Glossary
Liquid Restaking Token (LRT)
A tokenized receipt for a restaked position — like an LST for liquid staking, but layered on top of EigenLayer (or a peer) and exposed to AVS slashing.
An LRT wraps a restaking deposit into a fungible token: deposit ETH (or stETH) with an LRT issuer like ether.fi, Renzo, Kelp, or Puffer; receive eETH, ezETH, rsETH, or pufETH back. The LRT accrues restaking rewards while remaining tradable, lendable, and collateralizable.
The trade-off is risk layering: the LRT inherits Ethereum staking risk, EigenLayer protocol risk, the LRT issuer's strategy choices, and every AVS slashing condition the operator opts into. That stack of correlated exposures is what makes LRTs a notable systemic-risk candidate.