Liquid Restaking Tokens (LRTs)
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7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
864 AGETH 864Kelp Gain | $2,391.47 | 1.27% | −7.68% | −13.51% | $13.33 M | $13.33 M | $460.99 | |||
949 KYSOL 949Kyros Restaked SOL | $126.63 | 3.60% | −4.01% | −19.58% | $11.43 M | $11.43 M | $737.00 | |||
1109 YNETHX 1109ynETH MAX | $2,176.58 | 5.74% | 5.01% | −9.49% | $8.32 M | $8.32 M | $661.63 | |||
3603 LAIR 3603Lair | $0.0004062 | −1.34% | −12.32% | −41.33% | $288,300.12 | $406,200.00 | $104.70 | |||
3744 RSAVAX 3744Restaked sAVAX | $11.34 | 4.81% | −2.33% | −20.63% | $249,197.75 | $249,197.75 | $290.59 | |||
3790 KYROS 3790Kyros | $0.01033 | 3.64% | −4.61% | −20.66% | $237,895.16 | $470,829.78 | $399.33 | |||
10630 rswETH 10630Restaked Swell Ether | $2,624.07 | 6.12% | 10.17% | −10.69% | -- | -- | $1,181.34 | |||
10772 MSTETH 10772Eigenpie mstETH | $2,447.26 | −0.48% | 6.92% | 6.92% | -- | $1.60 M | $10.05 | |||
11090 lrtsSOL 11090Adrastea lrtsSOL | $109.95 | 2.48% | −6.45% | −21.29% | -- | -- | $386.73 | |||
11091 sonicSOL 11091Sonic Restaked SOL | $110.90 | 1.32% | −6.76% | −21.47% | -- | -- | $568.88 |
Frequently Asked Questions
What is a Liquid Restaking Token (LRT)?
A Liquid Restaking Token (LRT) is a tradable receipt for a restaked position. Restaking re-commits an already-staked asset — such as staked ETH or SOL — to secure additional protocols called Actively Validated Services (AVSs) for extra rewards. An LRT keeps that restaked capital liquid and usable across DeFi. LRTs matter because one position stacks base staking yield plus AVS rewards. EigenLayer pioneered the model on Ethereum, with mainnet restaking live in 2023 and AVS go-live in 2024.
How does an LRT differ from a liquid staking token (LST)?
An LRT differs from a liquid staking token (LST) by adding a restaking layer. An LST represents a base staked position only — staked ETH earning validator rewards. An LRT re-commits that staked capital to secure AVSs, earning additional rewards on top. The distinction matters for risk: an LRT inherits every AVS's slashing conditions, so an LRT carries stacked risk an LST does not. Puffer's pufETH and Kelp Gain (AGETH) are restaked LRTs, not plain LSTs.
Where does the yield in a liquid restaking token come from?
Liquid restaking token yield comes from two stacked sources. The first source is the base staking reward from the underlying staked ETH or SOL. The second source is the AVS reward — payment for securing additional Actively Validated Services through restaking. This yield-stacking is the core LRT narrative. The trade-off is explicit: each additional AVS adds reward but also adds slashing exposure. LRT yield is never free — extra yield is inseparable from extra, layered risk.
What is EigenLayer restaking and why does it matter to LRTs?
EigenLayer is the restaking protocol that pioneered the model on Ethereum. EigenLayer mainnet restaking deposits went live in 2023, and AVS and operator go-live followed in 2024. EigenLayer restaking lets staked ETH secure additional services, and LRTs are the liquid receipts issued against those restaked deposits. Parallel restaking infrastructure exists on Solana through Solayer, Jito, and Fragmetric. EigenLayer matters because the 2024 AVS wave created the reward surface the entire LRT category was built on.
Which projects lead the LRT category on Ethereum and Solana?
The LRT category spans Ethereum and Solana restaking. Ethereum-side LRTs include pufETH from Puffer, Kelp Gain (AGETH) from Kelp, and ynETH MAX (YNETHX) from YieldNest. Solana-side LRTs include Fragmetric (FRAG), Kyros Restaked SOL (KYSOL), Adrastea lrtsSOL, and Sonic Restaked SOL (sonicSOL). Restaked sAVAX (RSAVAX) and Lair (LAIR) are also tracked. DropsTab tracks dozens of LRT projects across both Ethereum and Solana restaking, so the LRT category is multi-chain by design — not Ethereum-only.
What metrics measure a liquid restaking token's TVL and peg stability?
Analysts measure a liquid restaking token with structural, not price, metrics. The first metric is TVL (Total Value Locked) restaked — value committed through the protocol. The second metric is peg stability — the LRT's market price versus its underlying net asset value, since an LRT can trade at a discount under stress. The third metric is AVS and operator count — how many services the capital secures and how slashing spreads. LRT data stays fragmented across protocol dashboards, with no single standardized cross-protocol metric.
What are the risks of liquid restaking tokens — slashing and de-peg?
Liquid restaking tokens carry compounded risk versus a plain LST. The primary risk is multi-AVS slashing — an LRT is exposed to the penalty conditions of every service it secures, so faults cascade. A second risk is de-peg — an LRT can trade below its underlying net asset value when secondary liquidity is thin. Smart-contract risk also layers across staking, restaking, and AVS contracts. Regulatory treatment of restaking yield remains undefined. Extra LRT yield is inseparable from extra, stacked risk.
How to track LRT projects on DropsTab?
DropsTab tracks LRT projects through a category scanner listing every tracked restaking token across Ethereum, Solana, and Avalanche. Investors compare projects side by side instead of checking each protocol dashboard separately. The tracked set includes pufETH, Kelp Gain (AGETH), Fragmetric (FRAG), and Sonic Restaked SOL (sonicSOL). Drops Bot alerts flag changes for tracked assets. Structural framing outlasts any snapshot, because LRT membership and mechanics shift often as new AVSs and restaking chains come online.