This report offers a pioneering anaysis on the risks of EigenLayer from a node operator perspective. It delves into node operator-specific risks and best practices, provides a systematic risk perspective on AVSs through an initial Markov Chain Monte Carlo (MCMC) model, and highlights potential risks to the Ethereum network at large. Additionally, the report outlines a pioneering framework for deriving an optimal risk-adjusted combination of AVSs, extending modern portfolio theory to inform decision-making in this context.