Ethereum

Defi

Read

Ethereum’s EigenLayer retaking protocol has become the fourth largest protocol by total value locked (<a href="https://crypto.news/tag/TVL/" target="_blank" rel="noreferrer noopener">TVL</a>). 
According to <a href="https://crypto.news/tag/DefiLlama/" target="_blank" rel="noreferrer noopener">DefiLlama</a>, the protocol’s TVL has reached $6.99 billion. Since Feb. 5, this figure has more than tripled, from $2.15 billion and by 307% over the past month. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="634" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-15-at-13.51.39-1024x634.png" alt="EigenLayer nears $7b TVL, becoming 4th largest restaking protocol - 32" class="wp-image-14248849">
 <figcaption class="wp-element-caption">
 Source: DefiLlama
 </figcaption>
</figure> 
EigenLayer’s TVL began growing on Feb. 5 after the protocol temporarily <a href="https://crypto.news/eigenlayers-tvl-reaches-1b-after-staking-restrictions-removed/" target="_blank" rel="noreferrer noopener">lifted</a> the staking cap to encourage organic growth. During this restaking window, TVL Eigenlayer rose 181% to $6.05 billion on Feb. 10 from just $2.15 billion on Feb. 5. Although a new staking limit has been applied, projects plan to remove this limit in the future permanently. 
 You might also like: <a href="https://crypto.news/defi-tvl-reaches-20-month-highs-with-ethereum-dominating-the-scene/"> Defi TVL reaches 20-month highs with Ethereum dominating the scene </a> 
While liquid staking is currently the largest protocol category with a TVL of $42.69 billion, restaking protocols are in sixth place with a total TTL of $6.99 billion, according to <a href="https://crypto.news/tag/DefiLlama/" target="_blank" rel="noreferrer noopener">DefiLlama</a>. 
The EigenLayer protocol is currently at the forefront of the re-staking of&nbsp;Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>). Restaking is a new concept where already staked ETH tokens can be used to secure other main network elements, including protocols, Oracle networks, and layer 2 solutions. With the help of the protocol, market participants can receive additional income. According to the developers, restaking will also help increase the level of decentralization of ETH. 
The crypto community also expects a possible airdrop from the EigenLayer team since the project does not yet have a native token. 
 Read more: <a href="https://crypto.news/eigenlayer-tvl-6-billion-enters-top-5-defi-protocols/"> EigenLayer’s TVL nears $6b, enters top 5 defi protocols </a>

EigenLayer nears $7b TVL, becoming 4th largest restaking protocol

crypto.news

Other articles published on Feb 15, 2024

Shiba Inu (SHIB) Price Climbs: Is Bullish Momentum Building?

Telefonica and Chainlink Labs Partner to Boost Security with Blockchain in Telecom

Blockchain Vote & More DeFi - January Report

Massive Ethereum whale stacks nearly $200M in February

These Altcoins are Positioning Themselves for Trend Continuation: Will They Form New ATH in 2024?

Ripple IPO Could Set New Records; Top Trader Predicts Soaring Future for Polkadot Rival

Join our free newsletter for daily crypto updates!