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Ethereum Foundation (ESP)
Supporting Ethereum through core protocol research, development, and education.
Obol Collective
Providing distributed validator technology to enhance security and decentralization.
Total Value Locked
0 ETH
$0 (USD)
Active Operators
0
Securing the network (Entities with >0 restaked ETH)
Active Restakers
0
Unique addresses (Wallets with >0 restaked assets)
Restaked ETH vs. Supply
?%
Of total ETH supply (EigenLayer restaked ETH as % of circulating supply)
Risk Overview
A comprehensive view of key metrics and associated risks in the EigenLayer ecosystem
TLDR: EigenLayer Risk Summary
Critical Risk: Governance
A 9-of-13 multisig controls EigenLayer with no timelock, creating an immediate $1.2B+ security risk through potential collusion.
Critical Risk: Centralization
Just 5 operators control over 1/3 of restaked ETH, with P2P alone controlling over 15% of all assets.
Medium Risk: AVS Permissioning
89% of AVSs use whitelisted permissioning, creating centralized gatekeeping that limits operator competition.
Positive: Growing Adoption
0 active operators and 0 restakers creating a broad ecosystem foundation.
EigenLayer's $1.2 Billion Temptation
The potential payout for EACH of 9 colluding multisig signers if they divided all restaked ETH amongst themselves. With no timelock, this immense temptation could be realized immediately through governance capture.
Top 5 Operators Control
Percentage of all restaked ETH controlled by the top 5 operators. High concentration creates a critical risk of collusion, capture, or cascading failures.
Top 20 Restakers Control
Percentage of all restaked ETH controlled by the top 20 restaker wallets. Whale dominance creates market volatility risks and potential governance capture.
Whitelisting Centralization Index (WCI)
Proportion of stake in whitelisted AVSs vs all AVSs. Permissioned AVSs only allow pre-approved operators, creating centralization by restricting which validators can secure protocols.
stETH Restaked vs. Total Supply
? stETH restaked out of ? total stETH in circulation. Creates a dependency chain where EigenLayer risks are compounded with Lido risks, amplifying potential cascading failures in the ecosystem.
Top Security Concerns
Governance Vulnerability: 9-of-13 multisig with no timelock can instantly upgrade a $1.2B+ protocol, creating enormous collusion incentives (~$130M per signer).
Professional Operator Dominance: P2P (%) and Node Monster (%) together control % of all restaked ETH.
33% Threshold Vulnerability: Just operators control 33% of restaked ETH, a critical blockchain security threshold. Similarly, the top individual restakers control 33% of all assets.
Concentrated Strategy Risk: Multiple strategies have a critical setup where just 5 operators control 75%+ of assets. This puts at risk from coordinated actions.
Centralized Gatekeeping: 89% of AVSs use whitelisting, allowing protocol teams to handpick operators and creating systemic centralization at the ecosystem level.
Risk Assessment Dashboard
Only 2 of 19 AVSs allow operators without whitelisting
Strategy Risk Distribution
Critical Risk
0 StrategiesTop 5 operators control 75%+ of assets, creating extreme centralization and single points of failure
Moderate Risk
0 StrategiesTop 5 operators control 50-75% of assets, creating concerning levels of centralization
Low Risk
0 StrategiesTop 5 operators control less than 50% of assets, representing better decentralization
Help Strengthen EigenLayer's Security
• Stake with smaller operators to increase network decentralization
• Run your own operator node to diversify the validator set
• Monitor governance activity and advocate for improved security measures
Detailed Risk Analysis
In-depth explanation of key risk factors in the EigenLayer ecosystem
Professional Operator Dominance in EigenLayer
A few professional operator groups control a significant portion of the network through multiple individual nodes. This visualization shows the relative size of each major operator group's assets (converted to ETH value equivalent), with larger boxes representing more concentrated control.
Key Insights:
- ⚠️Professional operator groups dominate EigenLayer, with P2P controlling 0.0% of all restaked assets (ETH value).
- 📊The two largest operator groups (P2P and Node Monster) together control 0.0% of all network assets (in ETH value).
- 🔍Box size represents the ETH value of all assets held by each professional operator group - larger boxes indicate more concentrated control.
- ℹ️Note: Professional operators like P2P may operate nodes for multiple companies such as Puffer, Swell, etc. Visit the Operators tab for more detailed breakdown.
How to interpret this visualization:
Each box represents a professional operator group that may manage multiple individual nodes (often for different companies/clients), with the size proportional to the ETH value of all their restaked assets (including Beacon Chain ETH, stETH, and other assets converted to ETH value). Larger boxes indicate more concentrated control over the network. The dominance of a few large boxes highlights centralization risks in EigenLayer's current state. Hover over any box to see detailed statistics about each operator group's control over the network.
Top 20 EigenLayer Whales
A small number of individual restakers hold a significant portion of the restaked assets in EigenLayer. These "whales" can have a considerable impact on the network's security and centralization.
Key Insights:
- ⚠️Just 20 wallets hold a substantial percentage of all restaked assets, creating potential centralization concerns.
- 🔍These whale addresses may represent individuals, institutions, or smart contracts.
🐋Do you know who these whales are? Help us identify them! Contact us at @espejelomar on Telegram
EigenLayer Metrics Roadmap
Our upcoming milestones and metrics implementation for the EigenLayer ecosystem
About restake.watch
The analytics platform for the restaking ecosystem.
Restake Watch brings transparency to the restaking ecosystem through objective, data-driven analysis of protocols, operators, and AVSs. We strive to be the trusted source of information for users navigating restaking complexities.
Our Values
- Objectivity: Unbiased analysis based on data
- Transparency: Open methodologies
- Independence: Independent from analyzed protocols
Our Impact
- Backed by Ethereum Foundation (ESP) and Obol Collective
- Helped safeguard millions in assets
- Established standards for analyzing restaking risks
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