Original author: @0xNing0x
Original source: X
Note: The original article is from @0xNing0x release long tweet.
The cornerstone of Restaking's value is EigenLayer's AVS. From the perspective of block space economics, Rollup L2 is an abstraction of Ethereum's block space resale, and AVS is an abstraction of Ethereum's economic security sale.
There is a theory in the market that although restaking increases the consensus load of Ethereum, LRT projects with higher staking yields can help increase the staking rate and price of Ethereum, thereby enhancing the economic security of the mainnet.
Looking at Dune's on-chain dashboard, we can see that the above assumptions are somewhat inconsistent with the facts:
The growth trend of ETH staking net inflow brought about by the Restaking Fomo craze lasted for a short time. The time period is only January 19 ~ February 13 this year, less than 1 month. At present, although the net inflow remains above the 0 axis, it is in the historical bottom range.
The positive impact on ETH staking is far less than the Shanghai upgrade.
In the past 24 years, the total number of Ethereum staking has increased from 29.206 million to 3212.14, a growth rate of 10%. But the slope of this growth trend is almost the same as during the sideways bear market in Q3 2023. And January '24 is precisely the market correction period after the approval of the Bitcoin ETF.
It can be seen here that the PMF of the Restaking project is a period of restaking high ETH-margined passive income + market adjustment. The relevance to EigenLayer's AVS narrative is weaker.
Restaking projects such as Etherfi and Renzo are gobbling up the share of new staking from LSTs such as Lido and Rocket Pool. Currently, restaking projects account for 40% of the market share of new staking.
Judging from the monthly changes, traditional staking protocols and platforms such as Lido, Figment, Binance, and http://P2P.org are outflowing, while Restaking protocols such as Etherfi and Renzo are seeing significant net inflows.
However, it is worth noting that both Figment and Binance continue to invest in incubating restaking protocols in the primary market, while Lido is passively constrained by the imminent arrival of the 1/3 staking market share threshold.
Therefore, in fact, Restaking can be regarded as a siege jointly initiated by the Restaking project and Lido.
In the process, Lido lost market share and gained ethical security within the Ethereum ecosystem. Figment and Binance are just left-handed and right-handed, doing asset issuance in the bull market at the cost of losing part of their passive income. Etherfi is the first success story.
More than.