RestakeWatch

The L2Beat of the Restaking Ecosystem

Platform: EigenLayer|
Last updated:

Proudly Backed By:

Risk Overview

A comprehensive view of key metrics and associated risks in the EigenLayer ecosystem

Total Restaked Value (ETH)

0

ETH value of all restaked assets (includes Beacon Chain ETH, stETH, EIGEN, etc.)

Active Operators

0

Number of active operators securing the network (with more than 0 restaked assets)

Active Restakers

0

Number of unique addresses restaking ETH (with more than 0 restaked assets)

Top 5 Operators Control

N/A

Percentage of all restaked ETH controlled by the top 5 operators

Top 20 Restakers Control

N/A

Percentage of all restaked ETH controlled by the top 20 restaker wallets

Strategy Count

N/A

Number of active strategies in the EigenLayer ecosystem

ETH Restaked vs. Total Supply

? ETH restaked out of ? total ETH in circulation

stETH Restaked vs. Total Supply

? stETH restaked out of ? total stETH in circulation

Combined Ecosystem Impact

Percentage of combined ETH and stETH in circulation restaked in EigenLayer (? out of ? total)

Critical Risk Metrics

Governance Risk: EigenLayer relies on a 9-of-13 community multisig that can execute IMMEDIATE upgrades without a timelock.

Operator Concentration: Just ? operators control 33% of restaked ETH. Their compromise or collusion could trigger a cascading effect.

Major Operator Risk: Between P2P (0.0%) and Node Monster (0.0%), these two professional operators control 0.0% of total restaked assets.

Restaker Concentration: The top ? individual restakers control 33% of all restaked assets.

Strategy Risk: Multiple strategies have critical concentration where a small number of operators control a significant percentage of assets. This puts ? worth of assets at risk from operator collusion or compromise.

Risk Dashboard

Governance RiskCritical
Operator ConcentrationHigh
Restaker ConcentrationModerate
Strategy ConcentrationCritical
Permissionless ParticipationLimited

Only 2 out of 19 AVSs allow operators without whitelisting

Strategy Risk Summary

Critical Concentration

0 Strategies

Top 5 operators control 75%+ of assets in these strategies

N/A at risk

Moderate Concentration

0 Strategies

Top 5 operators control 50-75% of assets in these strategies

N/A managed

Healthy Distribution

0 Strategies

Top 5 operators control less than 50% of assets in these strategies

N/A secured

Want to help improve EigenLayer's risk profile?

Stake with smaller operators or become an operator yourself to increase network decentralization.

Learn More

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:

  • ⚠ī¸
    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.
  • ℹī¸
    Note: 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:

  • ⚠ī¸
    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

Fortify or Falter Paper

Release of research paper with metrics design for the restaking ecosystem

View Paper

ECI Implementation

Launch of Exposure Concentration Index (ECI) metric for EigenLayer

WCI Implementation

Launch of Whitelisting Concentration Index (WCI) metric for EigenLayer

GBP Implementation

Launch of Governance Bribery Potential (GBP) metric for EigenLayer

CAPVAR Implementation

Launch of Cross-Asset Price & Volatile Asset Risk (CAPVAR) metric for EigenLayer

CF Implementation

Launch of Contagion Factor (CF) metric for EigenLayer

Symbiotic Data

Integration of symbiotic operator, restakers, and network concentration data - a particularly interesting expansion

About restake.watch

The premier 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

Have information or insights?

We're seeking funding and valuable knowledge to improve our monitoring.

Contact on Signal