Crypto Newbie / Simulators / LRT Yield Stack
LRT Yield Stack Comparison Simulator
Liquid Restaking Tokens (LRTs) stack multiple yield sources on top of plain ETH staking: base staking (3.5%) + EigenLayer AVS rewards (1-2%) + LRT loyalty points (speculative). The headline numbers look great (5-10% APR), but conservative yields (excluding speculative points) tell a different story. This simulator compares etherfi, Renzo, Kelp, and Puffer side-by-side so you can decide which actually fits your risk tolerance.
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LRT provider comparison
| Provider | Base ETH yield | AVS rewards | Fee | Points (speculative) | Conservative net APR | Headline APR (with points) | Withdrawal delay | Decentralization | Final conservative (ETH) | Final headline (ETH) |
|---|---|---|---|---|---|---|---|---|---|---|
| etherfi eETH | 3.40% | 1.20% | 10.00% | 1.50% | 4.14% | 5.64% | 7d | 7/10 | +1.2941 ETH | +1.7892 ETH |
| Renzo ezETH | 3.40% | 1.80% | 10.00% | 2.00% | 4.68% | 6.68% | 0d | 6/10 | +1.4707 ETH | +2.1408 ETH |
| Kelp rsETH | 3.40% | 1.50% | 8.00% | 1.50% | 4.51% | 6.01% | 21d | 5/10 | +1.4143 ETH | +1.9129 ETH |
| Puffer pufETH | 3.40% | 2.00% | 5.00% | 2.50% | 5.13% | 7.63% | 7d | 8/10 | +1.6193 ETH | +2.4681 ETH |
4 providers compared
The yield stack — what you're actually buying
When you deposit ETH into etherfi (eETH), Renzo (ezETH), Kelp (rsETH), or Puffer (pufETH), you get four overlapping yield streams: (1) Base ETH staking yield (~3.4% APR — same as Lido). (2) EigenLayer AVS rewards (1-3% — variable, growing as more AVS launch). (3) LRT loyalty points (etherfi points, ezPoints, KEP, etc. — speculative, no token yet). (4) Sometimes DeFi composability bonus (use LRT as collateral, earn another 2-5%). The simulator shows conservative APR (yields 1+2 minus fees) and headline APR (including speculative points value).
Why conservative APR matters more than headline
LRT marketing leans heavy on headline numbers: 'earn 9-12% APR on your ETH!' But 3-5% of that headline is points — speculative, no guarantee of conversion value. If etherfi never issues a token (unlikely but possible), your points are worth zero. If they do issue, the conversion rate and token price determine actual value, which could be 0.5x or 2x the estimate. Always plan your portfolio around conservative APR (the part that's near-certain), and treat points as upside-only optionality.
Correlated slashing — the new risk LRTs add
Plain ETH staking: if your operator misconfigures, you lose ~1% of stake (slashing). With LRT restaking: if your operator misconfigures across multiple AVS, you could lose 10%+ of stake on each AVS simultaneously. The simulator's 'AVS count' column matters — more AVS exposure = more correlated slashing surface. Puffer (6 AVS) is more conservative than etherfi (12 AVS) on this dimension. Operator quality is the differentiator: well-operated networks rarely slash, but the worst-case is now much worse.
Why use LRT instead of plain LST (Lido stETH)?
Higher yield (~2-4% more headline) at the cost of: (1) Additional smart contract risk (LRT protocol can have bugs separate from Lido). (2) Correlated slashing risk across AVS. (3) Withdrawal delays (etherfi 7d, Kelp 21d, Renzo 0d via Curve). (4) Points-value risk. Worth it if: you have conviction the points convert favorably AND you can tolerate the additional smart contract risk for the yield boost. Skip it if: < $5k holdings (complexity not worth it at small scale), you're nervous about new protocols, or you'd be devastated by smart contract loss.
Frequently asked questions
+Which LRT has the highest realistic (non-speculative) yield?
Based on conservative APR (base + AVS - fees, excluding points): Puffer has the highest (5.13% with 5% fee + 2% AVS = strong margin). Renzo and etherfi are similar (~4.65%). Kelp is lowest (~4.51% with 8% fee). All similar within ~1% range. The bigger differences are in withdrawal delay (Renzo instant via Curve, Kelp 21 days) and points exposure (Renzo highest at 2% points value, Kelp lowest at 1.5%). Pick based on what matters more to you.
+Will EigenLayer + LRT points actually convert to tokens?
Possibly. EigenLayer's $EIGEN token launched in 2024 with airdrop to point holders. etherfi's $ETHFI launched March 2024 with significant value to point holders. Renzo's $REZ launched April 2024. Kelp has airdropped through KEP and KIP campaigns. Puffer hasn't announced its token but is widely expected to. Historical conversion rates have varied wildly (sometimes points → $5+ each, sometimes < $0.50). The simulator's 'point value' estimates are educated guesses, not guarantees.
+Can I use my LRT as DeFi collateral?
Yes for some markets. ezETH and weETH have been listed on Morpho, Spark, Pendle, and other lending markets — you can borrow against them while still earning LRT yield. This creates leveraged restaking strategies (deposit LRT, borrow ETH, deposit more LRT, etc.). Yields can reach 15-30% APR with leverage but liquidation risk during LRT depegs (which have happened — ezETH depegged to 0.95 in April 2024 due to Renzo's token launch) is real. Don't use leverage unless you fully understand liquidation cascade math.
+What happens to my LRT if EigenLayer has a major bug?
Worst case: your underlying ETH is stuck or partially lost. EigenLayer is the layer below your LRT — if it has a critical bug that loses ETH, every LRT loses too. EigenLayer has been audited extensively and has $20B+ TVL, but the protocol is still relatively new (launched 2023). LRT protocols add their own bug surface on top. This is why the 'extra 2-4% yield' comes with extra risk — you're not just trusting your LRT protocol, you're also trusting EigenLayer + all operator networks.
+Should I diversify across multiple LRTs?
Yes for $50k+ holdings. Split 40/30/20/10 across etherfi/Renzo/Puffer/Kelp gives you diversified smart contract risk + diversified points exposure. The downside: 4 positions to manage + slight UX overhead. For < $20k, just pick one — pick Puffer or etherfi for highest conservative yield + good ecosystem support. Avoid concentrating > 50% of your ETH in any single LRT — the smart contract risk is asymmetric and irreversible.