EigenLayer is the absolute leader in Ethereum's restaking sector, with a market share of over 85%, a native TVL of $17 billion, and backing from top institutions like a16z and Coinbase Ventures. Relying on ETH/stETH secondary staking, it commercializes Ethereum PoS security, providing underlying security services for L2s, oracles, and other AVS, with a clear profit model and deep ecological barriers.

Token unlock: total supply of 1.67B, currently 691 million in circulation (41.29%); VC/team tokens will be linearly unlocked starting October 2025 over 24 months, releasing 36.82 million tokens each month until September 2027, short-term suppressing price increases with limited downside risk.
Positioning & valuation: bottom safety zone $0.12-$0.18 (build positions in batches of 20%-30% from April to June), neutral fair value $0.50-$0.70, optimistic target $1.00-$1.50.
Breakout nodes: in July-August, leveraging Ethereum Glamsterdam upgrade for the first wave of market activity; in Q4 2026, AVS commercialization launch to initiate the main rally; in Q2 2027, unlocking phase may push the price above $1.5.
Core conclusion: solid long-term value, current valuation is relatively low, suitable for phased deployment, and waiting for ecological catalysts.