MIIX Capital: We expect Restaking is activating the ETH upward trend
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MIIX Capital: We expect Restaking is activating the ETH upward trend
If the recent rally was BTC's solo show, then it's now ETH's showtime.
Navigating Web3 tides with focused insightsAuthor: MIIX Capital
Recently, after the approval of Bitcoin spot ETFs triggered market adjustments and led to a temporary pullback in prices, Ethereum's staking volume has continued to rise, while demand for Restaking has surged dramatically. Clearly, this reflects growing market expectations that ETH will lead the next bullish cycle.
Under these expectations, Restaking is already gaining momentum and attracting increasing attention. Particularly after ALT was listed on Binance with a 24-hour surge nearing 58x, and given that ALT (AltLayer) airdrops are targeted at Restaking participants, the anticipated potential of the Restaking sector has become evident.
ETH ShowTime: Narrative and Expectation Reinforce Each Other
If the recent rally belonged to BTC, then what follows is clearly ETH’s Showtime. The approval and performance of BTC spot ETFs have set a strong precedent for ETH to take the baton. In fact, ETH appears to meet all necessary conditions to ignite the next wave of market momentum:
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BTC is approaching its halving; ETH is heading toward the Cancun upgrade;
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BTC spot ETF has been approved; ETH spot ETF approval is imminent;
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BTC holds the strongest consensus in crypto markets; ETH dominates as the leading application layer in the crypto industry;
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BTC is the highest-value asset in crypto; ETH powers the most dynamic and narrative-rich ecosystem in the space;
Narrative and expectation go hand-in-hand. The only missing piece during BTC's last bull run was the emergence of inscriptions, which leveraged BTC's price momentum to kickstart its ecosystem and added new layers of narrative depth. So far, ETH's established ecosystem lacks a similarly catalytic focus capable of amplifying market expectations or even leading the next cycle.
The main themes for ETH’s ecosystem going forward will be the Layer 2 sector—directly benefiting from the upcoming Cancun upgrade—and the Restaking ecosystem led by EigenLayer. However, if we're talking about something tightly coupled with ETH, it must be Restaking. Especially due to its financial characteristics, Restaking not only extends and builds upon the existing LSD framework but also further activates capital flows, bringing market expectations closer to reality. Therefore, Restaking is most likely to become the central narrative focus during ETH’s Showtime.
From Point to Ecosystem: EigenLayer Ignites the Restaking Trend
EigenLayer has recently gained tremendous attention. In just over a month, it has attracted more than 700,000 ETH, achieving a TVL of 515.92K ETH (approximately $1.8 billion), ranking as the 12th largest protocol on Ethereum. As EigenLayer increases LST deposit limits, ETH staking has become a market focal point, fully igniting the Restaking trend.
Let’s review some of EigenLayer’s recent developments:
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January 11: EigenLayer announced extending its capabilities to Cosmos, enabling Cosmos sidechains to access Ethereum's security through restaking;
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January 21: EigenLayer’s TVL surpassed $1.8 billion (according to DefiLlama);
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January 23: EigenLayer plans to offer a “shared security” model for DApps, allowing protocols to join the network by leveraging public ETH staking pools;
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January 24: AltLayer announced airdrop eligibility for EigenLayer participants—direct ETH stakers, LST restakers, and LRT stakers;
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January 25: EigenLayer introduced sfrxETH, mETH, and LsETH into its ecosystem and removed the individual cap of 200,000 ETH for LST deposits;
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January 26: Polyhedra Network partnered with EigenLayer to build a cross-chain bridge connecting Ethereum to Bitcoin networks;
Since the beginning of the month, news around EigenLayer has come one after another. Whether driven by marketing or genuine infrastructure development for Restaking, attention across the industry has increasingly focused on EigenLayer. These moves are effectively laying a solid foundation for future growth in Restaking, making it easier to leverage broader ecosystem participation and user engagement.
The Rise of Restaking: Driven by Demand and Inevitability
At its core, Restaking is a common practice in traditional finance. Applying it within the crypto market—specifically atop ETH2.0—further financializes ETH2.0. This reflects renewed recognition of ETH’s financial attributes, but such recognition is deeply tied to market demand.
First, financial features and attributes are key drivers for attracting new users and capital inflows. They serve as effective tools to boost market and industry activity. As expectations grow and intensify that ETH will lead the next bull cycle, financial strategies naturally gain priority—this is market demand in action.
Second, within the LSD space, ETH2.0-based services remain relatively simple and thin compared to traditional finance, lacking sufficient risk resilience and inadequate support for evolving market demands—especially when it comes to building compelling narratives around ETH’s future. Meanwhile, since LSD itself is already a financialized product, expanding its peripheral offerings and establishing structured financial frameworks becomes not just logical—but inevitable.
Therefore, against a backdrop of escalating expectations for ETH’s price movement, the rise of Restaking represents both market demand and developmental inevitability. Ultimately, it reflects an effort to enhance self-sustaining narrative power under expectation-driven dynamics.
Starting with Restaking: Bullish Catalyst for ETH
Just as inscriptions rode BTC’s momentum to open a new narrative branch for the industry, Restaking is poised to play a pivotal role in this Showtime. Through continuous innovation, Restaking has emerged as a highly efficient investment strategy—enabling users to earn multiple yields from a single staked position. Looking at current trends, AltLayer—a hot Layer2 project—has already integrated closely with EigenLayer, while EigenLayer’s removal of personal caps on LST deposits gives the market greater flexibility. These developments appear to be setting the stage for ETH-led market cycles.
Considering market expectations for ETH’s upcoming performance and the evolution of related narratives, the Restaking wave ignited by EigenLayer is inevitable. And indeed, as many had hoped, Restaking is now actively fueling the next market cycle, energizing ETH’s Showtime, and creating tailwinds for the ETH bull run.
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