The restaking gold rush is over, and top protocols are barely making a profit
Summary
Ether.fi is removing the remaining EigenLayer connection from its staking tokens after restaking yields proved too weak to justify added risks. Restaking deposits and revenue have declined as incentive programs ended and slashing introduced real penalties; a Kelp bridge exploit also highlighted risks in liquid-restaking token wrappers and collateral use. Ether.fi has shifted toward cards, lending, vaults and tokenized assets, though public data show its gross profit falling even as its CEO reports rising revenue. EigenLayer has rebranded as EigenCloud and now emphasizes verifiable computing. The sector’s retreat raises questions about whether restaking was oversized or failed to find sufficient demand.
