The restaking gold rush is over, and top protocols are barely making a profit

When ether.fi launched in 2024, deposits were restaked on EigenLayer automatically. In August the company stripped restaking out of weETH, the version of its token that circulates and is accepted as collateral across DeFi, leaving it as a plain liquid staking token. Anyone who still wants restaking has to opt into a separate token built on Symbiotic, a rival platform.

Mike Silagadze, ether.fi's chief executive, said the decision came down to risk. "There were no meaningful yield opportunities in restaking and there was some perceived risk from stakers, so we decided it made sense to exit," he told CoinDesk.