EigenLayer, a protocol for restaking and cross-chain security on Ethereum (ETH), has witnessed a remarkable surge in user deposits, surpassing the $900 million mark.
EigenLayer, a protocol for restaking and cross-chain security on Ethereum (ETH), has witnessed a remarkable surge in user deposits, surpassing the $900 million mark. This represents a nearly fourfold increase in just a few days.
The protocol's total value locked (TVL) has climbed from $250 million to over $900 million following adjustments to deposit caps for liquid staking assets. EigenLayer raised its re-staking limit from 120,000 ETH to 500,000 ETH, equivalent to approximately $1.1 billion.
EigenLayer enables users to deposit and "re-stake" ether from various liquid staking tokens (LSTs) to secure third-party networks. The protocol's stage 1 launched on the Ethereum mainnet in June. In addition to supporting LSTs from Lido, Rocket Pool, and Coinbase at launch, EigenLayer has expanded its range to include six additional LSTs: Swell's swETH, Stakewise's sETH, Stader's xETH, Origin's oETH, Ankr's ankrETH, and Wrapped Beacon Ether (wBETH).
The increase in deposit caps and the wider range of LSTs have fueled a surge in activity, with many users depositing funds to participate in the network and earn points. EigenLabs, the company behind EigenLayer, closed a $50 million Series A funding round in March, led by Blockchain Capital.
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