What is Eigenpie?
Eigenpie is a liquid restaking protocol developed by Magpie, a DeFi yield optimization platform with established products on multiple chains. Launched in late 2023, Eigenpie takes a unique approach to liquid restaking by offering isolated markets for different liquid staking tokens rather than a single aggregated LRT. This means users can restake their specific LST (stETH, rETH, etc.) and receive a corresponding isolated restaking token (mstETH, mrETH, etc.).
The isolated market approach provides several advantages: users maintain exposure to their preferred LST, risk is compartmentalized per asset, and the protocol can optimize strategies for each specific LST. Eigenpie leverages Magpie's experience in yield optimization and governance aggregation (particularly on Curve and Pendle ecosystems) to enhance restaking yields.
Eigenpie has attracted significant deposits, particularly from users who want to restake their existing LST positions without converting to a different token. The protocol integrates with EigenLayer for restaking while the Magpie team manages operator selection and AVS delegation.
Key Statistics
- Total Value Locked: $1B+ in restaked LSTs
- Token Model: Isolated LRTs per input LST
- Supported LSTs: stETH, rETH, swETH, ETHx, sfrxETH, and more
- Networks: Ethereum mainnet
- Team: Magpie (established DeFi platform)
- Security Audits: PeckShield, Hacken audits
- Governance: EGP token
How Eigenpie Works
Isolated Restaking Markets
Unlike aggregated LRTs, Eigenpie issues separate tokens per LST:
| Deposit | Receive | Underlying |
|---|---|---|
| . . . . - | . . . . - | . . . . . . |
| stETH | mstETH | Restaked stETH |
| rETH | mrETH | Restaked rETH |
| swETH | mswETH | Restaked swETH |
| sfrxETH | msfrxETH | Restaked sfrxETH |
| ETHx | mETHx | Restaked ETHx |
The Restaking Flow
- User deposits their preferred LST
- LST is restaked on EigenLayer
- User receives corresponding m-token
- M-token accrues restaking rewards
- Original LST continues earning base staking yield
Isolated Risk Model
Each isolated market has:
- Separate smart contracts
- Independent slashing exposure
- LST-specific liquidity pools
- Distinct yield rates per asset
Step-by-Step: Using Eigenpie
Restaking LSTs:- Visit eigenpie.com
- Connect your Ethereum wallet
- Select your LST (stETH, rETH, etc.)
- Enter amount to restake
- Approve and confirm transaction
- Receive corresponding m-token
- Hold m-tokens for passive yield
- Underlying LST earns staking rewards
- Restaking earns EigenLayer rewards
- Potential EGP token incentives
- Navigate to withdrawal section
- Select m-token to unstake
- Wait for processing
- Receive original LST back
Track Eigenpie positions with Fensory alongside your other DeFi holdings.
Eigenpie Fees
| Fee Type | Amount | Description |
|---|---|---|
| . . . . . | . . . . | . . . . . . - |
| Deposit | 0% | No fee to restake |
| Protocol Fee | 10% of rewards | On restaking yields |
| Withdrawal | Variable | Processing time varies |
| EigenLayer | Included | No additional fee |
Current APY Ranges
| Token | Typical APY | Notes |
|---|---|---|
| . . . - | . . . . . . - | . . . - |
| mstETH | 3-5% | stETH + restaking |
| mrETH | 3-5% | rETH + restaking |
| mswETH | 4-6% | swETH + restaking |
| msfrxETH | 4-7% | sfrxETH + restaking |
Key Features
1. Isolated Markets
Separate restaking tokens per LST for compartmentalized risk.
2. LST Preservation
Maintain exposure to your preferred LST.
3. Magpie Expertise
Backed by established DeFi team with yield optimization experience.
4. Multiple LST Support
Wide range of supported liquid staking tokens.
5. Points Programs
Active eigenpie points and partner incentives.
6. Governance Synergies
Integration with Magpie's governance aggregation products.
Eigenpie vs Competitors
| Feature | Eigenpie | Kelp DAO | Ether.fi |
|---|---|---|---|
| . . . . - | . . . . . | . . . . . | . . . . . |
| TVL | $1B+ | $1.5B+ | $5B+ |
| Model | Isolated | Aggregated | Direct |
| LST Support | Multiple | Multiple | ETH only |
| Risk Isolation | Yes | No | N/A |
| Team | Magpie | Kelp | Ether.fi |
| Token Types | Multiple m-tokens | rsETH | eETH/weETH |
Risk Considerations
Smart Contract Risk
Multiple isolated markets mean more contract deployments. Each m-token has its own contract risk profile.
Underlying LST Risk
Each m-token inherits the risk of its underlying LST. Issues with Lido affect mstETH, Rocket Pool issues affect mrETH, etc.
EigenLayer Risk
Restaking introduces novel slashing conditions and economic assumptions.
Fragmented Liquidity
Isolated tokens may have less liquidity per asset compared to aggregated alternatives.
Complexity Risk
Multiple token types add complexity for users managing positions.
Protocol Track Record
Eigenpie is newer than some competitors, though backed by established Magpie team.
Risk Disclaimer: DeFi protocols carry inherent risks including smart contract vulnerabilities and market volatility. Never invest more than you can afford to lose.Frequently Asked Questions
Why isolated markets instead of aggregation?Isolated markets preserve your LST exposure, compartmentalize risk, and allow LST-specific optimization.
Which LST should I use?Choose based on your existing holdings and preferences. Each LST has different characteristics and yields.
Can I swap between m-tokens?Not directly. You would need to withdraw and re-deposit with a different LST.
What is EGP token?The Eigenpie governance token for protocol decisions and potential rewards.
Is Eigenpie related to EigenLayer?Eigenpie uses EigenLayer for restaking but is a separate protocol built by the Magpie team.
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