{"id":"https://openalex.org/W7117157352","doi":"https://doi.org/10.1109/brains67003.2025.11302902","title":"Systemic Risk in Ethereum\u2019s Restaking Architecture: An Empirical Study of Liquid Restaking Protocols","display_name":"Systemic Risk in Ethereum\u2019s Restaking Architecture: An Empirical Study of Liquid Restaking Protocols","publication_year":2025,"publication_date":"2025-11-18","ids":{"openalex":"https://openalex.org/W7117157352","doi":"https://doi.org/10.1109/brains67003.2025.11302902"},"language":null,"primary_location":{"id":"doi:10.1109/brains67003.2025.11302902","is_oa":false,"landing_page_url":"https://doi.org/10.1109/brains67003.2025.11302902","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2025 7th Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS)","raw_type":"proceedings-article"},"type":"conference-paper","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5121166194","display_name":"Gianmarco Terenzi","orcid":null},"institutions":[{"id":"https://openalex.org/I9360294","display_name":"University of Bologna","ror":"https://ror.org/01111rn36","country_code":"IT","type":"education","lineage":["https://openalex.org/I9360294"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Gianmarco Terenzi","raw_affiliation_strings":["University of Bologna,Bologna,Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bologna,Bologna,Italy","institution_ids":["https://openalex.org/I9360294"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5121222355","display_name":"Stefano Ferretti","orcid":null},"institutions":[{"id":"https://openalex.org/I9360294","display_name":"University of Bologna","ror":"https://ror.org/01111rn36","country_code":"IT","type":"education","lineage":["https://openalex.org/I9360294"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Stefano Ferretti","raw_affiliation_strings":["University of Bologna,Bologna,Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bologna,Bologna,Italy","institution_ids":["https://openalex.org/I9360294"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I9360294"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.58814801,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"1","last_page":"8"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9168999791145325,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9168999791145325,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10237","display_name":"Cryptography and Data Security","score":0.010099999606609344,"subfield":{"id":"https://openalex.org/subfields/1702","display_name":"Artificial Intelligence"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11437","display_name":"Digital Platforms and Economics","score":0.007600000128149986,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/validator","display_name":"Validator","score":0.6747999787330627},{"id":"https://openalex.org/keywords/delegation","display_name":"Delegation","score":0.6409000158309937},{"id":"https://openalex.org/keywords/reuse","display_name":"Reuse","score":0.6301000118255615},{"id":"https://openalex.org/keywords/protocol","display_name":"Protocol (science)","score":0.6003000140190125},{"id":"https://openalex.org/keywords/empirical-research","display_name":"Empirical research","score":0.5633999705314636},{"id":"https://openalex.org/keywords/systemic-risk","display_name":"Systemic risk","score":0.5498999953269958}],"concepts":[{"id":"https://openalex.org/C35292069","wikidata":"https://www.wikidata.org/wiki/Q1575458","display_name":"Validator","level":2,"score":0.6747999787330627},{"id":"https://openalex.org/C86532276","wikidata":"https://www.wikidata.org/wiki/Q1184065","display_name":"Delegation","level":2,"score":0.6409000158309937},{"id":"https://openalex.org/C112930515","wikidata":"https://www.wikidata.org/wiki/Q4389547","display_name":"Risk analysis (engineering)","level":1,"score":0.6376000046730042},{"id":"https://openalex.org/C206588197","wikidata":"https://www.wikidata.org/wiki/Q846574","display_name":"Reuse","level":2,"score":0.6301000118255615},{"id":"https://openalex.org/C2780385302","wikidata":"https://www.wikidata.org/wiki/Q367158","display_name":"Protocol (science)","level":3,"score":0.6003000140190125},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.5633999705314636},{"id":"https://openalex.org/C144587487","wikidata":"https://www.wikidata.org/wiki/Q1369234","display_name":"Systemic risk","level":3,"score":0.5498999953269958},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5461000204086304},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.4187999963760376},{"id":"https://openalex.org/C32896092","wikidata":"https://www.wikidata.org/wiki/Q189447","display_name":"Risk management","level":2,"score":0.38100001215934753},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.36890000104904175},{"id":"https://openalex.org/C12174686","wikidata":"https://www.wikidata.org/wiki/Q1058438","display_name":"Risk assessment","level":2,"score":0.3156000077724457},{"id":"https://openalex.org/C50440223","wikidata":"https://www.wikidata.org/wiki/Q1475848","display_name":"Risk factor","level":2,"score":0.2906000018119812},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.2752000093460083}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1109/brains67003.2025.11302902","is_oa":false,"landing_page_url":"https://doi.org/10.1109/brains67003.2025.11302902","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2025 7th Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS)","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":5,"referenced_works":["https://openalex.org/W2754620430","https://openalex.org/W2954103930","https://openalex.org/W4303647478","https://openalex.org/W4385271144","https://openalex.org/W4408520112"],"related_works":[],"abstract_inverted_index":{"Restaking":[0,22],"has":[1],"emerged":[2],"as":[3],"a":[4],"novel":[5],"cryptoeconomic":[6],"primitive":[7],"within":[8],"the":[9,65,94,102,117],"Ethereum":[10],"ecosystem,":[11],"enabling":[12],"staked":[13],"ETH":[14],"to":[15],"be":[16],"reused":[17],"across":[18],"multiple":[19],"protocols.":[20],"Liquid":[21],"Tokens":[23],"(LRTs)":[24],"further":[25],"abstract":[26],"this":[27],"process,":[28],"democratizing":[29],"access":[30],"and":[31,49,59,111],"simplifying":[32],"participation.":[33],"However,":[34],"these":[35],"abstractions":[36],"introduce":[37],"new":[38],"systemic":[39,66],"risks.":[40],"The":[41],"reuse":[42],"of":[43,96],"collateral,":[44],"combined":[45],"with":[46],"centralized":[47,90],"delegation":[48],"complex":[50],"smart":[51],"contract":[52],"architectures,":[53],"creates":[54],"conditions":[55],"for":[56,104],"risk":[57,113],"amplification":[58],"correlated":[60],"failures.":[61],"This":[62],"paper":[63],"investigates":[64],"risks":[67],"inherent":[68],"in":[69,116],"LRT":[70],"protocols":[71],"through":[72],"an":[73],"on-chain":[74],"data":[75],"analysis.":[76],"Our":[77],"findings":[78],"reveal":[79],"that":[80],"many":[81],"Actively":[82],"Validated":[83],"Services":[84],"(AVSs)":[85],"are":[86],"secured":[87],"by":[88],"highly":[89],"validator":[91],"sets,":[92],"undermining":[93],"promise":[95],"pooled":[97],"security.":[98],"These":[99],"insights":[100],"highlight":[101],"need":[103],"more":[105],"robust":[106],"protocol":[107],"design,":[108],"transparent":[109],"governance,":[110],"proactive":[112],"mitigation":[114],"strategies":[115],"evolving":[118],"restaking":[119],"ecosystem.":[120]},"counts_by_year":[],"updated_date":"2026-07-29T14:22:42.915294","created_date":"2025-12-24T00:00:00"}