The Most Comprehensive LRT Seven Strategies: A Full-Spectrum Guide to Multiple Projects and High-Yield Approaches
TechFlow Selected TechFlow Selected
The Most Comprehensive LRT Seven Strategies: A Full-Spectrum Guide to Multiple Projects and High-Yield Approaches
This article provides a comprehensive comparison of various LRTs and offers seven unique strategies to help you unlock infinite possibilities from your limited ETH holdings.
Navigating Web3 tides with focused insightsAuthor: CapitalismLab
With Eigenlayer LRTs emerging one after another, which should you choose to maximize returns? What strategy best suits your needs? On February 5, Eigenlayer will briefly open LST deposits—time to make a decision!
This article provides a comprehensive comparison of various LRTs, analyzes the unique features of major projects, and presents seven distinctive strategies to help you unlock infinite possibilities from your limited ETH holdings.
1. Triple-Dip Strategy: swETH + Eigenpie
Deposit swETH into Eigenpie:
-
Eligible for 10% of total supply in Eigenpie points airdrop + $3M FDV at 24% IDO — Swell pearls correspond to 7% of total supply airdrop;
-
Eligible for Eigenlayer points airdrop;
You simultaneously farm two out of the six major players, while earning full yield on both sides. In the future, mswETH can be used on Pendle or other platforms to generate even more returns. The hallmark of this strategy is maximizing point accumulation through multi-layered yield farming.
Note that Eigenpie operates on a fleet model—the larger the fleet, the higher the multiplier.
2. Follow Binance: Puffer + stETH
Puffer Finance has received dual backing from Binance Labs and Eigenlayer, leading the community to widely expect a Binance listing. Its TVL is also growing rapidly.
Puffer focuses on Anti-Slash LRT with some technical distinctions. Notably, since Puffer Mainnet hasn't launched yet, current activities are pre-mainnet and only support stETH. However, stETH is highly likely to hit Eigenlayer’s single-LST cap of 33%, meaning each ETH will earn fewer Eigenlayer points.
Thus, this strategy hinges on betting on a Binance listing, though it may underperform in terms of Eigenlayer points accumulation.
3. Play Safe but Win Big: mETH + Eigenpie
Subsidized by the Mantle treasury, mETH offers a 7.2% APR—more than double that of other LSTs—and this rate will continue until April 1. With high base yield plus
generous benefits and high ceilings from Eigenpie,
this strategy combines reliability with upside potential—delivering guaranteed high returns while still allowing participation in LRT surprises.
mETH can be minted via the Mantle official website. If minting reaches capacity, users can try swapping stETH for mETH without slippage on NativeX. Note that Eigenpie uses a fleet model—the larger the fleet, the higher the boost.
4. Keep an Exit Option: EtherFi
Unlike most projects that only allow DEX swaps back to ETH, EtherFi is currently the only platform supporting unstake functionality. Users can either swap via DEX or redeem ETH 1:1 through unstaking, with processing times ranging from 7+ to 14+ days.
Additionally, combining EtherFi with DeFi protocols like Pendle allows users to earn double points as well as native incentives from those platforms.
EtherFi has previously been ambiguous about its airdrop policy, making its token drop highly uncertain. This strategy is ideal for users who prioritize liquidity needs, have low tolerance for depeg losses, and care more about Eigenlayer airdrops than LRT-specific ones—enabling low-slippage exits when needed.
EtherFi is currently running a MegaWeek event—depositing via referral links grants 5x one-time deposit points for EtherFi and eligibility to share an additional 1M Eigenlayer points reward pool.
5. Lock In Yield (Buy PT on Pendle) or 6. Small-Scale Gamble (Buy YT on Pendle)
Pendle has launched a dedicated LRT page. For example, each 1YT eETH entitles holders to 17 eETH worth of EtherFi points and 9 eETH worth of Eigenlayer points, with a fixed APY of 36% for PT.
Buying PT means giving up all point accrual and staking rewards, in exchange for a fixed 36% APY denominated in eETH until maturity on June 27.
Buying YT is equivalent to taking a ~10x leveraged bet on points farming. If final point-derived returns are less than 36% APY, you lose principal; if greater, you profit. See here for detailed calculations.
Currently, EtherFi, KelpDAO, and Renzo are all listed on Pendle, but their rules differ significantly—please fully understand them before proceeding.
7. Aggressive Move: Buy and Lock vlPNP/vlEQB to Earn Vote Bribes
Due to recent Pendle listings, multiple protocols are now offering vote bribes in Penpie (PNP) and Equilibria (EQB) points.
How to assess whether it's worthwhile? Voting occurs weekly, so calculate how many points 1 PNP/EQB earns per day, then compare against how many points 1 ETH earns daily—you’ll get a sense of efficiency. Previous estimates suggest multipliers ranging from 10x to several dozen times.
However, note that voting only earns LRT points—not Eigenlayer points. This mechanism is complex and carries significant risk of loss and illiquidity. Not recommended for those unfamiliar with Pendle and Convex flywheel mechanics.
Summary
Market Landscape:
-
Dominance of six major players: EtherFi, KelpDAO, Puffer, Renzo, Eigenpie, Swell;
-
stETH is very likely to hit Eigenlayer’s individual LST cap of 33%, resulting in reduced Eigenlayer points per ETH deposited;
Project Highlights:
-
Eigenpie: Best incentives, highest certainty and ceiling of returns;
-
Puffer: Strongest backing, highest expectation for Binance listing;
-
EtherFi: Largest scale, best liquidity, supports unstake;
-
KelpDAO: Second largest, launched by established LST team Stader;
-
Renzo: Backed by Chinese capital including OKX and SevenX, supports both Native and LST;
-
Swell: Combines LST and LRT, enables triple-point farming when paired with Eigenpie;
All six projects either have renowned investors or originate from proven, reputable teams—making them all worth exploring cautiously, though risks remain.
Seven Distinct Strategies:
-
1. Triple-Dip: swETH + Eigenpie, enabling three-layer point farming across Swell, Eigenpie, and Eigenlayer;
-
2. Follow Binance: Puffer backed by Binance Labs and Eigenlayer, widely expected to list on Binance;
-
3. Play Safe but Win Big: mETH + Eigenpie, mETH offers 7.2% APR (over twice that of other LSTs), high base yield, combined with generous Eigenpie rewards and high ceilings;
-
4. Keep an Exit Option: EtherFi supports unstake, enabling large positions to exit with minimal loss;
-
5. Lock In Yield: Buy PT on Pendle, sacrifice points for fixed high return;
-
6. Small-Scale Gamble: Buy YT on Pendle, effectively leveraged ~10x+ bet on points;
-
7. Aggressive Move: Buy and lock vlPNP/vlEQB to earn vote bribes;
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
CapitalismLab
