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
- 1The Restaking ThesisWhat problem restaking solves, what risks it concentrates, and why Vitalik publicly warned against overloading Ethereum consensus.30 min
- 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
- 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
- 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.