Zelcore

Restaking and LRTs: Yield, Risk, and the Kelp Lesson

A five-part field guide to Ethereum restaking: how EigenLayer pools security, how liquid restaking tokens work, what slashing and rehypothecation really cost, and whether the yield is worth it after the April 2026 Kelp contagion.

  1. 01

    Restaking vs Staking vs Lending: The Mental Model

    Staking, liquid staking, restaking, and lending all pay yield on your ETH — but through fundamentally different mechanisms with very different failure modes.

    11 min read · intermediate

  2. 02

    EigenLayer Mechanics and the AVS Ecosystem

    How restakers, operators, and AVSs interlock inside EigenLayer — from EigenPods and LST strategy contracts to slashing, EigenDA, and the EIGEN token.

    10 min read · advanced

  3. 03

    LRTs Compared: weETH vs ezETH vs rsETH

    A deep-dive comparison of the leading liquid restaking tokens — weETH, ezETH, and rsETH — their mechanics, the April 2024 ezETH de-peg, and the risks you accept as a holder.

    12 min read · advanced

  4. 04

    Slashing, Rehypothecation, and the April 2026 Kelp Contagion

    How compounding layers of restaking risk — slashing, leveraged loops, and bridge exposure — converged in the April 2026 Kelp DAO exploit and created ~$177–196M in Aave bad debt.

    11 min read · advanced

  5. 05

    Is Restaking Worth the Yield Today?

    The restaking premium over plain ETH staking has compressed to mid-single digits in 2026. Is stacked smart-contract and slashing risk worth the extra yield?

    9 min read · intermediate

Start with Part 01
    Restaking and LRTs: Yield, Risk, and the Kelp Lesson | Zelcore Academy