@e956321f

How did restaking APY behave during past Ethereum hard forks? Given restaking's recent emergence, there is limited live data from major Ethereum hard forks. However, we can infer its behavior from first principles. During a fork like Dencun, the pre-fork period likely saw a temporary APY dip due to operational caution, as operators paused new AVS commitments to avoid unforeseen slashing risks during the upgrade. Post-fork, if the upgrade successfully enhanced scalability (as Dencun did with proto-danksharding), the effect would be bullish for restaking APY. Lower transaction costs can spur more on-chain activity and DeFi innovation, increasing demand for the data availability, sequencing, and other services provided by AVSs. This would lead to a medium-term APY increase, demonstrating its sensitivity to foundational Ethereum improvements.

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