👀 @EigenLayer mainnet soon.
🤯 Heard rumor that “ETH staked on EigenLayer are not really staked on EigenLayer”.
🤨 Is that true? Spoiler: It’s kinda true, but kinda false.
⬇️ 🧵
✌🏿 Two types of restaking on EigenLayer
Liquid restaking with LSD is, no doubt, staking on EigenLayer cuz you go to their frontend to restake into their smart contract.
What about Native Restaking?
Native Restaking is with native ETH and your validator with 32 ETH in the Ethereum consensus layer.
It is more complicated than pressing the buttons on EigenLayer frontend.
You need to…
You need to:
create your EigenPod contract
grant some power to AVS over this EigenPod
set your withdrawal address from the CL to this EigenPod
And
😇 This makes it feel like:
Your restaked is not really in EigenLayer like restaked LSD, because it’s on EigenPod (actually still with EigenLayer)
Calculating those TVL is kinda hard, because you need to calculate TVL on EigenPod with CL withdraw address, then minus the “slashed” TVL
🫡 Check @jordanmmck’s thread on understanding EigenLayer if you are still confused.
One of the best explainer.
✨ Also, check out this dashboard for data by @ratednetwork on TVL of Native Restaking.
Always fun to see those rare data point!
🧵 For more on EigenLayer, check out their post of threads.
🤭 I really wanna write up some spicy stuff on EigenLayer & Restaking on its security or future slashing events.
But I’m reaching the tweet word limit, so will do it in the future..