Restaking · EIGEN · $5.2B TVL. Screen grades as of November 12, 2026: Solvency B, Legitimacy A, Growth BB. Restaking thesis cooling; emissions-heavy, revenue thin; slashing live but unproven at scale.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $7B | $5.2B |
| 12-month TVL change | -45% | -63% |
| Worst 90-day drawdown | 45% | 28% |
| Drawdown scored | 45% (90-day only, v1.0) | 63% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 47.5 | B · 37.5 |
| Growth | BB · 52.8 | BB · 47.5 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates. Since then, some of those inputs have been checked against public data (November 13, 2026); see Input Sources. Where that changed a scored value, the grades in the right-hand column include it.
Solvency screens at B (37.5 / 100), previously BB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 28% and 12-month TVL change is -63%. TVL stability is scored on the 12-month decline of 63%, because it is worse than the latest 90 days. Sustainability ratio (0.5x) and risk quality (7 / 10) are carried over from July 27, 2026. Unlock pressure (35%) was taken from public data on November 13, 2026 (see Input Sources).
Legitimacy screens at A (71.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026. All four inputs are analyst judgment; the evidence behind each is linked under Input Sources.
Growth screens at BB (47.5 / 100), unchanged from the July 27, 2026 screen. TVL is $5.2B, -63% over twelve months (it was -45% at the previous screen). Momentum (4 / 10) is carried over from July 27, 2026. Category share (62%) was taken from public data on November 13, 2026 (see Input Sources).
Of the 11 scored inputs, 4 are taken from public data, 6 are analyst estimates with the evidence linked, and 1 is under review because the public data disagrees with the estimate or the definition is not settled. An input under review keeps its previous scored value until the review is published.
| Input | Scored Value | Status | Source Or Evidence |
|---|---|---|---|
| Sustainability ratio Solvency | 0.5x | Under review | DefiLlama (listed as EigenCloud): protocol revenue $0 over 12m, because all rewards go to restakers and operators; total fees $20.9M. Programmatic incentives released over 12m: about 63.1M EIGEN (about $9.8M). That is 0x on protocol revenue and about 2.1x on total fees. The methodology does not yet say whether "revenue" means what the protocol keeps or all fees paid by users, so the July estimate is still the scored value. |
| TVL stability Solvency | 28% / -63% | Sourced | Worst 90-day drawdown and 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Unlock pressure (next 12 months) Solvency | 35% | Sourced | Investors (+177.7M EIGEN) and Early Contributors (+153.6M) unlock over the next 12 months: 331.4M against 939.4M unlocked to date, 35%. The July estimate was 15%. |
| Risk quality Solvency | 7 / 10 | Estimate | Analyst judgment. DefiLlama's hacks database lists one incident: October 5, 2024, $5.7M, an impersonation scam on an investor transfer, not a contract exploit. |
| Audit coverage Legitimacy | 8 / 10 | Estimate | Analyst judgment. Audit reports are published by the protocol, the latest listed being a Certora review dated May 2026. |
| Team & transparency Legitimacy | 9 / 10 | Estimate | Analyst judgment. |
| Delivery vs stated roadmap Legitimacy | 7 / 10 | Estimate | Analyst judgment. |
| Governance & decentralization Legitimacy | 5 / 10 | Estimate | Analyst judgment. DefiLlama lists no governance space for this protocol; no forum or voting record has been linked yet. |
| TVL 12-month trend Growth | -63% | Sourced | 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Category market share Growth | 62% | Sourced | $4.97B of the $8.02B in DefiLlama's Restaking category, 62%. The July estimate was 70%; same scoring band. |
| Momentum & users Growth | 4 / 10 | Estimate | Analyst judgment. Evidence: fees in the last 30 days were $0.22M, an annual run rate about 87% below the 12m total of $20.9M. |
"12m" is the twelve months to November 13, 2026. Token amounts are valued at DefiLlama prices on that date. Found an error? Tell us; corrections are published with a date.
The credit grade is Solvency B. Legitimacy is A and the Growth outlook is BB; the weakest axis is Solvency. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can EigenLayer survive stress and pay its users back. Legitimacy (A) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Solvency.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| EigenLayer (this page) | B | A | BB |
| Symbiotic | B | BBB | CCC |
EigenLayer created the restaking category and still owns roughly 70% of it, but the screen catches it at a difficult moment: $7B of TVL is down ~45% from the peak as the points-driven deposit wave receded, and the protocol's economic engine has not yet caught up with its narrative engine.
Solvency screens at BB, the weakest dimension. The sustainability ratio (~0.5x) means emissions currently exceed protocol revenue — AVS fee flow is nascent while EIGEN incentives are substantial — and ~15% of supply unlocks over the next year. The deep drawdown compounds this. Slashing is finally live, which hardens the security model but has not been tested by a major fault event at scale.
Legitimacy screens at A. The research pedigree is genuine, audits are extensive, and the team is public and technically first-rate. Deductions are for delivery pacing — core features arrived well behind the original roadmap — and for governance that remains foundation-led.
Growth screens at BB. Category dominance (70% share) is worth a lot in the framework, but twelve-month TVL is down ~45% and momentum is soft as the market reprices what AVS security budgets are actually worth. The bull case — a real fee market for shared security — remains ahead of the data.
Composite BB. The screen treats EigenLayer as a category monopolist whose credit profile depends on converting narrative into fee revenue before emissions and unlocks erode the balance sheet. Sustainability ratio is the single number to watch.
