Crypto Gloss

Eigenpie

Eigenpie is an EigenLayer restaking protocol by Magpie that takes an isolated vault approach — each LST has its own dedicated restaking vault and issues its own LRT (mstETH for wstETH, mrETH for rETH, etc.) — giving users control over which specific LST’s restaking yield and slashing risk they’re exposed to, rather than pooling all LSTs together.

Overview

Eigenpie launched in 2023 as a subsidiary product of Magpie XYZ (the team known for building yield aggregators on top of Pendle, Wombat, and other DeFi protocols). Unlike KelpDAO (which pools multiple LSTs into one rsETH token) or Renzo/etherfi (which primarily accept ETH), Eigenpie takes an isolated approach: each LST type gets its own restaking vault and corresponding LRT. This preserves each LST’s individual characteristics (Lido’s security vs Rocket Pool’s decentralization vs Stader’s validator model) while adding EigenLayer restaking yield.

Isolated LST Vaults

The following sections cover this in detail.

How It Works

For each supported LST, Eigenpie deploys a separate vault:

  • wstETH vault → issues mstETH (wrapped staked ETH)
  • rETH vault → issues mrETH (Rocket Pool restaked ETH)
  • cbETH vault → issues mcbETH (Coinbase restaked ETH)
  • ETHx vault → issues mETHx (Stader restaked ETH)
  • sfrxETH vault → issues msfrxETH (Frax restaked ETH)
  • Additional LSTs added by governance vote

Why Isolated?

Different LSTs have different:

  • Slashing risk profiles — Lido’s large operator set vs Rocket Pool’s permissionless smaller operators
  • Yield profiles — different base staking APR
  • DeFi integrations — a user holding rETH may not want exposure to stETH slashing events

Isolated vaults mean that a slashing event in the wstETH EigenLayer operators doesn’t affect mrETH holders — risk is contained per vault.

EigenPoint System and Airdrop Farming

Eigenpie was prominent in the “EigenLayer points” farming period of 2023–2024:

  • EigenLayer distributed points to restakers (no token yet)
  • Eigenpie allowed users to earn both EigenLayer points and Eigenpie points simultaneously by depositing LSTs
  • Pre-EIGEN token launch, this created a popular points-farming strategy for users expecting future airdrops
  • Eigenpie claimed multiplied EigenLayer points in some campaigns through protocol-level delegation

EGP Token

EGP is Eigenpie’s governance token:

  • Governance — vault parameters, new LST additions, EigenLayer operator choices per vault, fee rates
  • Part of the Magpie ecosystem alongside MPG (Magpie), PNP (Penpie), WOM (Wombat)
  • Airdrop to early Eigenpie depositors as part of launch bootstrapping

Magpie Ecosystem

Eigenpie is part of Magpie’s yield aggregator empire:

  • Magpie — builds protocol-specific yield optimizers on top of other protocols
  • Penpie — Pendle Finance vote aggregator (similar to Convex/Aura for Pendle)
  • Wombex — Wombat Exchange aggregator
  • Eigenpie — EigenLayer restaking optimizer

Each product follows the same model: lock governance tokens of the base protocol, aggregate voting power, optimize yield for LPs.

Sources

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