Finality Capital Partners - Restaking Model_vReport

	A	B	C	D	E	F	G	I	J	K	L	M	N	O	P	Q	R
1	EIGENLAYER - INPUT ASSUMPTIONS \| PROPRIETARY & CONFIDENTIAL \| FINALITY CAPITAL PARTNERS
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3		INPUT DRIVERS	CURRENT YEAR	FUTURE YEAR: 5
4			CURRENT	SCENARIO A: DOWNSIDE	SCENARIO B: BASE	SCENARIO C: UPSIDE	PROBABILITY-WEIGHTED	Notes / Footnotes

5		ETH	N/A	No Change to ETH Price & Typical PoS Staked Ratio	No Change to ETH Price & Typical PoS Staked Ratio	No Change to ETH Price & Typical PoS Staked Ratio	N/A
6		Restaking Uptake	N/A	Medium Interest	Strong Interest	Fundamental Innovation	N/A
7		Network Yield	N/A	Medium Trusted Complement to Ethereum	Trusted Ethereum Infrastructure	Fully Trusted Critical Infrastructure for Ethereum	N/A
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9	x	Probabilistic Composite
10		Probabilistic Weights (%)		25.0%	50.0%	25.0%	N/A
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12	x	ETH								Total Addressable Market: ETH Price x Restaking Uptake
13		ETH Price	$1,700	$1,700	$1,700	$1,700	$1,700	See Sensitivity Analysis on Restaking TAM in columns K-R		Probability-Weighted		Restaking Uptake
14		ETH Price CAGR (%)	N/A	0.0%	0.0%	0.0%	0.0%				$11	5.0%	10.0%	20.0%	33.0%	40.0%	50.0%
15		ETH Quantity (M)	120.5	120.5	120.5	120.5	120.5	Stable ETH Supply	ETH Supply (EtherScan)	ETH Price	$1,000	$1.0B	$2.0B	$4.1B	$6.7B	$8.1B	$10.2B
16		ETH Staked Ratio (%)	14.7%	60.0%	60.0%	60.0%	60.0%	See PoS Staking % tab and StakingRewards.com for source data	Data on Staked ETH		$1,700	$1.7B	$3.5B	$6.9B	$11.4B	$13.8B	$17.3B
17											$3,500	$3.6B	$7.1B	$14.2B	$23.5B	$28.5B	$35.6B
18	x	Restaking Uptake									$5,000	$5.1B	$10.2B	$20.3B	$33.6B	$40.7B	$50.8B
19		Restaked Share of ETH Stake (%)		10.0%	33.0%	50.0%	31.5%	Liquid Staking currently represents 45% uptake. If restaking mirrors liquid staking uptake, that would represent our upside case			$7,500	$7.6B	$15.3B	$30.5B	$50.3B	$61.0B	$76.3B
20		# of Staked ETH Opted-In (M)		7.2	23.9	36.2	22.8	https://dune.com/eliasimos/Eth2-Liquid-Staking	https://pro.nansen.ai/eth2-deposit-contract
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22	x	Network Yield
23		Typical Staking Reward APY		9.0%	9.0%	9.0%		See Staking Reward Comparison tab for source data
24		EigenLayer APY Compression		50.0%	70.0%	90.0%		FCP estimate. Using a restaking service such as EigenLayer will lower the required token emissions that are typically used to bootstrap new networks
25		Individual Network Yield		4.5%	2.7%	0.9%
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27		# of Networks on EigenLayer		5	10	40
28		Aggregate Yield Across All Networks (%)		22.5%	27.0%	36.0%	28.1%
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30	x	Summary Financials
31		Total Addressable Market		$2,765,475,000	$10,951,281,000	$22,123,800,000	$10,889,057,813	Represents potential annual restaking revenue
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34		DOWNLOAD A COPY OF THIS MODEL TO TEST YOUR OWN ASSUMPTIONS ------------------------------------------->			CLICK TO DOWNLOAD
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