Tracking EigenLayer Restaking Positions

Restaking takes an asset that was already productive and commits it again. For portfolio tracking, the awkward part is that the asset stops being in your wallet, stops being freely liquid, and acquires a risk that ordinary staking does not have.

Where the asset goes

Deposit an LST or native ETH into EigenLayer and the tokens leave your wallet for a strategy contract. A balance query on the address afterwards shows less than before, with no corresponding sale.

That is the first failure mode: a provider without EigenLayer support does not report "restaked". It reports a smaller portfolio, and the difference looks like the assets were spent.

What a complete representation contains

Value alone answers none of the questions a risk or treasury function will ask.

Liquidity is the real reporting problem

A restaked position is not liquid. Withdrawing means entering a queue and waiting out an escrow period before the assets can be claimed.

For a fund, that is a liquidity classification, not a footnote. A NAV that counts restaked ETH identically to spot ETH is arithmetically defensible and operationally misleading — the two cannot be sold on the same timeline. Any portfolio system feeding NAV reporting should preserve the distinction between liquid, queued and claimable.

The three states are genuinely different:

1. Active — earning, withdrawable only by entering the queue.
2. Queued — no longer earning, not yet claimable, escrow running.
3. Claimable — escrow complete, awaiting a claim transaction.

A position sitting in state 3 unnoticed is idle capital.

Slashing is a real downside

Restaking introduces slashing risk from the AVSs the stake secures. Unlike market risk, it is not captured by the asset's price.

A portfolio number cannot express this on its own — which is precisely why the operator and AVS fields belong in the data. Two positions of identical value can carry very different exposure depending on what they are securing.

Points and rewards

Restaking programs frequently accrue points or rewards that are not yet transferable tokens. These are genuinely hard to value and easy to overstate.

Our position is to keep them out of portfolio value until they are claimable tokens with a market. Booking an unclaimable, unpriced incentive as portfolio value is how a report becomes a projection.

Layering with LSTs

Restaked wstETH compounds the valuation chain: the wrapper's exchange rate (see Valuing stETH and Liquid Staking), then the restaking layer on top. Get the first wrong and the second inherits the error.

Checking a provider

• Does restaked value appear at all, or does the portfolio just shrink?
• Are queued withdrawals distinguished from active positions?
• Is the operator exposed?
• Are unclaimable points counted as value? They should not be.