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EigenLayer

110 pieces · Dec 2022 to Oct 2025 · 16 flagship

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Ethereum72 DeFi65 L1/L242 ZK10 Tooling6 AI5

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Start here · the strongest pieces on EigenLayer

Explainer30 Dec 2023Restaked rollups: AltLayer's VITAL, MACH and SQUAD AVSes on EigenLayerExplains the services rollups depend on (sequencing, MEV policy, fast finality, watchers, DA) and how AltLayer bundles them as Restaked Rollups via three EigenLayer AVSes: VITAL for verification, MACH for fast finality and SQUAD for decentralized sequencing.Thesis17 Oct 2024Is EIGEN undervalued? Intersubjective security and valuation mathExplains why EIGEN sold off, how its intersubjective forking security and dual-token design work, then values it with a PE-100 model. Concludes EIGEN is massively undervalued, with $20B plausible if AVSs reach a $5B to $10B combined market cap.Breakdown01 Nov 2023Shared sequencing research report: 10 key findings (with Pansophic)TLDR of a 45-page co-authored report: sequencing is centralized and siloed today, decentralized and shared sequencing are separate axes, and shared sequencing offers decentralization-as-a-service and limited atomic composability.

Timeline · every piece, newest first

2025 5

31 Oct 2025The Sentient Ecosystem and the Components of GRIDOverview of Sentient's GRID protocol: in-house primitives (ROMA, Open Deep Search, Dobby, OML fingerprinting) and a partner network across agents, data, verifiable AI and decentralized compute, as a decentralized AGI network.ArticleAIDePINPrivacy17 likes

27 Sep 2025eOracle by the numbers: validators, stakers and feedsQuotes eOracle metrics: 130 distributed validators, $7.52B secured by 173K+ stakers, and 100+ security feeds live on 20+ chains. Frames it as the most decentralized oracle network and the largest protocol on a shared security layer.DataDeFiRWA11 likes

26 Sep 2025eOracle and the specialized oracle stack for Principal Token marketsExplains how Principal Tokens work as DeFi zero-coupon bonds and why PT pricing needs time-to-maturity and implied-yield aware oracles. Maps the PT stack (issuers, tokenizers, curators, lenders) and argues eOracle's restaked, modular OVS design fits it.ExplainerDeFiRWA15 likes

22 Jul 2025Espresso's Kaito launchpad sale terms: $400M FDV with 1y cliff is unattractiveWelcomes the Kaito launchpad but criticizes Espresso's $4M sale at $400M FDV with a one-year cliff plus one-year linear vesting. Buyers would need a roughly $800M FDV after 12 months just to break even, so a full or large TGE unlock is recommended.Market takeMarket structureL1/L251 likes

21 Jul 2025Espresso and shared sequencing: Kaito launchpad hype versus modular token recordShared sequencing has been a tough narrative since few chains outsource ordering and block building, and modular infra token launches have often disappointed as VC cashouts. Still, being first on the Kaito launchpad plus >$63M raised could drive hype and a high initial FDV, as with Caldera's ERA.Market takeL1/L2Market structure37 likes

2024 86

18 Nov 2024Nuff Protocol: multichain restaking marketplace on EigenLayerBreakdown of Nuff, a unified restaking layer that lets any L1 or L2 asset secure EigenLayer AVSs through LRT vaults, coordinated by Nuffle Fast Finality and NEAR DA. Argues it fixes fragmented restaking, lowers AVS security cost and keeps TVL on native chains.BreakdownDeFiEthereum61 likes

13 Nov 2024eOracle and Oracle Validated Services: a modular oracle betThesis that eOracle's four-layer OVS model on EigenLayer can break the Chainlink and Pyth oligopoly with specialized, permissionlessly integrable oracles secured by $11.5B restaked ETH. Uses LINK at $13.5B FDV and PYTH at $4B as comps.BreakdownDeFiEthereum25 likes

30 Oct 2024eOracle expansion: LayerBank integration, 131 operators, >$7.8B restakedLayerBank (>$200M TVL) integrates eOracle price feeds, the second major partner after ether.fi. eOracle cites 131 operators and >$7.8B restaked capital behind its EigenLayer AVS.DataDeFiEthereum18 likes

27 Oct 2024EigenLayer as the base for modular verifiable servicesFrames EigenLayer as a programmable trust layer where modular infra (DA, fast finality, sequencing, interop, ZK proving, oracles, AI) is sold as verifiable SaaS. Walks through an app-specific fantasy football rollup assembled from AVS services.ThesisEthereumDeFi43 likes

18 Oct 2024Is EIGEN undervalued? Short TL;DRTL;DR of the longer EIGEN valuation post: the protocol provides real value to builders, AVSs will pay for security, and that value should accrue to EIGEN. Concludes the token is likely mispriced.ThesisEthereumDeFi37 likes

17 Oct 2024eOracle secures ether.fi: how the rebase oracle report worksExplains how eOracle operators compile validator state, rewards and withdrawals into a report for ether.fi, reaching consensus by matching hashes before it updates eETH supply. Argues accurate rebasing prevents insolvency and peg breaks.ExplainerDeFiEthereum19 likes

17 Oct 2024Is EIGEN undervalued? Intersubjective security and valuation mathExplains why EIGEN sold off, how its intersubjective forking security and dual-token design work, then values it with a PE-100 model. Concludes EIGEN is massively undervalued, with $20B plausible if AVSs reach a $5B to $10B combined market cap.ThesisEthereumDeFi222 likes

04 Oct 2024Celestia vs EigenDA: different missions, not direct competitorsArgues Celestia is an L1 building a native rollup ecosystem while EigenDA is an off-chain DA service for Ethereum rollups. They overlap only in serving DA to Ethereum-settling rollups, which is EigenDA's sole focus.ThesisL1/L213 likes

01 Oct 2024EIGEN valuation napkin math: restaking demand and AVS feesBack-of-envelope case that EIGEN at a $7.5B valuation is undervalued: a PE of 100 implies $75M earnings, or $150M annual protocol rewards if EIGEN earns half. That is reachable if AVSs pay 3-5% of inflation and have a $5B-$10B cumulative market cap.ThesisEthereumDeFi48 likes

24 Sep 2024EigenLayer vs EigenDA vs EIGEN: what each one isClears up the confusion between EigenCloud (verifiable services platform for crypto-economic security), EigenDA (its flagship DA AVS providing cheap blob space) and the EIGEN token, which governs and secures the system by addressing intersubjective faults.ExplainerEthereumDeFi23 likes

23 Sep 2024EIGEN transferability on 30 Sept: pre-market FDV and restaked ETHFrames the 30 Sept EIGEN unlock as the start of the next token launch wave and a sentiment indicator. Cites a $3.45 perp price, a $5.8B pre-market FDV and over $12B in restaked ETH TVL.DataEthereumMarket structure21 likes

19 Sep 2024Babylon as EigenLayer for Bitcoin: BTC shared security thesisFrames Babylon as a shared security system powered by Bitcoin that could unlock idle BTC to secure PoS chains, comparable to EigenLayer but tapping the largest pool of idle capital. Points to the Redacted Research deep dive.ThesisBitcoinDeFi9 likes

19 Sep 2024EigenLayer as a trust marketplace for blockchainsShort framing of EigenLayer as a trust marketplace for blockchains, posted with an image of the EigenLayer universe to study.ExplainerEthereumDeFi26 likes

18 Sep 2024eOracle: restaked slashable oracle and merit-based airdrop thesisArgues eOracle, a slashable oracle built on EigenLayer, can challenge a monopolized oracle market and that its merit-based airdrop rewards real adopters over mercenary farmers. Benchmarks against Chainlink and Pyth FDVs.ThesisDeFiEthereum35 likes

17 Sep 2024EIGEN airdrop: why LRT holders claim through restaking protocolsClarifies that LRT holders do not claim EIGEN through the EigenLayer portal but through the restaking protocols they used, such as Kelp and Swell. Only direct restakers and community allocation qualifiers claimed so far.ExplainerEthereumDeFi21 likes

17 Sep 2024EigenLayer as a decentralized cloud for crypto-economic securityDescribes EigenLayer as a developer platform for verifiable services that extends Ethereum's trust, letting teams bootstrap networks without rebuilding infra. EIGEN serves as the gateway to AVS airdrops and secures the system.ExplainerEthereumDeFi12 likes

16 Sep 2024EIGEN airdrop season 2: allocation, tokenomics and key numbersTL;DR of EIGEN airdrop season 2 covering allocation splits, snapshot date, claim routes, total supply and vesting. Includes pre-market FDV and EigenLayer TVL.DataEthereumDeFi12 likes

15 Sep 2024Objective vs intersubjective trust in EigenLayer's security modelPresents objective versus intersubjective trust as the key concept for understanding EigenLayer's crypto-economic security model, with an accompanying graphic.ExplainerEthereumDeFi16 likes

13 Sep 2024EigenLayer as a verifiable cloud: the AVS model explainedExplains EigenLayer as a cloud for programmable trust: it accumulates stake and lets anyone rent security on demand, giving rise to AVSs. Lists oracle, DA, ZK proving, interop and rollup coordination AVS categories.ExplainerEthereumDeFi55 likes

12 Sep 2024Nuffle universal restaking protocol for EigenLayerSummarizes Nuffle's Nuff Protocol, which lets users natively restake on EigenLayer from any chain, removing bridged asset risk and lowering the cost for AVSs to acquire security.BreakdownEthereumDeFi24 likes

10 Sep 2024AVS ecosystem map on EigenLayer: oracles, DA, ZK proving, TEE, AICategorised list of 30+ actively validated services on EigenLayer, from oracles and data availability to ZK proving, AI inference, FHE and MPC. Frames EigenLayer as the verifiable cloud base layer for specialised modular infra providers.MapEthereumZKAI104 likes

06 Sep 2024Skate: universal execution layer for stateless apps across chainsExplains Skate's kernel and periphery architecture: app logic on the Nollie chain (OP stack) with per-chain periphery contracts, and intents settled by executors and pre-confirmed by an EigenLayer AVS. Argues single-deployment, VM-agnostic apps unify liquidity and improve UX.ExplainerToolingEthereum37 likes

03 Sep 2024Babylon vs EigenLayer: why they are not direct competitorsArgues Babylon is a Cosmos PoS chain lending BTC security to other PoS chains, less general than EigenLayer's programmable trust platform. Expects both to coexist with different capital pools; EigenLayer holds about $12B and is unlikely to add foreign assets soon.ThesisBitcoinEthereumDeFi37 likes

03 Sep 2024EigenLayer: 4.7M ETH ($12B) restaked and EIGEN pre-market at $6B FDVEigenLayer holds 4.7M ETH ($12B) and will soon secure over 35 AVSes on mainnet. EIGEN, transferable from Sept 30, trades at a $6B FDV on Aevo pre-market, and he asks about competitors Symbiotic, Karak and Solayer.DataEthereum18 likes

02 Sep 2024Shared security landscape: EigenLayer vs Symbiotic, Karak, Solayer, BabylonLists EigenLayer's challengers by on-demand security: Symbiotic $1.6B, Karak $800M, Solayer $170M, Babylon $60M, Picasso $15M. EigenLayer holds more than 4x the capital of all competitors combined and has over 35 AVSes in build.MapEthereumDeFi86 likes

30 Aug 2024What is EigenLayer: the verifiable cloud for programmable trustArgues EigenLayer brings SaaS-style abstraction to Web3 by extending Ethereum security beyond the EVM, so teams can spin up a rollup and plug in DA, proving, oracle and interop services as AVSes. Over 50 AVSes are building on $12B restaked ETH.ExplainerEthereumDeFi27 likes

09 Aug 2024EIGEN pre-market at $4.2 on Aevo implies $7B FDVEIGEN trades at $4.2 pre-market on Aevo, implying a $7B FDV on 1.67B tokens, against EigenLayer TVL above $13B (almost 5M ETH) and 50+ AVSes. Launch is about 1.5 months away.DataEthereum21 likes

01 Aug 2024Astria explained: shared sequencing for based rollups on CelestiaExplains based rollups and why Astria built its own L1 with 2 second blocks and single-slot finality to sequence many rollups without pre-confirmations. Data goes to Celestia and Forma is the first rollup.ExplainerL1/L213 likes

28 Jul 2024Lumoz explained: ZK proving and verification DePIN with RaaSExplains verifiable computation and Lumoz's combined rollup-as-a-service and ZK proof network, with zkProver and zkVerifier nodes secured via EigenLayer restaking. Frames the capped node licenses as the opportunity.ExplainerZKDePINAI33 likes

27 Jul 2024EigenLayer AVS crypto-economic security ranking by restaked ETHRanks AVSs by restaked ETH securing them: EigenDA 3.3M ETH ($11B), eoracle 2.2M, Lagrange state committees 2.1M. Notes 153 operators secure 19 mainnet AVSes and 35% of restaked ETH is still undelegated.DataEthereumDeFi23 likes

23 Jul 2024NEAR Chain Signatures explained: MPC network, Eigen AVS, chain abstractionExplains how Chain Signatures let one NEAR account control addresses on other chains via an MPC network secured by staked NEAR and restaked ETH on EigenLayer. Works for non-smart-contract chains like Bitcoin; starts with ten operators under proof of authority.ExplainerL1/L2Ethereum25 likes

03 Jul 2024Radius: Shared Sequencing powered by EigenLayerLong-form on why centralized sequencers hurt censorship resistance, liveness and safety, and how Radius's encrypted mempool (PVDE then SKDE) and EigenLayer AVS deliver MEV-resistant shared sequencing and cross-rollup composability.ArticleL1/L2Ethereum19 likes

03 Jul 2024NEAR ecosystem outlook: Nuffle modular infra, chain signatures, shardingLists what excites him on NEAR: Nuffle Labs' modular infra (NEAR DA, Near Fast Finality Layer with EigenLayer), account-level chain abstraction via chain signatures, and a sharded execution layer with upcoming airdrops.ThesisL1/L27 likes

19 Jun 2024Skate stateless apps: one state across hundreds of chainsArgues Skate's EigenLayer-based fast finality layer and intent-based cross-chain execution let apps run on all chains with a single unified state, making the fork-everywhere deployment model obsolete.ThesisL1/L2Tooling13 likes

15 Jun 2024Skate deep dive: intent-driven interoperability on an EigenLayer AVSDeep dive on Skate (formerly Range Protocol), a universal application layer with a single global state, secured by an EigenLayer fast finality AVS with BFT consensus. Walks through intents and solvers, a cross-chain DEX example, leverage loops and composite yield tokens.BreakdownL1/L2DeFi80 likes

08 Jun 2024Gasp as universal settlement layer for intent-driven trading on EigenLayerPositions Gasp as an omni-chain rollup settlement layer for chain abstraction: non-custodial with escape hatches, gasless cross-chain AMM, secured by restaked ETH via an EigenLayer AVS. Rates it one of the best plays for AVS season.ThesisDeFiL1/L219 likes

06 Jun 2024Alpha Summary #2: Skate as an EigenLayer AVS season playStructured case for Skate: modular fragmentation of users and liquidity creates demand for a universal application layer, with an AVS-season catalyst as EIGEN becomes transferrable. Covers tech, bull case and backers.ThesisL1/L2DeFi18 likes

19 May 2024Radius: encrypted mempool and verifiable shared sequencing on EigenLayerExplains how Radius uses practical verifiable delay encryption to keep transactions encrypted until the order is preconfirmed, with ZK proofs enabling slashing of misbehaving sequencers via an EigenLayer AVS. Positions shared sequencing as the next frontier of the modular stack.ExplainerL1/L2Tooling16 likes

17 May 2024Skate cross-chain intents on EigenLayer: OP Stack hub and pull-based AVSExplains Skate's architecture: an OP Stack optimistic rollup hub with a centralized sequencer at first, a BFT validator network on EigenLayer and a pull-based fast finality AVS that generates calldata for destination chains. A task already executed from its testnet onto Solana testnet.ExplainerL1/L2Tooling24 likes

15 May 2024INIT Capital wrsETH looping hook: four point systems at up to 5x leverageArgues the airdrop narrative persists as anti-sybil rules tighten, and walks through INIT's wrsETH looping hook for up to 5x leveraged exposure while farming Kelp Miles, Blast Gold, EigenLayer and INIT points. Compares it to Pendle YTs, flagging the liquidation risk.Market takeDeFi16 likes

04 May 2024EigenLayer roles: AVS, operators, LRT protocols and restakersMaps the four actor types in the EigenLayer stack: AVS protocols (Lagrange), operators (Ankr), liquid restaking protocols (Kelp) and restakers who supply the ETH. Uses Lagrange's parallel prover and Ankr's operator nodes as examples.ExplainerEthereumDeFi12 likes

03 May 2024EigenLayer AVS restaked ETH vs top 15 chains by staking market capCompares restaked ETH securing live EigenLayer AVS protocols (EigenDA 2.77M ETH, about $8.23B) with staking market caps of the top 15 chains. Several AVS already carry more crypto-economic stake than whole L1s, such as EigenDA above Celestia and Aptos.DataEthereumDeFi34 likes

03 May 2024NEAR Protocol bull case: modular DA, chain abstraction and AIBull case for NEAR as a narrative-agnostic leader: 100M accounts, six mainnet shards, the cheapest DA on the market, a fast finality layer on EigenLayer with $500M restaked, and Chain Signatures for chain abstraction. Argues NEAR complements Ethereum rather than competes.ThesisL1/L2AI69 likes

01 May 2024What decides liquid restaking winners: LRT liquidity, airdrops, AVS choiceLists the factors behind LRT protocol success: airdrops, LRT liquidity and DeFi integrations, APY, AVS selection and security. Argues ether.fi keeps leading on first-mover TVL and liquidity, and that liquid restaking will end up less concentrated than liquid staking, where Lido dominates.ThesisDeFiEthereum11 likes

30 Apr 2024EigenLayer AVS mainnet guide: the 10 live AVS and what is nextWalks through the 10 AVS protocols live on mainnet with a TLDR and restaked ETH for each, then lists AVS nearing launch such as Aligned Layer, Hyperspace, Drosera, Espresso and Fhenix. Expects everything to turn into an AVS.MapEthereumDeFi60 likes

28 Apr 2024Aligned Layer: scalable ZK proof verification on EigenLayerExplains Aligned Layer as a SNARK-agnostic verification layer using restaking and proof aggregation, since verifying proofs directly on Ethereum is slow and costly. Union uses it for Groth16 proofs; it went from a $2.6M seed to a $20M Series A in 10 days.BreakdownZKEthereum88 likes

27 Apr 2024Automata Multi-Prover AVS: TEE provers for rollups on EigenLayerExplains Automata's Multi-Prover AVS, live on mainnet, which lets rollups bootstrap a secondary TEE prover and decentralized TEE committees to hedge single-prover bugs. Launch partners include Linea and Scroll, and the code is open source.BreakdownZKL1/L232 likes

25 Apr 2024Euclid tranched delegation: slashing protection for restakersExplains how Euclid's tranched delegation orders slashing: operator self-delegation and staked ECL sit in junior tranches ahead of restaker assets in the senior tranche. Addresses unintended slashing, operator authority bias and trust assumptions.BreakdownDeFiEthereum16 likes

22 Apr 2024Liquid restaking roles explained: restakers, operators, AVS and rollupsBreaks down the distinct roles in EigenLayer liquid restaking: restakers, operators, AVS protocols and modular rollups using AVS building blocks. Notes four ways to restake, with LSTs through liquid restaking protocols the most popular.ExplainerEthereumDeFi41 likes

21 Apr 2024Witness Chain: DePIN coordination and rollup watchtowers on EigenLayerExplains Witness Chain as an EigenLayer AVS for DePIN coordination using Proof of Location, plus its Rollup Watchtower Network offering decentralized verifiers for optimistic rollups. It bootstrapped over $2.5B in restaked ETH security within 10 days.BreakdownDePINEthereum33 likes

20 Apr 2024Lagrange Parallel Prover: nearly $2B of restaked security at launchExplains how EigenLayer lets Lagrange launch its decentralized parallel proving network with over 600k ETH (almost $2B) restaked, and how proving work is spread across thousands of restaked workers for faster proofs and lower fees.ExplainerZKEthereum13 likes

19 Apr 2024Gasp: non-custodial omnichain AMM built as an EigenLayer AVSThesis on Gasp (formerly Mangata), an Ethereum-native cross-chain AMM on EigenLayer offering gasless, MEV-protected swaps in seconds. Argues fragmented modular liquidity needs omnichain solutions and that Gasp could be worth billions, like a non-custodial THORChain.ThesisDeFiEthereum35 likes

14 Apr 2024Ecosystem plays for the cycle: EigenLayer, Monad, Berachain, WormholeShort list of ecosystems expected to lead the bull run, with the strategy of taking leveraged exposure through an ecosystem's native DEX instead of the L1, which can have more upside but also more risk.Market takeL1/L2Ethereum22 likes

11 Apr 2024EigenLayer ecosystem guide: AVS, operators, LRT and LRTfi mapIntroduces EigenLayer, AVS and liquid restaking, then maps the ecosystem: 23 AVS, node operators, 17 liquid restaking protocols and LRTfi apps such as Pendle and Prisma.MapEthereumDeFi69 likes

10 Apr 2024Ankr in the EigenLayer ecosystem: restaking, operators, RaaS and RPCLays out Ankr's four EigenLayer touchpoints: ankrETH restaking, AVS node operation, rollup-as-a-service on EigenDA and RPC. Argues the breadth makes Ankr the main address for builders of AVS infrastructure and rollups.BreakdownEthereumTooling15 likes

08 Apr 2024Stader SD as an EigenLayer LST play: Utility Pool at 46% APRArgues EigenLayer demand lifts LST demand and views SD as undervalued exposure. Notes SD delegation to the Utility Pool at a boosted 46.6% APR and points to a delegation link with gas rebates.ThesisDeFiEthereum19 likes

08 Apr 202415 tokens likely to launch at $1B+ FDV within three monthsFDV calls for 15 expected launches, such as EigenLayer at $30-50B, zkSync at $10-20B, LayerZero at $10-20B and Kelp at $1-3B, with a one-paragraph thesis each. Explicitly framed as quick thoughts rather than deep research.Market takeL1/L2DeFi149 likes

07 Apr 2024Euclid ECL bull case at a $2M IDO valuationArgues Euclid, an omnichain restaking protocol with $4.4M TVL, is mispriced at a $2M IDO valuation against ether.fi's >$5B FDV, citing Bedrock's TVL growing from $8M to $140M in two months. The post doubles as a $100 allocation giveaway.ThesisDeFiEthereum79 likes

05 Apr 2024Kelp DAO bull case ahead of the KELP token and airdropBull case for Kelp as the fourth largest LRT protocol at $716M TVL, with a Road to One Billion bonus of 1000 EL points, broad L2 presence and tokenized EigenLayer points. Cites ether.fi's >$5B FDV as the comparable. Includes a referral link.ThesisDeFiEthereum46 likes

02 Apr 2024AirPuff explained: leverage-farming airdrop points with up to 15xExplains AirPuff strategies (deposit ETH, borrow stablecoin, ETH or ARB), lender incentives and APUFF's 5% share of leveragers' points. Compares with Pendle YTs (worth zero at maturity) and Gearbox (10x max), noting Pendle at $1.3B FDV.BreakdownDeFiEthereum52 likes

02 Apr 2024Euclid IDO breakdown: ECL tokenomics and $2M launch valuationBreaks down Euclid's ECL tokenomics: 100M supply, 15% airdrop to restakers and operators, 26.33% IDO with a 20% unlock, 20% operator incentives and no team presale. Launch valuation of $2M versus billion-dollar peers.BreakdownDeFiEthereum11 likes

29 Mar 2024NEAR Chain Signatures: one account across any chain via MPCExplains Chain Signatures: an MPC network secured by NEAR stakers and EigenLayer restakers lets NEAR accounts sign on Bitcoin, Ethereum, Cosmos, Dogecoin, Ripple and more, with a gas relayer, enabling bridgeless DeFi on non-smart-contract chains.ExplainerL1/L2Tooling122 likes

27 Mar 2024Liquid restaking explained: problems LRTs solve and key protocolsLists three restaker pain points (picking services, costly claims, locked liquidity) and how LRTs address them, then names 13 restaking protocols and expects the sector to follow in LSDFi's footsteps.ExplainerEthereumDeFi12 likes

19 Mar 2024Ankr as the liquid staking layer for Bitcoin via BabylonThesis that Ankr will issue LSTs for BTC staked through Babylon, mirroring ether.fi and Kelp on EigenLayer, with BTC's $1.2T mostly idle market cap as the addressable base. Compares Ankr's FDV with EtherFi and Lido.ThesisBitcoinDeFi69 likes

17 Mar 2024EigenLayer explained: restaking, AVSes and the trust it generalizesExplains EigenLayer as contracts letting stakers opt into extra slashing to secure AVS middleware, reusing the Ethereum validator set. Notes AVSes still must incentivize validators to opt in, as EigenDA must.ExplainerEthereumDeFi36 likes

16 Mar 2024Stader bull case: EigenLayer demand for LSTs and the SD Utility PoolShort thesis that EigenLayer-driven LST demand raises SD demand from node operators, and SD delegated to the Utility Pool further cuts market supply. Includes a tracked Stader link with a gas-refund incentive.ThesisDeFiEthereum18 likes

14 Mar 2024Persistence adopts Babylon Bitcoin staking for Cosmos restakingExplains Persistence adding BTC as a restakable asset via Babylon, extending its LST restaking model. Repeats the 76.1% bonded ratio argument and frames Babylon as EigenLayer for Bitcoin.BreakdownBitcoinDeFi9 likes

14 Mar 2024EigenLayer season: AVS and liquid restaking protocol list with ELI5Directory of 18 AVSes (EigenDA, AltLayer, Hyperlane, Espresso, Lagrange and others) and 16 liquid restaking protocols, with short explainers of EigenLayer, AVS and LRTs and the $12.3B TVL figure.MapEthereumDeFi109 likes

13 Mar 2024Stader's SD Utility Pool: lowering the barrier to run ETHx validatorsExplains that Stader's SD Utility Pool lets ETHx node operators borrow SD for a fee instead of buying it, with a 4 ETH bond giving 8x leverage on node capital. Argues delegation plus rising operator demand shrinks circulating SD.BreakdownEthereumDeFi21 likes

13 Mar 2024NEAR Protocol modular bull case: DA cost, fast finality and chain abstractionLong-form case for NEAR in the modular stack. Cites Dune data for a 10-day Arbitrum-stack DA cost of $16.2M on Ethereum, $2,840 on Celestia and $87.62 on NEAR, plus an EigenLayer fast finality layer and chain abstraction.ThesisL1/L2Ethereum82 likes

12 Mar 2024Persistence One: bringing restaking to the Cosmos LST ecosystemExplains Persistence as an LSTfi-focused Cosmos L1 and its asset-agnostic restaking model, where LSTs such as stATOM and stTIA secure core-1 for XPRT rewards. Notes a 76.1% bonded ratio versus an optimal 67%, implying overpaid security.BreakdownDeFiL1/L236 likes

01 Mar 2024Mangata cross-rollup swaps for unified L2 liquidityContrasts today's L2-to-L2 transfers (withdraw to L1, deposit, swap) with Mangata's master rollup, which looks like an L2 to Ethereum and an L3 to L2s, offering gas-free swaps with escape hatches and MEV protection.ExplainerDeFiL1/L229 likes

29 Feb 2024Vector treasury hits $15M: the liquidity engine of LRTfiArgues Vector turns idle LRT capital into protocol-owned liquidity by selling discounted VEC bonds and deploying proceeds at higher yield, for example a Pendle position locking about 43% fixed APY, with bribes possibly creating Vector Wars.ThesisDeFi19 likes

23 Feb 2024Kelp's KEP: tokenized EigenLayer points and what they could be worthExplains Kelp's KEP, an ERC-20 where 1 KEP equals 1 EigenLayer point, with weekly claims and a 0.5% fee. Uses other analysts' valuations of $0.1 to $0.14 per point to expect KEP near $0.15 at launch.BreakdownDeFiEthereum46 likes

20 Feb 2024Vector Reserve: an OHM-style reserve currency built on LP restakingCompares Vector Reserve with OlympusDAO, explaining why OHM bonding failed and how vETH, a VEC transaction tax, bribe-driven veVEC governance and superfluid staking aim to fix it, as a liquidity-as-a-service flywheel for LST and LRT capital.BreakdownDeFiEthereum183 likes

15 Feb 2024NEAR as modular infra: DA, fast finality and chain abstractionThesis that NEAR leads the modular narrative through a sharded DA layer, an EigenLayer fast finality layer and chain abstraction via account aggregation. Covers EastBlue's Bitcoin account vault model built on NEAR.ThesisL1/L2Ethereum60 likes

09 Feb 2024Mangata thesis: gasless, MEV-minimized settlement for intent-based tradingArgues intent-based spot protocols will route solver execution to Mangata, where gasless swaps (commission plus locking against spam) and the Themis MEV-minimizing consensus cut costs. Arbitrage must beat only the AMM fee.ThesisDeFiL1/L2140 likes

08 Feb 2024Picasso: restaking hub for Solana via an IBC guest chainThesis that restaking spreads beyond Ethereum and Picasso is the Solana restaking hub, securing a Solana-IBC guest chain with SOL and LSTs. Vault caps rise from 50k to 500k SOL, with 17.5M PICA in rewards.ThesisSolanaDeFi148 likes

05 Feb 2024TradeVoodoo HIVE: hybrid intent and vault engine for perps on BaseReviews intent-based perp DEXs (Symmio RFQ) and their trade-offs on decentralization and LP participation versus GMX-style pools, then explains how TradeVoodoo's HIVE combines both, with an MPC intent layer run as an EigenLayer AVS and a restaked token, vrETH.BreakdownPerpsDeFi57 likes

31 Jan 2024Mangata security: escape hatches and the master rollup designExplains rollup escape hatches and safety versus liveness, then how Mangata's master rollup sequences for several L1s with EigenLayer settlement so deposits stay withdrawable even if connected chains are down. ZK validation uses StarkWare tech.ExplainerL1/L2DeFiZK82 likes

24 Jan 2024EigenLayer ecosystem map: core protocol, AVSes, RaaS and restaking protocolsMaps the EigenLayer ecosystem into four layers (core protocol, AVSes, RaaS tooling, restaking protocols) and names leading examples in each, with Kelp above $180M TVL as the largest restaking protocol.MapEthereumDeFiL1/L277 likes

19 Jan 2024EigenLayer as generalized trust and the case for restaking via KelpFrames EigenLayer as a generalization of Ethereum trust for DA layers, sequencers, bridges and oracles, then explains the restaking pain points rsETH solves and why Kelp, with over $174M TVL, is pitched as the leading LRT protocol.ExplainerEthereumDeFi188 likes

17 Jan 2024Rollup-as-a-Service explained and why AltLayer is the first big EigenLayer playExplains the modular stack and how RaaS providers cut rollup deployment to a no-code 10-minute process, then argues AltLayer is the leading RaaS and first major EigenLayer play ahead of its ALT token launch.ExplainerL1/L2Ethereum567 likes

13 Jan 2024Babylon: Bitcoin staking as EigenLayer-style security sharing for PoS chainsExplains Babylon's remote staking: BTC is locked in Bitcoin scripts and slashed for violations on consumer PoS chains, with Babylon acting as an IBC control plane. Contrasts it with EigenLayer, since Bitcoin has no smart contracts for slashing.ExplainerBitcoinDeFi93 likes

04 Jan 2024Modular thesis reading list: Celestia, EigenLayer and rollups 2022 to 2024Chronological index of the author's modular research since June 2022: Celestia and data availability sampling, EigenDA versus Celestia, sovereign rollups, RaaS, shared sequencing, plus two Castle Capital reports on modularity.OtherL1/L2Ethereum659 likes

02 Jan 2024Hyperspace AI: a P2P AI network and AI-native L1 secured by EigenLayerBreakdown of Hyperspace: a peer-to-peer AI network on consumer devices with data, vector ranking and LLM OS layers, planned to become an AI-native L1 bootstrapped on EigenLayer. Cites papers showing 200k TPS and 4.4s finality in simulation.BreakdownAIL1/L2234 likes

2023 17

30 Dec 2023Restaked rollups: AltLayer's VITAL, MACH and SQUAD AVSes on EigenLayerExplains the services rollups depend on (sequencing, MEV policy, fast finality, watchers, DA) and how AltLayer bundles them as Restaked Rollups via three EigenLayer AVSes: VITAL for verification, MACH for fast finality and SQUAD for decentralized sequencing.ExplainerEthereumL1/L2227 likes

20 Dec 2023Mangata Master-Rollup on EigenLayer: omni-chain AMM and MGX airdrop playExplains Mangata's Master-Rollup, a ZK rollup settled via EigenLayer that serves multiple L1s with RollDown dispute logic, and pitches holding MGX for the confirmed MGA airdrop.BreakdownDeFiEthereum346 likes

18 Dec 2023EigenLayer restaking and Kelp DAO rsETH: liquid restaking early queue thesisExplains restaking and its use cases (DA, sequencers, bridges, oracles), then argues Kelp DAO's rsETH can become the Lido of restaking as first mover with two audits. Details the Early Queue: 5,000 token cap each for stETH and ETHx and 1.25x Kelp Miles.ThesisEthereumDeFi120 likes

13 Dec 2023Picasso restaking on Solana: SOL and LST staking through IBC guest chainExplains Picasso's plan to bring EigenLayer-style restaking to Solana, letting SOL, mSOL, jitoSOL and Orca LP tokens secure a Solana to IBC connection for extra yield, citing the size of Solana's staked supply.BreakdownSolanaDeFi203 likes

11 Nov 2023NEAR goes modular: zkWASM prover, NEAR DA and EigenLayer-based fast finalityAnalyzes NEAR announcements: a zkWASM prover for Polygon CDK, a cheap DA layer and a fast finality layer with EigenLayer, arguing it positions NEAR for modular rollup season.BreakdownL1/L2Ethereum82 likes

10 Nov 2023Narratives vs catalysts: how to identify and play crypto narrativesFramework for narratives (technology, use case, event or externally driven) versus shorter-lived catalysts, with EIP-4844, Arbitrum STIP, EigenLayer and Celestia as examples. Argues an investment thesis should be built on narratives and exited when catalysts run out.ExplainerMarket structure32 likes

01 Nov 2023Shared sequencing research report: 10 key findings (with Pansophic)TLDR of a 45-page co-authored report: sequencing is centralized and siloed today, decentralized and shared sequencing are separate axes, and shared sequencing offers decentralization-as-a-service and limited atomic composability.BreakdownL1/L2EthereumMarket structure97 likes

02 Oct 2023Vistara: one-click app-specific and sovereign rollups with modular componentsBreaks down Vistara's rollup-as-a-service where builders pick execution, sequencer, DA, interop and proving from a UI. Initially sovereign optimistic rollups on Celestia with Dymension settlement, with ZK via SHARP or Bonsai planned.BreakdownL1/L234 likes

18 Sep 2023EigenSettle explained: restaked fast settlement for rollupsExplains EigenSettle, a proposed fast settlement layer secured by restaking nodes that gives rollups pre-confirmations stronger than sequencer promises and faster than L1 finality, while allowing less frequent costly L1 settlement. Notes it has no timeline or resources yet.ExplainerL1/L2Ethereum95 likes

17 Aug 2023Manta x Polyhedra: zkBridge fast finality for optimistic rollupsBreaks down how Polyhedra's zkBridge uses zkSNARK light-client proofs to give Manta Pacific fast finality despite the optimistic challenge period. Covers the relay network, updater contract, Lagrange State Committees and deVirgo proving.BreakdownZKL1/L216 likes

22 Jul 2023Based rollups explained: L1 sequencing and Base's tokenless decentralizationExplains based rollups, where Ethereum searchers, builders and proposers do the sequencing, with benefits in resilience, MEV alignment and no sequencer token. Notes limits: MEV flows to L1, finality UX, and pre-confirmation ideas.ExplainerEthereumL1/L232 likes

17 Jul 2023AltLayer Flash Layers secured by EigenLayer restaking: decentralized sequencingExplains how AltLayer's Flash Layers use EigenLayer restakers as a decentralized sequencer set, why centralized sequencers are a core rollup issue, and how to test both via the Altitude Phase III testnet.ExplainerEthereumL1/L257 likes

13 Jul 20232023 crypto narratives: LSDfi, zkEVMs, DA, app-specific rollups, privacy, RWALists the narratives he is positioned in: LSDfi, zkEVMs, recursive L3 scaling, hyperscalable DA, app-specific rollups, privacy, interoperability, parallel VMs, WASM/RISC-V VMs, RWA (pending regulatory clarity) and perp DEXes.ThesisL1/L2PrivacyDeFi18 likes

29 May 2023EigenDA vs Celestia and Avail: how restaked DA differs from DA L1sCompares EigenDA, which has no consensus or P2P network and uses restaked ETH, KZG commitments and Proof of Custody, with Celestia and Avail, which are DA L1s using Tendermint consensus and data availability sampling.ExplainerL1/L2Ethereum96 likes

19 Apr 20232023 narratives: zkEVMs, privacy L1s, restaking, modular DA and perpsAuthor's narrative watchlist for 2023: zkEVMs, zk privacy L1s, restaking, WASM and RISC-V L2 VMs, interoperability, DA layers, shared sequencers, rollup SDKs, recursive L3s, EIP-4844, account abstraction, parallel VMs, identity and perps.ThesisZKL1/L2Ethereum44 likes

13 Jan 2023Index: Book of Alpha, rollups, modular, privacy and zk threads (Jan 2023)Bookmarkable index of the author's research: cryptography and privacy primers, Web3 essays, research tools, Ethereum rollups, zkEVM, airdrop guides and the modular thesis series.MapEthereumL1/L2Privacy90 likes

02 Jan 20232023 investment thesis: ETH, modular rollups, app chains, zk privacy, DeFiLays out five pillars of the 2023 thesis: ETH as core infrastructure, modular architecture with generalized zk rollups, app-specific chains and rollapps, privacy tech especially zk proofs, and a DeFi comeback. Quotes ETH as L1 + L2 + L3.ThesisEthereumZKPrivacy30 likes

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27 Dec 2022ZK and modular stack watchlist: zkEVMs, zkVM, Aleo and EspressoSelection of projects under review: zkEVMs (Scroll, zkSync, StarkWare, Polygon Hermez, Kakarot), RISC Zero zkVM, Specular EVM-native optimistic rollup, Aleo private L1 and Espresso decentralized sequencers. States a modular bull stance.MapZKL1/L2Privacy270 likes

11 Dec 2022EigenLayer and EigenDA: restaking to secure middleware and scale DAExplains EigenLayer restaking of staked ETH to secure off-chain middleware, applies it to DA via EigenDA and compares it with Celestia and Avail, arguing it deserves more attention and may even rival danksharding.ExplainerEthereumL1/L2206 likes

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