André Caldeira

EigenLayer: Activating Additional Rewards for Restaked LSTs

<h2 id="the-problem-with-restaking-today">The Problem with Restaking Today</h2>EigenLayer has reshaped how institutional capital approaches Ethereum security. Over $10 billion in assets have been restaked to secure the protocol, and P2P.org has established itself as a leading Operator with hundreds of millions in delegated stake.However, for many restakers the economic model has remained incomplete.The typical restaking workflow looks like this: users delegate their stETH or rETH to an EigenLayer Operator, accumulate $EIGEN programmatic incentives, and maintain exposure to the restaking ecosystem. The underlying Liquid Staking Tokens (LSTs) delegated to Operators often remain inactive from a reward perspective, effectively functioning as collateral for restaking participation.For institutions managing large ETH positions, capital efficiency matters. When assets serve a single purpose inside the restaking system, allocators naturally look for ways to activate additional utility while maintaining protocol exposure.<h2 id="introducing-aleph-finance">Introducing Aleph Finance</h2>Aleph Finance is an EigenLayer AVS (Actively Validated Service) designed to address this limitation.Through the integration, idle LST liquidity within EigenLayer Operators can be connected to on-chain reward strategies while remaining within the broader EigenLayer ecosystem.This enables restakers delegating through P2P.org to participate in additional protocol-level reward mechanisms alongside their existing restaking participation.The reward streams include:Protocol rewards on LST liquidity: Additional rewards generated through Aleph Finance integrations with on-chain strategies.Restaking incentives: Continued accumulation of $EIGEN programmatic incentives through EigenLayer participation.Optional $EIGEN restaking: Participants may restake accumulated $EIGEN incentives through Aleph’s mechanisms to enable further protocol-level rewards.Importantly, restakers maintain their EigenLayer exposure while participating in these additional reward mechanisms.<h2 id="why-this-matters-now">Why This Matters Now</h2>EigenLayer’s Programmatic Incentives v2 recently increased the allocation of $EIGEN incentives to restakers from 1 percent to 4 percent.This structural change strengthens the incentives for continued participation in the restaking ecosystem.The Aleph Finance integration introduces an additional protocol-level functionality related to rewards for LST liquidity already participating in EigenLayer, enabling a more capital-efficient restaking configuration without requiring users to exit the ecosystem.<h2 id="how-the-integration-works">How the Integration Works</h2>P2P.org operates as an EigenLayer Operator and has integrated Aleph Finance as an AVS.The integration functions through the following structure:<ol><li>Restakers delegate stETH or rETH to P2P.org as their EigenLayer Operator</li><li>LST liquidity associated with these delegations can be connected to Aleph Finance reward strategies</li><li>Strategy configurations are curated by kpk, a recognized provider of institutional DeFi strategy design</li><li>Protocol incentives and reward distributions may occur on-chain while $EIGEN programmatic incentives continue to accumulate through restaking participation </li></ol>The infrastructure supporting the integration includes monitoring systems, whitelisted operator configurations, and optional third-party coverage mechanisms depending on configuration.The AVS stack has undergone multiple independent security audits, with ongoing audit programs maintained across the system.Note: Participation in the Aleph Finance AVS requires delegation through a dedicated whitelisted <a href="http://p2p.org/?ref=p2p.org" rel="noopener noreferrer">P2P.org</a> EigenLayer Operator. <a href="http://p2p.org/?ref=p2p.org" rel="noopener noreferrer">P2P.org</a>’s primary Operator is not opted into Aleph Finance by default<h2 id="p2porg-as-your-eigenlayer-operator">P2P.org as Your EigenLayer Operator</h2>P2P.org is one of the largest EigenLayer Operators by delegated stake, operating validation infrastructure across more than 40 networks and securing over $10 billion in assets.As one of the community multisig participants securing the EigenLayer protocol, P2P.org has supported the ecosystem since its Stage 1 Mainnet launch.Clients delegating through P2P.org benefit from enterprise-grade infrastructure, including SOC 2 compliant operational standards, geographically distributed validator architecture, and continuous monitoring systems across production environments.Each AVS integration is evaluated prior to activation to assess operational and protocol risks, and P2P.org maintains direct coordination with protocol teams to ensure reliable infrastructure deployment.The Aleph Finance integration has already been presented to institutional Liquid Restaking Token partners, with active coordination between the teams as the ecosystem continues to expand.<h2 id="activating-additional-rewards-on-restaked-lsts">Activating Additional Rewards on Restaked LSTs</h2>For institutions holding stETH or rETH within EigenLayer, the Aleph Finance integration introduces a way to enable additional protocol reward streams while maintaining restaking participation.P2P.org can configure a dedicated EigenLayer Operator environment tailored to Aleph Finance participation, allowing institutional clients to maintain operational separation from other delegations.To learn more about the integration, infrastructure configuration, and participation process, you can schedule a discussion with our team.Schedule a call:<a href="https://calendly.com/jonathan-reisman-p2p/30min-1?back=1&ref=p2p.org">https://calendly.com/jonathan-reisman-p2p/30min-1?back=1</a>Disclaimer: This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to invest in any financial instrument or strategy. Participation in restaking, staking, and AVS-related activities involves risks, including potential loss of assets. Past performance or protocol rewards are not indicative of future results.

André Caldeira

from p2p validator

From Protocol to Product: How Morpho Strategies Reach Users Through P2P.org

As on-chain financial infrastructure matures, one pattern is becoming increasingly clear: strong protocols succeed when paired with effective distribution.High-quality lending infrastructure already exists. Capital-efficient designs, modular architectures, and professional-grade primitives are now well established. What continues to evolve is how these systems are delivered through fintech applications, neobanks, custodial platforms, exchanges, and wallets in a way that fits modern financial products.This is where distribution layers play an important role.The P2P.org Stablecoin Earn Widget is one example of this model in practice. It is live on the P2P.org frontend today, where users can access Steakhouse-curated Morpho vaults directly. The same product layer is also designed to be embedded by partners, enabling broader distribution across platforms.<h2 id="morpho-as-a-foundation-for-onchain-credit">Morpho as a foundation for onchain credit</h2>Morpho is designed as a core DeFi primitive. Its architecture focuses on capital efficiency and modularity, making it well-suited as the infrastructure for lending and credit strategies that need to scale.Rather than operating as a consumer-facing product, Morpho is intentionally built to serve as infrastructure. This allows strategy managers and platforms to compose on top of it, while benefiting from its underlying design.In the context of the Stablecoin Earn Widget, Morpho provides the universal lending network that enables these strategies to function. Its role remains consistent: power credit markets at the protocol level, while higher layers focus on strategy design and distribution.<h2 id="turning-infrastructure-into-a-product-experience">Turning infrastructure into a product experience</h2>The Stablecoin Earn Widget sits above the protocol layer. Its purpose is not to replace or abstract away the value of infrastructure, but to make it accessible through a controlled product interface.Through this structure:<ul><li>End users engage with a simple earn experience</li><li>Platforms integrate a single component</li><li>Protocol complexity remains at the infrastructure layer</li></ul>This separation allows Morpho to remain focused on its core mission, while strategies and distribution are handled by specialized counterparts.Access and DistributionIn addition to being embeddable by partners, the<a href="https://widget.p2p.org/select?ref=p2p.org"> Stablecoin Earn Widget</a> is also accessible directly through the P2P.org frontend.This allows users to access Steakhouse-curated strategies on Morpho directly via P2P.org, while partners can integrate the same product layer into their own platforms.This dual distribution model — direct access via P2P.org and embedded distribution via partners — highlights how protocol infrastructure, strategy curation, and product delivery can scale together.<figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2026/03/data-src-image-fb2f9ce0-167f-4bb9-9111-661c193b2b29.png" class="kg-image" alt="" loading="lazy" width="1042" height="1508" srcset="https://p2p.org/economy/content/images/size/w600/2026/03/data-src-image-fb2f9ce0-167f-4bb9-9111-661c193b2b29.png 600w, https://p2p.org/economy/content/images/size/w1000/2026/03/data-src-image-fb2f9ce0-167f-4bb9-9111-661c193b2b29.png 1000w, https://p2p.org/economy/content/images/2026/03/data-src-image-fb2f9ce0-167f-4bb9-9111-661c193b2b29.png 1042w" sizes="(min-width: 720px) 720px"></figure><figure class="kg-card kg-image-card kg-card-hascaption"><img src="https://p2p.org/economy/content/images/2026/03/data-src-image-58a80d0b-d3de-47da-86db-6520f01f0d8b.png" class="kg-image" alt="" loading="lazy" width="914" height="476" srcset="https://p2p.org/economy/content/images/size/w600/2026/03/data-src-image-58a80d0b-d3de-47da-86db-6520f01f0d8b.png 600w, https://p2p.org/economy/content/images/2026/03/data-src-image-58a80d0b-d3de-47da-86db-6520f01f0d8b.png 914w" sizes="(min-width: 720px) 720px"><figcaption>Note: NRR values shown are illustrative examples for demonstration purposes only.</figcaption></figure> The role of curationBetween infrastructure and distribution sits curation.The strategies available through the widget are curated by Steakhouse, which designs and maintains vaults built on Morpho. Steakhouse applies a structured approach to strategy construction, ensuring that protocol primitives are assembled into coherent, professional-grade products.Each layer in the stack has a clear responsibility:<ul><li>Morpho provides the lending mechanics</li><li>Steakhouse curates and manages strategies</li><li>P2P.org delivers the distribution layer and interface</li></ul>This clarity makes it easier for platforms to offer stablecoin earn functionality without taking on roles outside their core focus.<h2 id="distribution-as-an-enabler">Distribution as an enabler</h2>Capital today increasingly sits inside wallets, fintech applications, custodial platforms, and treasury systems. Distribution layers allow protocols like Morpho to reach these environments without operating user-facing products themselves.By embedding the Stablecoin Earn Widget, platforms can surface Morpho-based strategies within products that users already trust and use. For Morpho, this expands reach through partners. For platforms, it provides a practical way to offer earn functionality backed by established infrastructure.<h2 id="built-on-infrastructure-designed-to-scale">Built on infrastructure designed to scale</h2>The Stablecoin Earn Widget is supported by P2P.org infrastructure securing over $10B across more than 40 networks. This operational foundation supports the reliable delivery of strategies built on Morpho and curated by Steakhouse.Importantly, this model does not alter how Morpho functions. It preserves the protocol’s role as infrastructure, while improving how strategies built on it are accessed and distributed.<h2 id="a-shared-direction">A shared direction</h2>This collaboration reflects a broader evolution in DeFi:<ul><li>Protocols specialize in primitives</li><li>Strategy managers specialize in construction and oversight</li><li>Distribution layers specialize in product delivery</li></ul>The Stablecoin Earn Widget illustrates how these roles can work together in production today, with Morpho providing the underlying credit infrastructure.As on-chain credit continues to grow, this separation of responsibilities creates clearer paths for adoption across platforms and users.<h2 id="integrating-the-stablecoin-earn-widget">Integrating the Stablecoin Earn Widget</h2>For platforms exploring stablecoin earn functionality, the Stablecoin Earn Widget is designed to integrate directly into existing products.It allows teams to offer access to curated strategies without managing protocol integrations or strategy design internally. Platforms interested in exploring integration can reach out to the P2P.org team to discuss fit and timelines.Book a 20-minute discovery call <a href="https://link.p2p.org/3325c6?ref=p2p.org" rel="noreferrer">here</a>. Learn more about the Widget in <a href="https://docs.widget.p2p.org/ ?ref=p2p.org" rel="noreferrer">our docs.</a>

André Caldeira

from p2p validator

How Institutional Crypto Portfolios Are Evolving: Stablecoins, Native Tokens, and What Comes Next

In 2025, institutional crypto allocation stopped being about exposure—and started being about structure.The difference is subtle but fundamental.Instead of chasing market cycles, large allocators—from crypto-native funds to DAOs and exchanges—began designing portfolios for operational liquidity, onchain rewards, and capital rotation. That shift shows up clearly in the data: stablecoin holdings in large wallets rose meaningfully, native token exposures became more intentional, and Ethereum’s role as a settlement layer only deepened.Today, P2P.org is publishing a new report: <a href="https://link.p2p.org/ike?ref=p2p.org" rel="noreferrer">“Stablecoins vs. Native Tokens: Institutional Allocation Trends”</a>It’s a data-backed look at how the portfolios of institutional actors actually changed this year—built on onchain data, analytics dashboards, and infrastructure trends we observe directly across our network.<h2 id="what-the-report-covers">What the Report Covers</h2>This isn’t a market recap. It’s a breakdown of how institutions allocated real capital—and what that says about the future of staking, stablecoins, and infrastructure decisions going into 2026.Inside the report:<ul><li>Wallet-level allocation trends from exchanges, funds, and DAOs</li><li>Stablecoin usage patterns: reserves, liquidity, and treasury behavior</li><li>Ethereum’s anchoring role across staking, settlement, and reserves</li><li>The rise of programmatic allocation and treasury segmentation</li><li>Case studies and charts </li><li>Allocation frameworks emerging across institutional teams</li><li>A forward-looking view on infrastructure-aligned portfolios</li></ul>The research draws on multi-chain data, but the patterns are clearest on Ethereum—where stablecoin reserves and native token deployments sit side-by-side in validator-linked portfolios.<figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2026/02/1600--900-X.jpg" class="kg-image" alt="" loading="lazy" width="1600" height="900" srcset="https://p2p.org/economy/content/images/size/w600/2026/02/1600--900-X.jpg 600w, https://p2p.org/economy/content/images/size/w1000/2026/02/1600--900-X.jpg 1000w, https://p2p.org/economy/content/images/2026/02/1600--900-X.jpg 1600w" sizes="(min-width: 720px) 720px"></figure><h2 id="why-this-matters">Why This Matters</h2>Stablecoins are no longer just “dry powder.” They’re tools for capital efficiency, onchain access, and risk-tiering in institutional portfolios.ETH is no longer just an asset. It’s programmable liquidity, stakable yield, and the infrastructure of reserves.And P2P.org’s view—as a validator and infrastructure partner across Ethereum and other proof-of-stake networks—is that allocation behaviors are now driven by operational design, not just exposure targets.<h2 id="download-the-full-report">Download the Full Report</h2>This report is designed for crypto funds, asset managers, DAO treasurers, and institutional teams building real onchain portfolios.<a href="https://link.p2p.org/ike?ref=p2p.org" rel="noreferrer">[Download the Report] Stablecoins vs. Native Tokens: Institutional Allocation </a> Whether you're managing staking allocations, designing treasury structure, or evaluating validator partners, this research offers a data-grounded foundation for 2026 strategy.

André Caldeira

from p2p validator

Why Operators Matter in EigenLayer and What Comes Next

<h2 id="at-a-glance">At a glance:</h2><ul><li>EigenLayer: A coordination layer enabling staked ETH to secure AVSs</li><li>Why operators matter: Infrastructure quality directly impacts risk and net rewards</li><li>P2P.org (EigenLayer operator): Institutional infrastructure with a 5% operator commission</li><li>Update: Current commission structure extended through end of Q1</li></ul><a href="https://app.eigenlayer.xyz/operator/0xd2bca64ad01f77de84be4a8acbd2e8beceed9ab3?ref=p2p.org">Stake with P2P.org on EigenLayer.</a>EigenLayer is often discussed in terms of innovation. New services. New primitives. New narratives.But underneath all of that, EigenLayer is fundamentally about coordination.Coordination between capital and infrastructure. Between stakers and services. Between emerging AVSs and the operators that make them real.As the ecosystem matures, one thing is becoming increasingly clear: the success of EigenLayer depends less on abstract ideas and more on the reliability, economics, and behavior of the operators securing it.<h2 id="eigenlayer-as-a-coordination-layer">EigenLayer as a Coordination Layer</h2>At its core, EigenLayer allows staked capital to be reused to secure new services, known as Actively Validated Services (AVSs).This model introduces powerful new possibilities, but it also introduces new responsibilities.AVSs don’t just need capital.They need uptime.They need slashing-aware infrastructure.They need operators that can run production systems, not experimental nodes.This is where the operator layer becomes critical.EigenLayer is a coordination layer for new services that must operate under real economic and technical constraints.<h2 id="why-operator-choice-actually-matters">Why Operator Choice Actually Matters</h2>As more capital flows into EigenLayer, the difference between operators becomes more pronounced.Key variables start to matter:<ul><li>commission structure</li><li>infrastructure quality</li><li>operational maturity</li><li>long-term alignment with the ecosystem</li></ul>For stakers, operator selection plays a direct role in both risk management and net returns.For AVSs, operator quality shapes how confidently a service can scale.As the ecosystem matures, operator choice becomes a meaningful variable rather than a background detail.<h2 id="p2porg%E2%80%99s-role-in-the-eigenlayer-ecosystem">P2P.org’s Role in the EigenLayer Ecosystem</h2>P2P.org participates in EigenLayer as an operator focused on long-term infrastructure, not short-term incentives.The approach is simple:<ul><li>run robust, production-grade infrastructure</li><li>keep commissions transparent and competitive</li><li>support the AVS ecosystem as it grows</li></ul>Today, P2P.org operates with a 5 percent operator commission, positioning it among the lowest on the market for staking $EIGEN.This structure is designed to maximize net rewards for stakers while maintaining the operational standards required to support EigenLayer’s expanding service layer.<h2 id="extending-the-promotion-through-q1">Extending the Promotion Through Q1</h2>Originally, the current commission structure was communicated as running through the end of 2025.Given continued demand and ecosystem growth, this structure will now be extended through the end of Q1.The rationale is straightforward:<ul><li>EigenLayer is still early in its AVS adoption curve</li><li>operators and stakers are still establishing long-term relationships</li><li>maintaining predictable economics helps the ecosystem stabilize</li></ul>This extension gives stakers additional time to participate under the same conditions, while EigenLayer continues to evolve its service layer.<h2 id="the-road-ahead-for-eigenlayer">The Road Ahead for EigenLayer</h2>EigenLayer represents a meaningful shift in how crypto networks coordinate security and services.As that shift continues, operators move from the background to the foreground.For stakers, operator choice is no longer just about headline APY.For the ecosystem, operator quality determines what is possible.Extending the current commission structure through Q1 is a small step, but it reflects a longer-term view: building EigenLayer on stable, well-run infrastructure rather than temporary incentives.Stake with P2P.org on EigenLayer: <a href="https://app.eigenlayer.xyz/operator/0xd2bca64ad01f77de84be4a8acbd2e8beceed9ab3?ref=p2p.org">https://app.eigenlayer.xyz/operator/0xd2bca64ad01f77de84be4a8acbd2e8beceed9ab3</a>

André Caldeira

from p2p validator

Zama Auction Is Live, Ahead of Staking Enablement

Zama has opened its auction phase, marking the first step in the network’s staking rollout.The auction allows participants to acquire ZAMA tokens ahead of delegation. Staking will follow approximately two weeks later, at which point delegators will be able to actively stake with validators on the network.P2P.org is participating as one of 18 genesis operators selected to support the network at launch and will operate a validator once delegation is enabled.<h2 id="what-is-zama">What Is Zama</h2>Zama is building infrastructure to enable privacy-preserving computation, allowing applications to process sensitive data while keeping it confidential.FHE enables computation to be performed directly on encrypted data, without requiring decryption at any point. For blockchain systems, this unlocks new categories of applications where sensitive data can be processed onchain while remaining confidential.This cryptographic design introduces different requirements at the infrastructure layer, particularly around compute, performance, and validator responsibilities. Zama’s network is built to support these constraints from the ground up.<h2 id="how-the-auction-works">How the Auction Works</h2>The auction phase is the entry point to Zama’s staking lifecycle.Participants acquire ZAMA during the auction and position themselves ahead of delegation. While tokens are not staked yet, the auction establishes early network participation and prepares participants for staking once delegation is enabled.Delegation to validators is expected to open approximately two weeks after the auction, at which point staking becomes active.<h2 id="participate-using-the-p2porg-referral-code">Participate Using the P2P.org Referral Code</h2>During the auction phase, participants can enter a P2P.org referral code: JYT407 to receive a +5% bonus in tokens.This referral incentive applies only during the auction and is designed to reward early participants who plan to stake once delegation becomes available.<h2 id="why-p2porg">Why P2P.org</h2>P2P.org’s involvement in Zama goes beyond operating a standard validator.On Zama, P2P.org operates as an FHE co-processor, supporting the cryptographic compute workloads that are core to the network’s architecture. This infrastructure alignment enables higher APR compared to standard validators, driven by optimized execution and deeper protocol integration.Once delegation is enabled, participants will be able to stake directly with the P2P.org validator.<h2 id="what-happens-after-the-auction">What Happens After the Auction</h2>After the auction concludes:<ul><li>Staking will be enabled approximately two weeks later</li><li>Delegation to validators will open</li><li>P2P.org’s validator will be available for staking</li></ul>Participants who join the auction early will already be positioned to stake as soon as delegation is live.<h2 id="how-to-participate">How to Participate</h2><ul><li>Visit the official Zama staking portal</li><li>Enter the P2P.org referral code JYT407 during the auction</li><li>Prepare to delegate to the P2P.org validator once delegation is enabled</li></ul>Staking portal:<a href="https://staking.zama.org/?ref=p2p.org"> https://staking.zama.org/</a><h2 id="closing-note">Closing Note</h2>The auction phase marks the start of Zama’s staking lifecycle, setting the foundation for validator participation and long-term network security.P2P.org’s focus is to support this transition by operating infrastructure aligned with Zama’s cryptographic design and remaining active through both the auction and delegation phases.Further updates will follow as staking and delegation are enabled.

André Caldeira

from p2p validator

Subscribe to P2P-economy