Restaking & Shared Security

EigenLayer, Symbiotic, Babylon. The economics and security trade-offs of letting validators secure multiple services with the same stake.

4 lessons · 2 hr 15 min · advanced

1. 1The Restaking ThesisWhat problem restaking solves, what risks it concentrates, and why Vitalik publicly warned against overloading Ethereum consensus.30 min
2. 2EigenLayer: AVS, Operators, DelegatorsThe three roles, the slashing flow, the launch timeline (mainnet June 2023, full operations April 2024, slashing live April 2025), the EIGEN token, and the AVS ecosystem.40 min
3. 3Liquid Restaking Tokens (LRTs)EtherFi, Renzo, Kelp DAO, Puffer, Eigenpie — the protocols that wrap restaked positions into liquid tokens. How they work, how Renzo's ezETH depegged in April 2024, and the leverage stacks built on LRT collateral.30 min
4. 4Systemic Risk: Cascading Slashing, Coupled FailuresCoupled-failure mechanics, Symbiotic's modular alternative (Paradigm + Cyber Fund, 2025), Babylon Bitcoin restaking with $5B+ stake by 2025, and the lessons the points-and-airdrop period left behind.30 min

Educational only — not financial advice.