# Liquid Restaking Tokens: Backing and Exchange Rates

> Liquid restaking tokens backing check: ETH and LSTs held against tokens issued for weETH, rsETH and ezETH, exchange-rate history and bridged supply on L2s.

Markdown copy of https://voltfincrypto.com/apps/liquid-restaking-backing

**Question:** Are liquid restaking tokens like weETH, rsETH and ezETH fully backed right now?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Staking and restaking](https://voltfincrypto.com/topics/staking)
- Chains: Ethereum, Arbitrum, Base, Linea
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

A liquid restaking protocol takes ETH or liquid staking tokens and stakes or restakes them, then issues a token whose exchange rate says how much ETH each one is worth. This dashboard checks that claim against the contracts: it adds up the assets each protocol holds wherever they sit and compares them with the tokens issued times the rate the protocol reports.

Backing can sit in many places at once: in deposit pools, in validators through EigenPods, in restaking strategies, in vaults on other restaking protocols and in withdrawals on their way back. Tokens also travel to layer 2s through bridges, so the dashboard compares the supply minted on each layer 2 with the tokens locked for it on Ethereum.

Use it to see whether a token's rate is covered, how its backing is deployed and whether a market discount reflects a shortfall or only thin liquidity. Every figure names its block and the calls it came from.

## Blueprint

### Backing

Each token's backing ratio and where its assets sit.

- **Backing ratio** (ratio): Assets held, in ETH, divided by tokens issued times the reported rate, for the selected token at the latest day-end block.
- **Assets held** (ETH): All assets the protocol holds for the token, valued in ETH with each asset's exchange rate.
- **Tokens issued** (tokens): Token supply on Ethereum at the same block, scaled by decimals, with layer 2 copies counted through their lockboxes.
- **Reported rate** (ETH): ETH per token as the protocol's own rate function reports it at the same block.
- **Where the backing sits** (ETH): The backing split into deposit pools, EigenPods, EigenLayer strategies, Symbiotic vaults, withdrawals in flight and other positions.
- **Every tracked token**: Each tracked liquid restaking token with its backing ratio, assets held, reported rate and market rate on the latest day.

### Rates and bridges

Exchange-rate history, market rates and bridged supply on layer 2s.

- **Market rate against reported rate** (%): The gap between the token's market price in ETH and its reported rate, from its deepest DEX pools.
- **Supply on layer 2s** (%): Share of the token's supply that circulates on layer 2s rather than on Ethereum.
- **Bridged supply against locked tokens** (tokens): Supply on each layer 2 against the tokens locked for it on Ethereum, on the same day.
- **Reported rate, market rate and backing** (ETH): The reported rate, the market rate and backing per token by day, so a gap between them shows when it opened.

Filters: Token (weETH, rsETH, ezETH or another tracked liquid restaking token); Period (Last 30 days, last 90 days or last year).

## How it will be measured

- Reported rates come from each protocol's own functions at the last block of each day: getRate() for weETH, rsETHPrice() from Kelp's LRTOracle and calculateTVLs() with ezETH totalSupply() for Renzo.
- Backing is the sum of what each protocol's contracts hold: deposit pool balances, EigenLayer strategy and EigenPod shares, Symbiotic vault balances and queued withdrawals, valued in ETH with each asset's exchange rate.
- The backing ratio divides that backing by tokens issued times the reported rate; a ratio under one means the rate claims more than the contracts hold.
- Bridged supply is each token's totalSupply() on each layer 2, compared with the lockbox or adapter balance on Ethereum at blocks of the same day.
- The market rate is each token's price in ETH from its deepest DEX pools, and every figure carries the block, its hash and the calls behind it.

## Data it needs

- `restaking_daily` (to build): Assets restaked per restaking protocol, strategy and operator per day, and what is delegated to each service.
- `lst_rates_daily` (to build): Exchange rates of liquid staking and restaking tokens (wstETH, rETH, cbETH, weETH and others) at day end, and the realized yield they imply.
- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `bridge_flows_daily` (to build): Deposits into and withdrawals out of canonical and major third-party bridges by chain, token and day, plus escrow balances at day end.
- `dex_swaps_daily` (to build): Swap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
- Source: weETH getRate(), eETH totalSupply() and ether.fi LiquidityPool getTotalPooledEther() at day-end blocks
- Source: Kelp LRTOracle rsETHPrice() and LRTDepositPool asset deposits per asset
- Source: Renzo RestakeManager calculateTVLs() and ezETH totalSupply()
- Source: EigenLayer strategy shares and EigenPod shares held by each protocol's contracts
- Source: Symbiotic vault activeBalanceOf for stakes held by each protocol
- Source: Bridged token totalSupply() on layer 2s and lockbox or adapter balances on Ethereum
- Source: Swap prices of each token in ETH in its deepest DEX pools

## Questions

### What is a liquid restaking token?

A token issued by a protocol that restakes deposited ETH or liquid staking tokens, for example through EigenLayer or Symbiotic, and passes on staking and restaking rewards through a rising exchange rate. Examples include weETH, rsETH and ezETH.

### How can I check that weETH is fully backed?

Compare the ETH that ether.fi's liquidity pool reports holding with the eETH that weETH wraps, then check the validators, pool balances and restaked positions behind that figure. This dashboard does both at each pinned block and shows the backing ratio with every read behind it.

### Why does a liquid restaking token trade below its exchange rate?

A token can trade below the rate its contract reports when holders want to exit faster than withdrawals allow, when liquidity is thin or when the market doubts the backing. The market rate sits beside the backing ratio so the cases can be told apart.

### What happens to backing if an operator is slashed?

Slashing reduces the restaked shares a protocol holds, so its backing falls. Until the protocol updates its rate, the backing ratio drops below one; the slashing events behind such a drop appear with their transactions.

### Are bridged liquid restaking tokens on layer 2s backed too?

A bridged token on a layer 2 is backed by tokens locked in a lockbox or adapter on Ethereum. If more is minted on layer 2s than is locked, the difference is unbacked, which is why the bridged supply chart compares the two each day.

## Glossary

- **Backing ratio**: Assets a liquid restaking protocol holds, in ETH, divided by tokens issued times the exchange rate it reports. One means fully covered.
- **Lockbox**: A contract on Ethereum that holds the original tokens while a bridged copy circulates on another chain.
- **Deposit pool**: The contract that receives users' ETH or liquid staking tokens before the protocol stakes or restakes them.
- **Symbiotic**: A restaking protocol on Ethereum where assets are deposited in vaults that operators and networks draw security from.

## Related apps

- [EigenLayer Restaking: TVL, Operators, AVSs and Slashing](https://voltfincrypto.com/apps/eigenlayer-restaking-dashboard)
- [Liquid Staking Market Share: stETH, weETH, rETH](https://voltfincrypto.com/apps/liquid-staking-market-share)
- [stETH APR Compared With rETH, weETH and Other LSTs](https://voltfincrypto.com/apps/steth-apr-liquid-staking-yields)
- [Bridged Token Backing: Locked vs Minted Supply](https://voltfincrypto.com/apps/bridged-token-backing)
- [Crypto Hack Tracker: Exploits and Losses This Year](https://voltfincrypto.com/apps/crypto-hack-tracker)
- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F