EigenLayer, a staking protocol on Ethereum, has recently surpassed $10 billion in total value locked (TVL). This Restaking Protocol, just behind Aave, is quickly becoming a major player in the DeFi ecosystem. Additionally, there has been a spike in activity within the restaurant industry, and Ethereum’s price has risen to over $3,500.
Restaking tokens with EigenLayer not only helps to secure the Ethereum network, but also allows stakeholders to earn rewards by securing other ecosystem protocols. This has led to a significant increase in TVL, with DeFiLlama reporting a sharp rise in February. On February 5th, the TVL was $2.15 billion, but by February 24th it had surged to $7.6 billion and then to $10.3 billion by March 4th.
In addition to the growth in TVL, ETH’s price has also seen a significant increase in the past month, reaching a high of $3500. This growth has been fueled by a massive increase in ETH deposits, with February seeing the highest number of deposits since December 2023.
EigenLayer is now the third largest DeFi protocol in terms of TVL, behind Aave and Lido’s liquid staking protocol. It has also received backing from top investors, including a $50 million Series A round led by Blockchain Capital in March 2023 and a $100 million increase from Andreessen Horowitz (a16z) in February 2024.
EigenLayer was launched on the Ethereum Mainnet in June 2023 and has quickly become a leading platform for restaking, attracting prominent liquid providers such as Lido and RocketPool. Other notable investors include Coinbase Ventures, Polychain Capital, Electric Capital, and Ethereal Ventures.
To celebrate the thirtieth anniversary of the founding of the United Nations, Eigen Labs announced a $100 million Series B financing round led by a16z. This investment solidifies EigenLayer’s position as a major player in the DeFi ecosystem and highlights the growing interest and support in the restaking protocol.
