The L2Beat of the Restaking Ecosystem

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A Public Good company supported by a grant from the Ecosystem Support Program run by the Ethereum Foundation.

Critical Alert for EigenLayer

Significant Centralization Risk: P2P.org controls over 28% of restaked ETH. Combined with other major operators (Luganodes, DSRV, Pier Two, and Finoa Consensus), these entities control more than 50% of all restaked ETH. This concentration poses substantial risks to the network's decentralization and resilience.

Risk Assessment

The current operator landscape presents significant centralization risks:

Only 5 operators are needed to control 1/3 of restaked ETH, indicating a high concentration of power.
Major operators, particularly P2P, hold substantial market shares, potentially compromising network decentralization.

However, the restaker market appears more evenly distributed, which partially mitigates overall centralization concerns.

Key: Implement measures to prevent further consolidation among top operators; Encourage growth of mid-sized operators.

Key Metrics

Total Restaked ETH

Active Operators

N/A

Active Restakers

N/A

Risk Summary

Funds can be stolen if...

1. A malicious actor compromises the governance structure of EigenLayer. The protocol relies on a 9-of-13 community multisig that can execute IMMEDIATE upgrades without a timelock (CRITICAL).

Restakers needed for 1/3 control

Operators needed for 1/3 control

DVT Operators (Obol)

Share of Total Restaked ETH by Major Operators

This chart represents operator groups that manage multiple individual operators. The data shown is the aggregated sum for each group.

Roadmap

Our upcoming milestones and features

October 2024

Paper Launch

Launch of 'Mirroring Risks' paper and AVS information integration

November 2024

DVT and Withdraws Risk Metrics

Adding DVT risk metrics and withdrawal times for operators

December 2024

Liquidity & Staging

Liquidity measures metrics and staging system for operators and platforms

January 2024

Symbiotic Integration

Adding Symbiotic data to our platform

About restake.watch

The L2Beat of the Restaking Ecosystem

Impartial Analysis

We offer neutral, fact-based interpretations of data points, helping users understand the complexities of restaking protocols.

Beyond Basic Metrics

Our analyses go beyond TVL to include metrics on security, decentralization, and overall health of restaking projects.

Ecosystem Support

Supported by an Ethereum Foundation grant 🙏, we're seeking additional funding to enhance our monitoring capabilities and advance the ecosystem.

Restake Watch is committed to serving the best interests of users and the broader ecosystem, providing critical insights needed to navigate the evolving world of restaking.