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<div class="coinjournal">
 <ul>
  <li dir="ltr">EigenLayer’s total value locked (TVL) has surpassed $10 billion.</li>
  <li dir="ltr">This puts the restaking protocol above Maker and just behind Aave in terms of TVL.</li>
  <li dir="ltr">The spike comes amid increased restaking activity and Ethereum price rallying to above $3,500.</li>
 </ul>
 <p dir="ltr">EigenLayer, the staking <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a> on Ethereum, has seen its total value locked (TVL) skyrocket to over $10 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> amid the <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> in Ethereum (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) price.</p>
 <p dir="ltr">With EigenLayer, users can “restake” tokens they have already locked up to help secure the Ethereum network. The restaking makes it possible for stakers to earn rewards for helping secure other ecosystem protocols.</p>
 <h2 dir="ltr" id="eigenlayer-tvl-soars-to-10-billion">EigenLayer TVL soars to $10 billion</h2>
 <p dir="ltr">According to data from DeFiLlama, the protocol’s TVL has increased sharply in the past month.&nbsp;</p>
 <p dir="ltr">On February 5, 2024, the EigenLayer TVL stood at $2.15 billion, but as Ethereum price climbed above $3k over the month, that surged to above $7.6 billion by February 24 and $10.3 billion by March 4, 2024.</p>
 <p dir="ltr">ETH price also saw a decent spike over the month, rising more than 50% to highs of $3,500.</p>
 <p dir="ltr">The platform has also seen a massive spike in <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> deposits, driven by increased activity around liquid restaking <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a>s. Per market data, February recorded the highest influx of deposited tokens, dwarfing December and August 2023.</p>
 <div class="fr-img-space-wrap"><span class="fr-img-caption fr-fic fr-dib fr-draggable" style="width: 100%"><span class="fr-img-wrap"> <p dir="ltr"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/03/04/b67f2f43e90bb0a705c8463e7f07dc2c.webp" style="width: 100%" class="fr-fic fr-dib" width="650" height="239"><span class="fr-inner">EigenLayer stats- deposited tokens monthly chart</span></p> <p></p></span></span>
  <p class="fr-img-space-wrap2">The spike now has EigenLayer third in top DeFi protocols by TVL behind lending platform Aave and liquid staking protocol Lido.</p>
  <h2 class="fr-img-space-wrap2" id="eigenlayer-attracts-a16z-backing">EigenLayer attracts a16z backing</h2>
  <p class="fr-img-space-wrap2">EigenLayer hit the market in June last year as it launched on the Ethereum mainnet, quickly becoming a top platform for restaking with liquid providers such as Lido and RocketPool.</p>
 </div>
 <p dir="ltr">Eigen Labs, the core development team supporting EigenLayer development, raised $50 million in a Series A round led by Blockchain Capital in March 2023. The round also attracted participation from other prominent investors, including Coinbase Ventures, Polychain Capital, Electric Capital and Ethereal Ventures.</p>
 <p>In February this year, Eigen Labs, <u>announced a $100 million raise</u> from venture capital firm Andreessen Horowitz (a16z). According to EigenLayer Labs, a16z crypto was the only investor in the Series B financing round.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/staking-protocol-eigenlayer-tvl-hits-10-billion-as-eth-surges-tbt81526.html">https://thebittimes.com/staking-protocol-eigenlayer-tvl-hits-10-billion-as-eth-surges-tbt81526.html</a></p>

Staking protocol EigenLayer TVL hits $10 billion as ETH surges

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