Eigenpie (Magpie)
score
Fees: management/performance fee on rewards
A niche option for users who want isolated, per-LST restaking positions rather than a blended basket. The main caveat is limited liquidity and a small footprint, so size positions accordingly. Not financial advice.
What Eigenpie is
Eigenpie, launched in 2024, is a liquid restaking protocol and part of the established Magpie DeFi ecosystem. Its distinguishing idea is isolation: instead of blending deposits into one basket token, Eigenpie issues a separate restaking token for each supported liquid staking asset, such as mstETH for stETH. That lets you take a restaking position on one specific LST rather than accepting mixed exposure across several.
How it scores
Eigenpie is the lowest overall scorer in this group, and the pattern is telling. Its best marks are yield at 6.8 and security at 6.5, so the mechanics and audits are respectable for a young protocol. The weak points are liquidity at 5.5 and adoption at 5.5, the thinnest of everyone reviewed here. Risk transparency sits at 6. The scores describe a genuinely niche product: interesting in design, but small and shallow in practice.
Fees and yield
Eigenpie takes a management or performance fee on rewards, charged on what your position earns rather than on principal. The 6.8 yield score is actually among the better in this cluster, but as always part of that can rest on incentives rather than base staking. Because rewards are structured around isolated per-asset tokens, it is worth confirming how yield accrues for the specific token you hold.
The main caveat
The defining limitation is liquidity. Fragmenting deposits into separate per-LST tokens spreads depth thin, so each individual market is shallower than a single pooled LRT would be, and exits at size can be difficult. That is the direct consequence of the isolation design, and it comes on top of the same untested restaking slashing risk as the rest of the category, plus a shorter track record given the 2024 launch.
Who it's for
Eigenpie is for users who specifically want granular, isolated exposure to a single LST rather than a blended basket, and who value that control enough to accept thin liquidity and a small footprint. It suits smaller, deliberate positions sized to the available depth, ideally by people already familiar with the Magpie ecosystem. Anyone who needs easy exits or broad adoption should look elsewhere. This is not financial advice.
Overall 6.2 / 10 — the weighted average of the criteria above. How we score →
- + Isolated per-LST tokens (e.g. mstETH) let users pick individual asset exposure
- + Part of the established Magpie DeFi ecosystem
- + Offers granular restaking choices not found in blended LRTs
- − Thinnest liquidity of this group, so exits can be difficult at size
- − Fragmented per-asset tokens dilute pool depth
- − Smaller adoption and shorter track record
Is Eigenpie safe?
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Eigenpie scores 6.5 on security, reasonable for a protocol launched in 2024 and backed by the established Magpie ecosystem. But it has the thinnest liquidity and smallest adoption in our group, a short track record, and the usual untested restaking slashing risk, so treat it as a niche, higher-caution option.
What makes Eigenpie different from other LRTs?
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Eigenpie issues isolated, per-LST restaking tokens, such as mstETH for stETH, instead of blending everything into one basket token. This lets you pick exposure to a single asset, but fragmenting into separate tokens also dilutes liquidity across each market.
What are Eigenpie's fees?
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Eigenpie charges a management or performance fee on rewards, applied to what you earn rather than your deposit. Because yield can partly depend on incentives and rewards accrue per isolated token, check the mechanics for the specific token you hold.
Can I exit Eigenpie positions easily?
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Exits can be difficult at size. Eigenpie has the thinnest liquidity of the protocols we reviewed, scoring 5.5, because its per-asset tokens each have shallow depth. Keep positions small relative to available liquidity. This is not financial advice.
Is Eigenpie a good liquid-restaking option?
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With an overall 6.2 it is the lowest scorer in our group and best seen as a niche choice for users who specifically want isolated per-LST exposure. Its liquidity and adoption are its main weaknesses, so size accordingly.