Ethereum Stakers Share Security with Other Protocols via EigenLayer

Ethereum's shift to proof of stake in September 2022 created a pool of economic security, with over 30 million ETH staked by validators who risk losing their deposit if they behave maliciously. However, this security pool sits idle when it comes to other protocols.

New protocols face a bootstrapping problem: attracting validators and securing them with large enough stakes to make attacks unprofitable. EigenLayer's restaking model proposes a different approach by borrowing security from Ethereum. Stakers who already have ETH committed to Ethereum's consensus can opt-in to additionally securing other services, using the same capital for multiple protocols simultaneously.

EigenLayer formalized this concept and built the infrastructure for it. The system has three roles: restakers, operators, and actively validated services (AVSs). Restakers commit their staked ETH or liquid staking tokens to EigenLayer, while operators run validation software for AVSs. AVSs are protocols that use EigenLayer's restaked security, defining their own validation logic, reward structure, and slashing conditions.

By mid-2026, over 20 AVSs had launched on EigenLayer, with EigenDA processing the highest volume. Liquid restaking tokens, such as Ether.fi (eETH), Renzo (ezETH), Puffer (pufETH), and Kelp (rsETH), represent restaked positions and offer diversified exposure.

However, liquid restaking tokens add another layer of smart contract risk, with the stack now consisting of ETH -> stETH -> eSTH. While this provides convenience, it also increases reliance on multiple contracts and potential points of failure.