According to CoinDesk, the total value locked (TVL) on EigenLayer has decreased by 13% to $15.1 billion over the past 30 days, despite ether trading at similar levels to June. This decline is largely due to the unpredictable nature of points farming and the limited returns on restaking protocols.

Billions of dollars worth of ether (ETH) have been withdrawn from restaking protocols in the past month, highlighting the volatility of the crypto investment landscape. On June 25, ether was trading at $3,300, slightly higher than Thursday's price of $3,200. During this period, the TVL on EigenLayer, which connects restaking protocols, fell by $2.28 billion. Restaking protocols such as Renzo and Kelp have seen significant losses in TVL, with declines of 45% and 22%, respectively, according to data from DefiLlama.

A portion of these outflows can be attributed to depositors seeking to harvest points that will eventually be converted to airdrops, subsequently moving on to other projects to maximize returns. For some investors, the yield from restaking protocols is too low compared to specific yield-generation protocols like Ethena. For instance, Renzo offers an annual yield of 3.43%, while Ethena offers more than 10%.

Restaking is a strategy used by investors to secure additional yield on ETH that is already staked on the main Ethereum blockchain. Protocols like Ethena generate yield by harvesting funding rates, which can be more volatile. Despite the overall decline, one restaking project, ether.fi, has managed to buck the trend, experiencing a $100 million increase in TVL.