The venture capital firm Andreessen Horowitz (a16z) has recently invested $100 million in EigenLayer, a startup founded by a former associate professor from the University of Washington, Sreeram Kannan. This investment comes on the heels of EigenLayer’s previous fundraising round, which raised $50 million in March last year.
EigenLayer, which is focused on restaking protocols for Ethereum, has seen significant growth in its total value locked (TVL), which currently stands at $7.84 billion, up from $2.15 billion just a few months ago. This impressive growth has caught the attention of a16z, who is the sole investor in this latest round of funding according to a Bloomberg report.
The partnership between EigenLayer and a16z further demonstrates their commitment to research and development in the industry. According to Eigen Labs, the team behind EigenLayer, a16z has been a long-term supporter of the industry, advocating for positive technological advancements with policymakers and regulators since 2013.
EigenLayer’s restaking protocol supports liquid derivatives such as Lido Stakes Ether, RocketPool (stETH), and staked Ethereum (rETH). This unique approach has attracted significant attention and investment, with a16z adding to the $50 million already raised by EigenLayer in March last year.
In addition to the investment, a16z and Eigen Labs will work together to further research and develop the protocol, with a focus on open-source and public good initiatives.
EigenLayer’s growth and success in the industry have been remarkable, ranking third in terms of total value locked for Ethereum according to DeFiLlama data. This growth is a testament to the team’s hard work and commitment to creating a strong and sustainable protocol.
To stay up-to-date with EigenLayer’s progress and developments, you can follow them on Twitter @eigenlayer. The team also encourages anyone interested in getting involved or learning more to reach out to them through their blog.
