What Are LRTs?
Liquid Restaking Tokens (LRTs) represent ETH that's been staked AND restaked through EigenLayer. They provide liquidity while earning multiple yield streams.
LRT Stack
Layer 1: ETH Staking
Base ~3-4% APY from Ethereum consensus rewards
Layer 2: EigenLayer Restaking
EigenLayer points + future AVS rewards
Layer 3: LRT Protocol
Protocol-specific points (Ether.fi, Renzo, etc.)
Major LRT Protocols
Ether.fi (eETH)
$5.8B TVLLargest LRT. Non-custodial, decentralized. Integrates with major DeFi protocols. Strong points multiplier.
Renzo (ezETH)
$3.2B TVLMulti-chain LRT. Active on Arbitrum, Linea, Base. Higher points multiplier, aggressive growth.
Puffer (pufETH)
$1.8B TVLAnti-slashing tech. Lower risk profile. Native restaking focus. Growing DeFi integrations.
Yield Sources Explained
LRT Yield Breakdown
Points Strategy
Use Pendle to split LRTs into PT (fixed yield) and YT (leveraged points). Buy YT for maximum points exposure, or sell YT for guaranteed yield via PT.
Trading Strategies
Peg Arbitrage
LRTs can trade below or above ETH value. Buy when depeg (discount), sell at peg or premium. Monitor Curve/Balancer pool ratios for opportunities.
Pendle Strategies
Buy PT for fixed yield (lock in current rates). Buy YT for leveraged points exposure. Sell YT to convert points to guaranteed yield.
Looping / Leverage
Deposit LRT → Borrow ETH → Mint more LRT → Repeat. Multiplies points exposure but increases liquidation risk. Use carefully.
Risks & Considerations
LRT Risks
- • Smart contract risk: Multiple protocols layered = compounded risk
- • Slashing risk: AVS misbehavior can result in slashed ETH
- • Depeg risk: LRTs can trade significantly below ETH
- • Points uncertainty: Airdrop values are speculative
- • Liquidity risk: May not be able to exit large positions quickly
Interactive LRT Tracker
Compare LRT protocols and track yields:
Supported Assets
Yield Estimator
The LRT Yield Stack
Related Articles
Frequently Asked Questions
LRTs are tokens representing staked ETH that's been restaked on EigenLayer. They provide liquidity while earning ETH staking yield + EigenLayer points + protocol points. Examples: eETH (Ether.fi), ezETH (Renzo), pufETH (Puffer).
LSTs (like stETH) represent regular staked ETH. LRTs add an extra layer—they're staked AND restaked on EigenLayer for additional yield/points. More yield potential, but also more complexity and smart contract risk.
Points value is speculative until the EIGEN airdrop/distribution. Historical parallels suggest 10-30% APY equivalent, but this varies. Points are earned passively by holding LRTs, with multipliers for certain activities.
Risks include: smart contract bugs (multiple protocols layered), slashing risk (if AVS validators misbehave), depeg risk (LRTs can trade below ETH value), liquidity risk (may not be able to exit quickly), and points may be worth less than expected.
Trade LRTs on DEXs like Uniswap, Curve, or Balancer. Watch for peg deviations—buying below peg or selling above peg creates opportunities. Use Pendle to split into PT (fixed yield) and YT (leveraged points exposure).