Restaking economics collapse as Ether.fi exits EigenLayer

CoinDesk analysis shows restaking's economics have largely collapsed: the sector holds about $10 billion but generated just $99,977 in fees over a week on Sept. 8, while plain liquid staking earns roughly 53 times more per dollar secured.

Ether.fi, once the largest liquid restaking protocol, is severing its last structural tie to EigenLayer this quarter, with under 1% of assets still restaked. CEO Mike Silagadze said the exit came down to risk — "there were no meaningful yield opportunities in restaking" — after the protocol stripped restaking out of weETH in August, leaving it a plain liquid staking token with restaking available only via an opt-in Symbiotic-based token.

The five largest remaining liquid restaking tokens — Renzo, Kelp, Swell, Puffer and Bedrock — made a combined $953,350 in gross profit last quarter, down from $2.18 million three quarters earlier. Points programs wound down through 2025 and slashing went live in April 2025, erasing the remaining incentive to restake.