Restakers

Restakers are LST holders who delegate to Operators, who then allocate to Aleph Vaults. They earn yield from Vault strategies while maintaining their EigenLayer security delegation.

Overview

For Restakers, Aleph enables access to institutional yield opportunities via EigenLayer delegation.

┌─────────────┐     ┌─────────────┐     ┌─────────────┐     ┌─────────────┐
│   Restaker  │────▶│  EigenLayer │────▶│  Operator   │────▶│ Aleph Vault │
│   (LST)     │     │ (Delegate)  │     │ (Allocate)  │     │  (Yield)    │
└─────────────┘     └─────────────┘     └─────────────┘     └─────────────┘

Key Details

Delegation

Restakers deposit LST (stETH, rETH, etc.) into EigenLayer strategies and delegate to an Operator. This delegation grants the Operator the ability to allocate that stake - including into Aleph Vaults.

The delegation itself is non-custodial. Operators don't hold restaker funds; they direct where the stake is allocated. Restakers retain the ability to undelegate through EigenLayer.

Receiving alETH

When an Operator allocates to an Aleph Vault, the AVS submits alETH to EigenLayer's RewardsCoordinator. Restakers claim their alETH through EigenLayer's standard rewards flow, proportional to their delegated stake at the time of allocation.

Yield

alETH value grows as the underlying Vault NAV increases. Restakers don't see rebasing or token quantity changes - they hold the same amount of alETH, but each token becomes redeemable for more LST over time.

Yield comes from the Manager's DeFi strategies, net of any fees charged by the Vault.

Redemption

To exit, restakers use a two-step process:

1. Request Unallocation: Call requestUnallocate() on the AVS with their alETH amount. This burns the alETH tokens and requests redemption from the Vault. The estimated redemption amount is tracked as pending.

2. Complete Unallocation: Once the Vault has processed the redemption request and has redeemable funds available, call completeUnallocate() with a signature to complete the redemption. The LST is deposited back into their EigenLayer strategy position.

The LST returns to EigenLayer still delegated to their Operator. From there, restakers can reallocate, redelegate, or withdraw entirely through EigenLayer's standard unstaking flow.

Choosing an Operator

Not all Operators allocate to Aleph Vaults. Restakers should verify that their chosen Operator:

• Is registered with the Aleph AVS

• Allocates to Vaults with strategies and risk profiles aligned with the restaker's goals

Operator selection is the primary decision point for restakers.