- EigenLayer’s whole worth locked (TVL) has surpassed $10 billion.
- This places the restaking protocol above Maker and simply behind Aave by way of TVL.
- The spike comes amid elevated restaking exercise and Ethereum worth rallying to above $3,500.
EigenLayer, the staking protocol on Ethereum, has seen its whole worth locked (TVL) skyrocket to over $10 billion amid the surge in Ethereum (ETH) worth.
With EigenLayer, customers can “restake” tokens they’ve already locked as much as assist safe the Ethereum community. The restaking makes it potential for stakers to earn rewards for serving to safe different ecosystem protocols.
EigenLayer TVL soars to $10 billion
In accordance with information from DeFiLlama, the protocol’s TVL has elevated sharply up to now month.
On February 5, 2024, the EigenLayer TVL stood at $2.15 billion, however as Ethereum worth climbed above $3k over the month, that surged to above $7.6 billion by February 24 and $10.3 billion by March 4, 2024.
ETH worth additionally noticed an honest spike over the month, rising greater than 50% to highs of $3,500.
The platform has additionally seen a large spike in ETH deposits, pushed by elevated exercise round liquid restaking protocols. Per market information, February recorded the very best inflow of deposited tokens, dwarfing December and August 2023.
EigenLayer stats- deposited tokens month-to-month chart
The spike now has EigenLayer third in high DeFi protocols by TVL behind lending platform Aave and liquid staking protocol Lido.
EigenLayer attracts a16z backing
EigenLayer hit the market in June final yr because it launched on the Ethereum mainnet, shortly changing into a high platform for restaking with liquid suppliers reminiscent of Lido and RocketPool.
Eigen Labs, the core growth crew supporting EigenLayer growth, raised $50 million in a Sequence A spherical led by Blockchain Capital in March 2023. The spherical additionally attracted participation from different outstanding traders, together with Coinbase Ventures, Polychain Capital, Electrical Capital and Ethereal Ventures.
In February this yr, Eigen Labs, introduced a $100 million increase from enterprise capital agency Andreessen Horowitz (a16z). In accordance with EigenLayer Labs, a16z crypto was the one investor within the Sequence B financing spherical.
