- a16z has invested $100 million in Ethereum restaking protocol EigenLayer.
- The startup based by former College of Washington affiliate professor Sreeram Kannan raised $50 million in March.
- EigenLayer has a TVL of $7.84 billion, up from $2.15 billion on February 5, 2024.
Enterprise agency Andreessen Horowitz (a16z) has invested $100 million in EigenLayer, a startup based by former College of Washington affiliate professor Sreeram Kannan.
Based on a Bloomberg report on Thursday, a16z was the one investor within the funding spherical.
a16z backs EigenLayer with $100 million
EigenLayer is the most important restaking protocol on Ethereum. It permits validators and stakers to earn by restaking liquid staking derivatives such because the Lido staked Ether (stETH) and RocketPool staked ETH (rETH).
The $100 million funding provides to the $50 million that the EigenLayer group raised in March final 12 months.
Accelerating Ethereum Collectively: @eigenlayer ♾ @a16zcrypto
We’re excited to announce that Eigen Labs, the core growth group contributing to EigenLayer and @eigen_da, has raised $100 million from a16z crypto.https://t.co/M2JQ8HZZ0h
— EigenLayer (@eigenlayer) February 22, 2024
The partnership with a16z crypto expands the Eigen Labs and a16z’ dedication to analysis, the platforms famous. This can embody within the space of open supply, public items and long-term assist throughout the business.
“a16z is extraordinarily long-term. They first revealed views on Bitcoin and Coinbase as early as 2013. Within the decade since they’ve continued to assist the business in essential methods, together with advocating for a constructive technological future with policymakers and regulators,” the Eigen Labs group famous in a weblog submit.
EigenLayer launched in 2021 and has seen super progress over the previous few months. In the mean time, the protocol ranks because the third-largest by complete worth locked (TVL) on Ethereum.
Information from DeFiLlama reveals EigenLayer’s TVL at the moment stands at $7.84 billion, having sharply risen from $2.15 billion on February 5, 2024.
