Leaderboard/Pell Network

Pell Network

C+RiskCValue|$200MTVL|RestakingWebsite →

Pell is an ambitious extension of the restaking model to Bitcoin that could capture significant market if the BTC DeFi ecosystem matures. The risks are substantial: slashing risk is real principal loss, AVS demand is unproven, and multi-chain complexity is genuinely high. For sophisticated investors who understand EigenLayer restaking risks and believe BTC-native assets will become significant collateral in DeFi. Not appropriate as a core holding for BTC investors who cannot accept principal loss.

Top Risks

1

BTC restaking is doubly experimental: combines Bitcoin's limited scripting with Ethereum's restaking cryptoeconomic model — neither component is fully battle-tested for this use case

2

Multi-chain restaking across Merlin Chain, BNB Chain, and others multiplies smart contract attack surfaces while creating complex cross-chain slashing dependencies

3

Slashing risk is real: PELL validators providing security services can be slashed for misbehavior, resulting in BTC principal loss for restakers

4

AVS (Actively Validated Services) ecosystem on Pell is nascent — without meaningful services needing security, restaking yields are artificially high and unsustainable

5

PELL token has significant unlocking schedule that may create sell pressure against a protocol with limited proven revenue

Risk Breakdown

Frequently Asked Questions

Is Pell Network safe to use?
Pell Network receives a C+ risk grade (40/100) from Hindenrank, where lower scores indicate lower risk. Pell is an ambitious extension of the restaking model to Bitcoin that could capture significant market if the BTC DeFi ecosystem matures. The risks are substantial: slashing risk is real principal loss, AVS demand is unproven, and multi-chain complexity is genuinely high. For sophisticated investors who understand EigenLayer restaking risks and believe BTC-native assets will become significant collateral in DeFi. Not appropriate as a core holding for BTC investors who cannot accept principal loss. Pell Network extends EigenLayer's Ethereum restaking model to Bitcoin, allowing holders of BTC-native assets like WBTC, BTCB, and stBTC to restake and earn yield by providing cryptoeconomic security to external services (AVSs). Users deposit BTC-native assets, receive pSTK liquid receipt tokens, and earn yield from AVS fees. The protocol operates across multiple chains including BNB Chain and Merlin. About $200M in TVL and backed by several crypto-native VCs.
What are the main risks of using Pell Network?
The key risks identified for Pell Network are: (1) Slashing is real principal loss — a buggy or malicious AVS can permanently destroy a portion of your restaked BTC (2) Restaking yield depends on AVS demand, which is nascent; current yields rely partially on PELL token emissions (3) Cross-chain complexity multiplies failure points compared to single-chain restaking (4) BTC restaking is entirely experimental — there are no prior examples of this cryptoeconomic model in production at scale
What is Pell Network's risk score breakdown?
Pell Network scores 40/100 across eight risk dimensions: Mechanism Novelty: 8/15, Interaction Severity: 10/20, Oracle Surface: 4/10, Documentation Gaps: 4/10, Track Record: 5/15, Scale Exposure: 5/10, Regulatory Risk: 2/10, Vitality Risk: 2/10. The highest risk area is Mechanism Novelty at 8/15.
How does Pell Network compare to other Restaking protocols?
Among 23 rated Restaking protocols on Hindenrank, Pell Network ranks #13 by safety (lowest risk score = safest). Its 40/100 risk score and C+ grade place it in the middle tier of Restaking protocols.
Has Pell Network ever been hacked or exploited?
Pell Network scores 5/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.
Last scanned 2026-03-12