Best Liquid Restaking Protocols to Watch in 2025

KernelDAO is a top-tier restaking ecosystem with over $2 billion in Total Value Locked (TVL), operating across 10+ chains, including Ethereum, BNB Chain, Arbitrum, and Optimism, with further expansion underway. The ecosystem consists of three key products:

Kelp – A leading liquid restaking protocol on Ethereum, enabling secure and efficient restaking. Kernel – A BNB Chain restaking infrastructure, integrated with 20+ projects, including AI and ZK networks. Gain – A tokenized rewards program designed to maximize users’ earnings through top airdrops and high-yield rewards. By empowering stakers, developers, and protocols, KernelDAO drives the next wave of restaking innovation, enhancing decentralized security and enabling broader participation in emerging technologies.

Kelp is a liquid restaking protocol designed to enhance Ethereum staking efficiency, supporting 10+ Layer-2 blockchains. Kelp features its own Liquid Restaked Token (LRT), rsETH, which is minted by the protocol when users deposit their LSTs. The rsETH smart contracts then allocate the staked assets to various Node Operators operating within the KelpDAO ecosystem. The Kelp smart contracts have undergone multiple audits by trusted security firms, ensuring a safe and reliable experience for users. Over time, rsETH has grown to become the second-largest LRT on Ethereum, with a TVL exceeding $2 billion. Additionally, the vast Kelp ecosystem allows users to access various strategies across more than 40 DeFi platforms

Kernel is a leading restaking protocol on BNB Chain, integrated with 20+ projects, including AI and Zero-Knowledge networks. It allows users to restake BNB, BTC, and derivative tokens through smart contracts, improving security for multiple dApps while enabling restakers to earn additional rewards. The protocol has now surpassed $300 million in TVL.

The project has its own token, KERNEL, which acts as the governance token for the entire Kernel ecosystem. 55% of the total supply is allocated to community rewards and airdrops. Moreover, KERNEL includes a gradual vesting schedule for team members and investors, with a 6-month lock-up period following the Token Generation Event (TGE).

1. Visit website and connect your wallet.
2. Select the desired chain and LST you wish to restake.
3. Click ‘Approve’ and confirm the transaction.
4. Restake your LST and confirm the second transaction. After that, you’ll receive rsETH.

1. Visit website and connect your wallet.
2. Choose Restaking Method: Select BNB, BTC, or LSTs.
3. Confirm the transaction after reviewing details including fees.
4. Track your restaked assets and rewards in the Kernel portfolio.

EigenLayer is a protocol that introduced a new concept of liquid restaking for Ethereum. It was launched and developed by EigenLabs in 2023, while the company itself was founded by Sreeram Kannan in 2021. EigenLayer’s restaking uses two key mechanisms: pooled security and free-market dynamics, allowing Ethereum’s security to extend to any Actively Validated Service (AVS) on the network, making it more effective.

Since the EigenLayer mainnet launch in April 2024, the ecosystem has expanded rapidly, establishing itself as a key player in the restaking space. The protocol now holds over $13B TVL, with 80,000+ restakers and more than 3.5% of ETH’s total supply restaked on EigenLayer. Additionally, several leading restaking protocols, including Renzo, Puffer Finance, Swell, and others, are built on EigenLayer.

The project has its own token, EIGEN, which plays a key role in the EigenLayer ecosystem and is also available for staking. 45% of the total supply is allocated to the community, including airdrops for restakers and ecosystem development.

1. Visit website and connect your wallet.
2. Click ‘Restake’, select your LST, and enter the amount.
3. Click Submit and approve token spending if required.
4. Complete the Deposit and Delegate transactions via your wallet.

EtherFi is a restaking protocol for Ethereum founded in 2023 by Mike Silagadze (Founder & CEO) and Rok Kopp (Co-Founder). Since then, the project has achieved significant milestones, including the launch of its Liquidity Restaked Token (LRT), eETH, in November of the same year, the introduction of DAO Governance, and the TGE of its native token, ETHFI. The protocol now boasts one of the highest TVLs in the industry, exceeding $7.83 billion.

EtherFi is the only staking protocol where users retain control of their keys, meaning they can always get their ETH back, even if the protocol or node operators face issues. Users can choose their own node operator or use a trustless option through an auction, where revenue is shared between stakers and operators, increasing rewards. EtherFi also mints unique NFTs for each validator node, which can be used to add new services on top of the staking infrastructure. Revenue from these services is also shared between stakers and operators.

EtherFi has its own token, ETHFI, a governance token that allows DAO members to manage key aspects of the protocol and guide the growth of weETH, eETH, and the protocol’s future. Additionally, 15.3% of the total supply is allocated for airdrops to users.

1. Visit website and enter the app by clicking the ‘Stake’ button, then connect your wallet.
2. Select the desired chain and LST you wish to restake.
3. Click ‘Stake’ and approve the transaction.
4. Restake your LST and confirm the second transaction. After that, you’ll receive LRTs.

InceptionLRT is a restaking protocol for Ethereum within the EigenLayer ecosystem, launched in 2023 and co-founded by CEO João Nuno Simões. InceptionLRT enhances EigenLayer’s restaking application by making staking and restaking more liquid while maximizing rewards through DeFi integration. As a Modular Aggregation Layer for Restaking, it eliminates inefficiencies like high costs, complexity, and liquidity fragmentation by unifying diverse restaking options into a single, flexible platform.

The project plans to launch its native token in the first half of 2025. Meanwhile, users can earn benefits through Inception Totems (points rewarded for interacting with the restaking protocol). InceptionLRT supports 12 LSTs and has a TVL exceeding $30 million.

1. Visit website and connect your wallet.
2. Select the asset you want to restake and click the ‘Stake’ button.
3. Confirm the approval transaction, then complete the second transaction to finalize restaking.
4. Once done, you’ll receive instETH, the Liquid Restaked Token (LRT) of Inception.

Bedrock is a multi-asset restaking protocol developed by RockX in 2023. It started with uniETH on EigenLayer and has since grown into the largest liquid staking protocol on the IoTeX network, managing over $586M TVL. Bedrock’s universal (uni) standard helps unlock liquidity and maximize value for PoS tokens like wBTC, ETH, and IOTX, with liquid staking tokens uniBTC, uniETH, and uniIOTX.

Currently, the project does not have a native governance token, but users can earn rewards through point-based campaigns such as Bedrock Diamonds and Babylon Points. Additionally, Bedrock Diamonds can be earned through the referral program, giving users more ways to benefit from the ecosystem.

1. Visit website and connect your wallet.
2. Select the asset you want to restake and click the ‘Stake’ button.
3. Confirm the approval transaction, then complete the second transaction to finalize restaking.
4. Once done, you’ll receive the Liquid Restaked Token (LRT).

Puffer is a native liquid restaking protocol operating on EigenLayer, designed to make restaking on Ethereum more accessible. The project was launched in 2022 by Amir Forouzani, the CEO and Founder. It currently boasts over $242 million TVL staked on its LRT (pufETH) and a total TVL exceeding $9.3 billion across the entire Puffer ecosystem.

Puffer aims to empower decentralized validators by offering higher rewards and lowering barriers to entry. Node operators can earn extra revenue by utilizing unused compute power, reducing infrastructure and operating costs without needing additional capital. This approach supports decentralized Liquid Staking Providers (LSPs), enabling them to compete with centralized services dominating the market. Puffer Finance stands out for its security features, such as Secure-Signer—an open-source tool by Puffer that protects Ethereum validators from being slashed (a penalty for malicious actions or critical errors, resulting in the loss of staked assets).

PUFFER, the governance token of the Puffer Protocol, is available for staking and provides users with voting power to participate in protocol governance decisions. 40% of the total token supply is allocated to the ecosystem and community, distributed through various rewards and airdrops for restakers via the CARROT points system (the official ERC-20 token representing Puffer Points).

1. Visit website stake and connect your wallet.
2. Select stETH to restake and click the ‘Stake’ button.
3. Confirm the approval transaction, followed by the second transaction to complete the restaking process.
4. Once completed, you’ll receive pufETH, the Liquid Restaked Token (LRT) of Puffer Finance.

Renzo is a liquid restaking protocol built on EigenLayer, serving as the interface to the EigenLayer ecosystem by securing Actively Validated Services (AVSs). Renzo was launched to the public in December 2023, and its co-founders are Lucas Kozinski, James Poole, and Kratik Lodha.

The Renzo app stands out for its simple and user-friendly interface, enabling users to easily restake assets and track their portfolio positions. Additionally, the platform supports restaking not only on Ethereum and its Layer-2 networks (yielding ezETH as the LRT) but also on Solana, thanks to its integration with Jito, where users receive ezSOL as the LRT. The project has achieved a total TVL of $1.09 billion, with $81.3 million restaked on Solana.

Renzo also features its governance token, REZ, which launched via TGE in April 2024. 32% of the total REZ supply is allocated to the community, including airdrops for restakers through the ezPoints rewards system.

1. Visit website and connect your wallet.
2. Switch to the Ethereum Mainnet and select an asset from the list.
3. Enter the amount you wish to restake, review the transaction, and confirm.
4. After confirmation, you’ll receive LRTs (ezETH).

Swell is a non-custodial liquid restaking protocol on Ethereum, developed by Swell Labs in 2022 and founded by Daniel Dizon, who serves as the project’s CEO. The protocol stands out for its security, with Swell’s staking pool managed by top-tier professional validators to safeguard staked assets from forfeiture to the network. While Swell currently supports only Ethereum for restaking, it eliminates technical complexity with a simple, user-friendly interface, allowing users to start staking effortlessly and fast.

One of Swell’s most significant milestones was the launch of Swellchain in December 2024, a Layer-2 restaking infrastructure built on the OP Stack and fully integrated into the Optimism Superchain. Since its launch, the project’s total TVL has exceeded $300 million, with over 9,000 unique users. Additionally, Swell introduces Proof of Restake, a unique mechanism that utilizes Swell’s liquid restaked assets to secure both EigenLayer AVS and Symbiotic networks, delivering critical infrastructure and services to the ecosystem.

The project’s native token, SWELL, powers Swell DAO, managing the protocol’s development and growth. 35% of the supply is allocated to the community, including airdrops for stakers and liquidity providers.

1. Visit website stake and connect your wallet.
2. Select ETH to restake and click the ‘Restake’ button.
3. Confirm the approval transaction, followed by the second transaction to complete the restaking process.
4. Once completed, you’ll receive rswETH, the Liquid Restaked Token (LRT) of Swell Protocol.