EigenLayer and resttaking: taxation in Spain

EigenLayer is the main Ethereum "restaking" protocol. It allows ETH stakers (and holders of liquid staking tokens like stETH) to "re-use" their stake to secure other protocols called AVS (Actively Validated Services). This opens up new sources of income with its own tax regime.

What is restaking?

In normal Ethereum staking:

• You stake ETH → validate Ethereum transactions → earn ETH rewards.

With EigenLayer:

• You restore that same ETH (or stETH/rETH) in EigenLayer → you also validate other services (AVS like EigenDA, AltLayer, Omni Network...) → you earn additional rewards.

The same capital "works" on several protocols simultaneously.

Bucket in EigenLayer - is it a stream?

When depositing to EigenLayer:

• You deposit native ETH or LST (stETH, rETH) into the EigenLayer contract.
• You do not receive a token in direct exchange (unlike Lido).
• Tax criterion: There is no transfer in principle; ETH/LST is still yours. It's more similar to "locking collateral."

However, the AEAT does not have explicit criteria. Prudence indicates registering the operation.

AVS rewards: movable capital or economic activity

AVS pay restorers (or operators) in their own tokens:

• For restorers-delegators: AVS rewards are returns on movable capital (you transfer capital to an operator, the operator executes the service and you receive part of the rewards).
• For EigenLayer operators (who run the AVS software): Rewards can be performance of economic activity (they provide an active technical service).
• Valuation: Price of the AVS token at the time of receiving the reward.

The EIGEN airdrop (May 2024)

EigenLayer distributed its EIGEN token in May 2024 to restorers. The claim was initially limited, with several phases.

EIGEN airdrop taxation:

• Capital gain on general basis of personal income tax.
• Value: price of EIGEN at the time you were able to claim the token (first price available after transfer restrictions → when the lock is lifted).
• The initial transfer restriction: Some advisors argue that if you couldn't sell, there was no real market value → be taxed at the time the restriction is lifted.

Liquid Resttaking Tokens (LRTs): eETH, rsETH, ezETH

Liquid restaking protocols (EtherFi, Kelp DAO, Renzo) issue tokens representing ETH restored to EigenLayer:

• You deposit ETH → you receive eETH, rsETH, ezETH...
• LRT accumulates Ethereum staking rewards + AVS rewards.

Taxation:

• The ETH deposit → LRT: possible transmission (same discussion as stETH).
• Accumulated rewards: movable capital (when they materialize).
• The LRTs themselves have their airdrops: EtherFi distributed ETHFI, Renzo distributed REZ. Each airdrop → capital gain on a general basis.

Slashing in EigenLayer: the loss due to bad behavior

If an operator acts maliciously (or is penalized by a bug in the AVS code), they can lose part of the restored ETH (slashing):

• The ETH lost due to slashing → asset loss at the time of the cut.
• Documentation: slashing transaction hash, amount in ETH and price at that time.

##Maximizing restaking strategy and accounting

Some users combine:

1. ETH → stETH (Lido) → embedded rewards.
2. stETH → EigenLayer → AVS rewards.
3. Staked in multiple AVS → multiple streams of rewards in different tokens.

The accounting complexity is high. For each AVS with rewards:

• Date of receipt.
• Token received and amount.
• Token price at that time.
• Total in EUR to declare as movable capital.

Concentration risk: Ethereum and EigenLayer

If EigenLayer has systemic problems (AVS hacks, massive slashing), there may be significant losses. Fiscally:

• Direct slashing → property loss.
• Collapse of an AVS without direct slashing in your position → without materialized tax loss until transmission.

Updated: April 2026 | Fiscal year: 2025