Full Analysis of LRT Strategy: Six Major Project Features and Seven High-Yield Play Styles

Eigenlayer is about to briefly open LST deposits. Let's comprehensively analyze various LRT options, discuss the characteristics of different projects, and explore seven unique strategies to help you maximize the value of your ETH.

1. Multiple Earnings: swETH and Eigenpie Combination

Depositing swETH into Eigenpie can yield:

• Eigenpie points correspond to a 10% airdrop and a 24% IDO with a $3 million FDV
• Swellpearls corresponds to a 7% airdrop
• Eigenlayer airdrop

This method allows you to obtain full returns from multiple projects simultaneously. In the future, mswETH can also be used on other platforms to further increase returns. Eigenpie adopts a fleet model, where the larger the scale, the higher the returns.

2. Betting on Potential Stocks: Combining Puffer with stETH

Puffer Finance has received dual investments from Binance Labs and Eigenlayer, which is considered to have a high possibility of being listed on Binance, with rapidly growing TVL.

Puffer features Anti-Slash LRT technology, but currently only supports stETH. It should be noted that stETH may reach the 33% cap of a single LST on Eigenlayer, resulting in a decrease in the Eigenlayer points earned.

This strategy mainly bets on the potential of Puffer on Binance, but there may be disadvantages in terms of Eigenlayer points.

3. Seek Change in Stability: mETH and Eigenpie Combination

mETH is subsidized by the Mantle treasury, with a 7.2% APR, which is more than double that of other LSTs, and will continue until April 1st. Combined with Eigenpie's multiple benefits, this strategy can provide stable high returns while also capturing the potential gains of LRT.

mETH can be minted on the Mantle official website or exchanged for stETH on certain trading platforms with zero slippage. Remember the fleet model of Eigenpie, the larger the scale, the higher the returns.

4. Flexible Exit: EtherFi

EtherFi is currently the only project that supports unstaking. Users can swap back to ETH through the trading platform or redeem ETH at a 1:1 ratio, with a waiting time of 7-14 days.

EtherFi can also earn double points and additional incentives on certain DeFi platforms. This strategy is suitable for users with high liquidity requirements, low tolerance for depeg losses, and those who value Eigenlayer airdrops more.

5. Locking Yield: Buying PT on Pendle

Buying PT on the Pendle platform means giving up all points earnings and Staking rewards, but it allows you to earn a fixed APY of 36% on eETH until the expiration date of June 27.

6. High-Risk Gamble: Buy YT on Pendle

Buying YT is equivalent to mining points with 10x leverage. If the final points yield less than 36% APY, there will be a loss; if it is higher, there will be a profit. Currently, EtherFi/KelpDAO/Renzo are all listed on Pendle, but the rules differ, so it is essential to fully understand before operating.

7. Advanced Operations: Locking vlPNP/vlEQB Votes to Earn Points

Due to multiple projects listing on Pendle, many projects offer point bribery rewards. By calculating the points that can be obtained daily per unit of PNP/EQB and comparing it with the points earned daily from ETH, the efficiency of returns can be evaluated.

Note: This operation can only obtain LRT points and cannot obtain Eigenlayer points. The mechanism is complex and the risks are relatively high, so it is not recommended for users unfamiliar with the relevant gameplay to participate.

Summary

Market Pattern:

• EtherFi, KelpDAO, Puffer, Renzo, Eigenpie, and Swell are the six major projects leading the way.
• stETH may reach the single 33% limit of Eigenlayer, reducing the acquisition of points.

Features of each project:

• Eigenpie: The most generous benefits, with the highest certainty and potential for returns.
• Puffer: The strongest background, with the highest expectations on Binance
• EtherFi: the largest in scale, the best in liquidity, supports unstake.
• KelpDAO: the second largest, launched by the LST team Stader.
• Renzo: Supported by Chinese capital, with dual identity of Native & LST
• Swell: LST+LRT, can form triple integral mining with Eigenpie

Seven Major Featured Strategies:

1. Multiple Earnings: swETH + Eigenpie, Triple Points Mining
2. Betting on potential stocks: Puffer, optimistic about the opportunity to be listed on Binance.
3. Seek change while maintaining stability: mETH + Eigenpie, high base returns combined with high potential.
4. Flexible Exit: EtherFi supports unstaking, making it easier to exit with minimal loss.
5. Locked Earnings: Buy PT with Pendle for fixed high returns.
6. High-risk betting: Buy YT with Pendle, high-leverage betting points
7. Advanced Operations: Locking vlPNP/vlEQB voting to earn additional rewards

Each project is supported by well-known investors or initiated by experienced teams. Interested parties can give it a try, but they should still be aware of potential risks.