Currently, there are less than 1,000 users participating in Ethereum re-pledge every day, of which EigenLayer occupies 84% ​​of the market share. This article is derived from the article "ON-270: Restaking" written by OurNetwork, which was organized, compiled and written by Shen Chao. (Preliminary summary: When all coins are crazy and re-pledged, the pursuit is not safety but profit) (Background supplement: Ethereum re-pledge protocol Puffer Finance update: September online verification reward mechanism, UniFi test network, Q4 TGE.. ) The re-pledge protocol aims to increase the return on pledged assets by supporting external systems, often called Active Verification Services (AVS). These protocols have spawned billions of dollars in Liquidity Redemption Tokens (LRTs), which represent the amount deposited in the recollateralization protocol. Interest in restaking increased during the first half of 2024, but has now leveled off – total ETH pledged volume in USD on the restaking protocol is down 38% from its peak in June. Stripping out the volatility of ETH-USD, staked ETH units have remained stable over the same period, with very limited net new inflows. There are currently 23 AVS, and liquidity re-hypothecation accounts for 75% of the total TVL. Eigenlayer accounts for bulk Eigenlayer is the leading restaking protocol with 84% market share. Emerging protocol Symbiotic ranked second with 12%, while Karak ranked third with 4%. As of September 12, Eigenlayer has experienced a net outflow of -94,000 ETH, or approximately $222 million, in the past month. Karak also saw -14,000 ETH and approximately $33 million in outflows during the same period. Symbiotic was the only protocol to see a positive change, growing by +253,000 ETH, or about $598 million. Users can deposit directly to Eigenlayer using ETH and LST, or indirectly through liquidity re-hypothecation projects like Ether.fi. Liquidity re-pledge protocols mint a liquid token called LRT that represents a claim on assets re-hyped in protocols like Eigenlayer – Ether.fi’s eETH is the largest LRT powered by Eigenlayer, with 1.96 million issued, The market capitalization reaches US$804 million. Puffer’s pufETH issued 515,000, and Renzo’s ezETH issued 363,000. The number of liquidity re-hypothecaters has dropped by 90% from a peak of 10,000 in February. Of the remaining ~1,000 individuals, the majority (over 95%) operate via Ether.fi and Puffer. Transaction Highlights: This is the first transaction to fund Kiln, who provides services as an AVS operator (AVS operators use re-hypothecated assets for verification). Today, this address has become one of Eigenlayer’s top operators, with over 39,000 ETH and 5,400 delegators. Ether.fi Lending protocol has been the biggest beneficiary of weETH/eETH flows over the past month Lending protocols have experienced the highest net inflows of weETH/eETH (leading LRT) into Ether.fi over the past month, totaling $252 million inflow. During the same period, users invested $52 million in bridge protocols and $39 million in EOAs and Safes. The largest net outflow stemmed from rehypothecation, which fell by $52 million, primarily due to a significant outflow of $61 million on August 15. This coincides with the launch of Ether.fi’s alternative LRT eBTC, with supply likely being directed to Symbiotic’s eBTC/weETH, which may explain some of the outflows. Aave has seen the largest growth in weETH supply flows so far this year, growing from 1.4% market share when deposits opened in mid-April to 35% currently. This growth is primarily due to users engaging in loopback strategies and strong demand to borrow stablecoins using weETH as collateral. In the DEX ecosystem, the TVL of Ether.fi’s governance token ETHFI has recently increased on Uniswap v3, mainly due to the transfer of liquidity on Curve to Uniswap in early August. This move is driven by the Ether.fi team, who are moving fiscal purchased liquidity to Arrakis on Uniswap v3. Deal Highlights: The deal is injecting liquidity into Arrakis’ automated liquidity solution, which had previously been drawn from Curve. This is the second largest liquidity injection in the pool’s existence. Additionally, 80 ETH was injected into the transaction, which was worth $409,000 at the time. After this transaction injected liquidity, almost all of ETHFI’s DEX liquidity went through the Uniswap v3 pool. Swell Swell’s swBTC total locked value has surpassed $30 million While most of the discussion about re-collateralization has centered around the ETH LRT, Swell’s new LRT, swBTC, has been gaining traction recently. Swell’s new product offers users the opportunity to earn potential heavy-staking rewards on Ethereum’s top three heavy-staking platforms – EigenLayer, Symbiotic, and Karak. In just 10 days, swBTC’s total locked value exceeded $30 million, with more than 560 unique depositors participating. As BTC liquidity becomes an ongoing trend, the increase in BTC LRT could serve as a positive on-chain catalyst. About a month after going live, a portion of swBTC’s supply has already flowed into key DeFi protocols such as Curve and Morpho, which account for roughly 8% of the total supply. In addition, Swell is developing a Layer 2 platform, and users have injected 68% of the swBTC supply into the extension platform’s contract to facilitate its listing. Users continue to express high interest in potential uses by depositing funds into Swell’s Layer 2 contracts. Although Swell announced that the snapshot record for the airdrop was complete, there were still approximately 460,000 ETH and over $1 billion in funds deposited. The expansion kit solution is scheduled to be officially launched by the end of the fourth quarter. Transaction Highlights: While examining the use of swBTC by some early adopters, this wallet merged with Swell L2...