Restaking · EIGEN · $7B TVL. 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.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
