 3–4% APY. Restaking adds incremental yield from securing additional services. Liquid restaking tokens let you do this while keeping your ETH DeFi-composable.
- EigenLayer foundation: EigenLayer is the base restaking layer — it lets ETH stakers “opt in” to securing new crypto services (oracle networks, bridges, rollups) and earn fees for that work.
- LRT tokens: Liquid Restaking Tokens (eETH, rsETH, ezETH) are your receipt for restaked ETH — they accrue restaking rewards and can be used in DeFi, similar to stETH but with restaking yield layered on top.
- Additional slashing risk: The extra yield comes with extra risk — restaked ETH can be slashed not just by Ethereum validators but also by AVS contracts that detect misbehavior.
- De-peg and bridge risk: LRTs can trade at a discount to ETH during stress events. Renzo’s 2024 de-peg came from panic selling; Kelp’s 2026 incident came from a cross-chain bridge exploit a reminder that risk in this category isn’t limited to peg mechanics alone.
Voorbeelden uit de echte wereld
| Scenario | Implementatie | Resultaat |
|---|---|---|
| ether.fi eETH | Deposit ETH → get eETH → use as Aave collateral → borrow USDC | ETH verdient staking- en restaking-APY wanneer het in DeFi wordt ingezet. |
| Renzo de-peg (2024) | Airdrop design backlash → mass sell of ezETH | Leveraged ezETH positions liquidated; early LRT risk demonstrated |
| Kelp DAO exploit (2026) | Attacker compromised LayerZero bridge infrastructure, minted ~$292M in unbacked rsETH | Largest DeFi hack of 2026; Aave froze rsETH markets, ~$13B exited DeFi in 48 hours, industry-wide recovery fund launched |
| AVS-beveiliging | An EigenLayer AVS (e.g. an oracle network) uses restaked ETH for security | The service inherits Ethereum-level cryptoeconomic security without needing its own token |
| Rendementsvergelijking | Regular stETH: ~3–4% APY | Liquid restaked LRTs: roughly 4–7% total APY including AVS rewards and incentives, down from the inflated points-farming-era estimates of 2024 |
Voordelen
| Voordeel | Beschrijving |
|---|---|
| Verhoogde opbrengst | Extra beloningen voor het beveiligen van AVS'en bovenop de basisopbrengst van staking. |
| Kapitaalefficiëntie | One ETH can simultaneously help secure multiple protocols |
| DeFi-samenstelbaarheid | LRT-tokens die net als stETH in DeFi gebruikt kunnen worden. |
| Ethereum-beveiligingsuitbreiding | Lets new protocols bootstrap security using Ethereum’s existing trust |
| Ecosystem diversification | Beyond EigenLayer, options like Symbiotic and Karak now offer different collateral and governance trade-offs |
Nadelen en risico's
| Nadeel | Beschrijving |
|---|---|
| Gelaagd snijrisico | ETH can be slashed by Ethereum validators AND by AVS contracts |
| LRT-ontkoppelingsrisico | Renzo (2024) de-pegged on panic selling; peg risk remains real even without an exploit |
| Cross-chain bridge risk | Kelp DAO’s 2026 exploit came through bridge infrastructure, not the core restaking contracts — a distinct attack surface from slashing |
| Smart contract and infrastructure complexity | Multiple nested protocols and cross-chain messaging layers each add their own risk surface |
| Duurzaamheid van de opbrengst | Restaking yields depend on AVS ecosystem fees growing; much of the historical yield came from token incentives, not durable revenue |
| Sector-wide contagion | The Kelp DAO exploit demonstrated that one LRT’s failure can freeze markets and drain liquidity across unrelated protocols within hours |
Tips voor risicomanagement:
- Understand all slashing and bridge-dependency conditions before restaking — not just Ethereum validator risk, but each AVS and each cross-chain link involved.
- Never use leveraged LRT positions without understanding de-peg and liquidation risk.
- Diversify across LRT providers rather than concentrating in one.
- Monitor LRT/ETH peg ratios, and be aware that a protocol’s cross-chain bridge can be a bigger risk than its core restaking logic.
- Treat 2024-era yield figures as historical — post-EIGEN-airdrop, sustainable real yield is meaningfully lower.
Veelgestelde Vragen / FAQ
Wat is het verschil tussen liquid staking en liquid restaking?
Liquid staking (Lido's stETH) stakes ETH for Ethereum validator rewards. Liquid restaking goes further – that staked ETH is also restaked in EigenLayer to secure additional services (AVSs), earning extra yield from those services too.
Kan ik mijn ETH verliezen door Liquid Restaking?
Ja. Herstakeerde ETH kan worden 'geslasht' (gedeeltelijk vernietigd) als je een validator-node beheert die zich oneerlijk gedraagt op een AVS. Delegeren aan een liquide herstakprotocol vermindert (maar elimineert niet) dit risico – de node-beheerders van het protocol nemen het risico op slashing op zich.
Waarom heeft Renzo ezETH de-peg?
In april 2024 kondigde Renzo zijn REZ-airdrop aan met een toewijzing die veel deelnemers teleurstelde. De massale verkoop van ezETH om posities te sluiten overtrof de beschikbare ETH-liquiditeit in pools, waardoor de ezETH-koers tijdelijk daalde tot ongeveer $688 op Uniswap (een korting van meer dan 18% ten opzichte van ETH) voordat deze zich herstelde.
Is het herinvesteren van liquide middelen op de lange termijn een duurzame strategie?
Het rendement is afhankelijk van de groei van de AVS-kosten naarmate het ecosysteem volwassener wordt. Momenteel komt een aanzienlijk deel van het rendement voort uit token-incentives (niet-houdbare inflatie). Een echt duurzaam rendement vereist dat de AVS-economie daadwerkelijke kosten genereert – iets wat nog moet worden bewezen.
