Liquid restaking tokens comprise 73% of EigenLayer deposits and are the next evolution of liquid staking protocols like Lido or Jito. With a 7-day withdrawal period on EigenLayer, the barrier to exit is high, making liquidity and price pegging to ETH critical to the success of LRTs. This article analyzes the liquidity, volatility, and volume of the top 5 LRTS – Ether.fi, Renzo, Puffer, Swell, and Kelp DAO – finding that they are not incredibly liquid but have been slowly improving. The LRT market has winner-take-most characteristics since liquidity and integrations are critical to an LRT’s broader success.

Though EigenLayer is the clear market leader in the restaking space, other ecosystems may introduce similar protocols that use SOL or TIA as collateral. As the first asset-agnostic platform, Karak may see a first-mover advantage, especially since it accepts stablecoins. At the same time, single-ecosystem protocols like Lido or Jito have historically performed better, and partnerships with liquid staking and DeFi protocols will prove critical in gaining adoption and integrations.

Pantera's monthly newsletter covered many topics, including comparing Solana to macOS for its use of vertical integration, which enables high performance and better user experience. Political sentiment around digital assets is shifting in real time. Trump is accepting crypto donations and using pro-crypto rhetoric in his speeches, while Biden has been gathering insight from crypto industry leaders. The Bitcoin ETF was ultimately a “buy the news” event, as Ethereum might be after potential ETH ETF outflows.

This piece covers what's working today, what's happening, and what new exciting things are happening in crypto. Stablecoins, onchain activity, and Bitcoin as an alternative asset are successful and growing. There has been a recent rise in social-fi and the proliferation of new L2s and L3s. New distribution and parity between the Bitcoin, Ethereum, and Solana ecosystems are coming.