The new buzzword in the crypto sphere is “restaking“. But what exactly is it and how can you benefit from this?
We are all familiar with the term staking and yielding returns from that. But in crypto, a few % is never enough, and some smart developers have devised a new way to earn more. In addition, many of these projects offer retroactive airdrops for early users, or at least they strongly hint at it. We understand that all of this can be confusing and can feel like you’re walking in a maze. So we’re here to explain it.
Let’s dive in.
Airdrops in 2024: Complete Airdrop Farming Guide
What is restaking?
Restaking allows users to secure multiple networks simultaneously by staking the same tokens on the main blockchain and other protocols. Although it comes with a higher risk of slashing, restakers receive greater rewards for taking on this additional risk.
EigenLayer introduced restaking as a resource management strategy for decentralized staking. In this approach, protocols use Liquid Restaking Tokens (LRT), a flexible form of staked tokens, to maximize the value extracted from staked tokens. This benefits stakers, other networks, and the restaking protocol itself.
The concept of restaking is gaining popularity, with many projects (and airdrop farmers) exploring how to effectively use restaking resources or become providers of restaking resources.
List of Restaking Airdrops
After the recent AltLayer Airdrop distribution, the restaking mechanism caught more attention. If you missed it, you can still check if you’re eligible here.
Today we’re having a look at active campaigns that have yet to drop a token. Not all of these are confirmed to airdrop to restakers, but they have at least given signals they will.
Let’s start with the biggest and first project that introduced restaking, which coincidently is re-opening deposits as of today!
EigenLayer is an Ethereum-based protocol allowing users to reuse their $ETH to provide security and earn rewards. It enables pooled security for multiple services, reducing capital costs and enhancing trust guarantees. EigenLayer eliminates the need for separate trust networks, promoting permissionless innovation.
They currently support liquid staking of Lido Finance staked ETH (stETH), Rocket Pool staked ETH (rETH), and Coinbase wrapped staked ETH (cbETH). New supported projects that are supported include swETH from Swell (#3 in this list).
More details about their airdrop can be found on Airdrop Alert.
2] Puffer Finance
Backed by Binance, Puffer Finance is a decentralized native liquid restaking protocol (nLRP) built on EigenLayer, innovatively designed to enable anyone to run an Ethereum Proof of Stake (PoS) validator while supercharging their rewards, without the traditional substantial 32 ETH capital requirement.
You can earn points with a couple easy tasks, referrals, and of course restaking. More info here.
3] Swell Network
Swell is a cutting-edge liquid staking protocol, developed by Swell Labs, designed to enhance DeFi access. Users staking ETH receive $swETH, a yield-bearing token, which allows them to contribute to Ethereum’s blockchain stability while earning rewards.
At its core, Swell is governed by the Swell DAO, a decentralized autonomous organization representing $SWELL token holders.
You earn Pearls by staking here, and you can restake after that on Eigenlayer. Farm Swell with us.
4] Renzo Protocol
Renzo operates as a Liquid Restaking Token (LRT) and Strategy Manager, built to promote the widespread adoption of EigenLayer, securing Actively Validated Services, and higher yields.
Renzo abstracts all complexity, enabling users to deposit ETH or wBETH to mint the ezETH liquid restaking token, without requiring 32 ETH or integrated Ethereum nodes with EigenPods.
You can farm both Renzo and Eigenlayer points by restaking on there. Find the exact steps here.
5] Ether Fi Restaking
Ether.fi is the first decentralized restaking protocol for Ethereum that allows stakers to retain control of their keys while delegating validator operations to a node operator, enabling users to stake their ETH and earn rewards while supporting and democratizing network decentralization.
This initiative subtly teases the possibility of future potential retroactive Airdrops, one from EigenLayer and another from Ether.fi. You can join it today.
Zircuit is a cutting-edge zero-knowledge Layer 2 rollup redefining web3 standards with its full EVM compatibility and unique zkEVM architecture on the Bedrock framework, offering faster, cost-effective transactions through sequencer-level safety measures and efficient processing.
Can farm 3 airdrops at once with this one, so don’t miss it.
Regular ol’ Staking Airdrops
1] Mode Network
Mode Network is a scalable Ethereum Layer-2 designed to foster a collaborative on-chain experience, championing empowerment and serving as a nexus for world-class applications.
Embedding Sequencer Fee Sharing and benefiting from Optimism’s Bedrock upgrade, Mode strikes a balance between shared growth and reduced fees, making it 95% more cost-effective.
They have a 550 million $MODE token pool (5.5% of total supply), claimable by April 2024. More information on our website.
Blast stands out as an innovative EVM-compatible, optimistic rollup L2 solution, distinguishing itself with native yield capabilities for ETH and stablecoins. This feature sets Blast apart in the DeFi space, offering unique revenue streams and rewards for end-users.
It was created by Pacman, the founder of Blur. As Blur distributed one of the biggest airdrops of 2023, this Blast airdrop is highly anticipated. Over $1 Billion is already locked in the protocol by airdrop farmers. Check it out now.
3] Milky Way
MilkyWay is a liquid staking protocol tailored for the Celestia ecosystem, initially deployed and operated on Osmosis, with the plan to migrate to Celestia’s rollkit for native milkTIA issuance.
The $MILK token is at the heart of MilkyWay, providing a share of the 10% protocol fee from milkTIA rewards and will play a key role in governing the platform’s future. Find the details of the Potential airdrop right here.
Celestia stands out as a modular blockchain designed for effortless deployment of new blockchains, akin to creating smart contracts. Its unique architecture, featuring data availability sampling (DAS) and Namespaced Merkle Trees (NMTs), sets a new standard in blockchain scalability and accessibility.
Following the Celestia Genesis Drop, there are signals of more airdrops coming for stakers. Not only from Celestia themselves but also from other projects, including Milky Way and Altlayer that were mentioned above. More info on Airdrop Alert.
Injective is a Layer 1 blockchain crafted to democratize access to financial markets, offering a high-speed, interoperable environment for Web3 financial applications. Supported by leading investors like Binance, Pantera, and Mark Cuban, it allows for seamless decentralized app development across key chains such as Ethereum and Solana, driving innovation in DeFi.
A very extensive guide on how to farm this one was published by us a few weeks ago.
BitsBank, on Binance Smart Chain, is a user-friendly staking platform that simplifies earning interest on cryptocurrency assets while ensuring high returns, secure asset management, including instant crypto loans.
They have a “stake 100 $USDT and receive 40 $USDT” campaign running right now.
There you have it. A complete list and guide to restaking. We hope this is useful to get through the maze and you get to earn some crypto along the way. We’re glad you got to this part, keep on hustling!
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