Ethereum

DeFi

when

Omni

In a landmark move, Ether.Fi, the world’s largest liquid restaking protocol, has pledged a substantial $600 million to enhance the security of both the testnet and mainnet of the Omni Network.&nbsp; 
The commitment was<a href="https://twitter.com/OmniFDN/status/1764656012756389992"> announced</a> on March 4 in a post by Omni Network, and it signifies a significant step in fortifying the<a href="https://thecoinrise.com/crypto-wallet-linked-to-binance-suffers-security-breach-zachxbt/"> security infrastructure</a> of these interconnected blockchain networks. 
Security issues have plagued the digital asset sector since the early days of the industry. Recently, leading NFT marketplace<a href="https://thecoinrise.com/opensea-notifies-users-of-security-breach-involving-api-keys/"> OpenSea confirmed a security breach involving users’ API keys</a>. 
<h2 id="span-style-font-weight-400-omni-network-and-ether-fi-s-deal-span">Omni Network and Ether.fi’s Deal</h2> 
Omni Network, positioned as a layer-1 interoperability blockchain, facilitates secure connections between Ethereum rollups through restaking, aiming to minimize latency and address ecosystem fragmentation challenges.&nbsp; 
The $600 million staked ETH from Ether.Fi represents nearly 33% of its total value locked (TVL), currently standing at an impressive $1.88 billion. Ether.Fi’s TVL surged over 163% in the past month, according to DefiLlama data, solidifying its status as the premier liquid restaking protocol. 
<h3 id="span-style-font-weight-400-home-on-eigenlayer-span">Home on EigenLayer</h3> 
The staked Ether will find a new home on EigenLayer, the leading Ethereum restaking protocol boasting a substantial $10.3 billion in TVL.&nbsp; 
This strategic partnership between Omni Network and Ether.fi unfolds just weeks after venture capital firm Andreessen Horowitz (a16z) injected $100 million into EigenLayer through a funding round. In March, Blockchain Capital led a $50 million funding round for the protocol, further highlighting its growing prominence in the decentralized finance (DeFi) space. 
<h2 id="span-style-font-weight-400-impressive-data-span">Impressive Data</h2> 
EigenLayer, founded in 2021, empowers validators and stakers to restake liquid-staking derivative tokens such as Lido Staked Ether and RocketPool’s rETH. These assets play a pivotal role in securing and validating various networks while also offering the flexibility to be deployed in other DeFi protocols to generate additional yield. 
The significance of liquid staking is underscored by its status as the largest protocol category on DefiLlama, boasting a combined TVL of $54.7 billion.&nbsp; 
Restaking protocols, while occupying the sixth position, are valued at $10.305 billion. EigenLayer alone commands an impressive 99.96% share of the total TVL locked in restaking protocols. 
<h3 id="span-style-font-weight-400-incentivizing-organic-growth-span">Incentivizing Organic Growth</h3> 
EigenLayer’s recent surge in popularity can be traced back to a strategic move on Feb. 5 when the protocol temporarily removed its staking cap, incentivizing organic growth.&nbsp; 
During this restaking window, EigenLayer’s TVL skyrocketed by over 181% to $6.05 billion on Feb. 10 from $2.15 billion on Feb. 5. While a new staking cap has been implemented, the project envisions a future where this limit will be permanently removed, signaling confidence and ambition in the growing<a href="https://thecoinrise.com/infura-to-launch-decentralized-version-of-its-services-by-year-end/"> decentralized finance landscape</a>. 
The post <a href="https://thecoinrise.com/omni-network-and-ether-fi-sign-400m-deal-details/">Omni Network and Ether.fi Sign $400M Deal: Details</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Omni Network and Ether.fi Sign $400M Deal: Details

Table of Contents

TheCoinrise Media

Other articles published on Mar 5, 2024

MicroStrategy Stock Plunges After Announcing Issue Of $600 Million In Convertible Senior Notes To...

European Exchange Listing Sends Bitgert Prices Soaring – Is a 5000% Gain on the Horizon?

Dogwifhat (WIF) Price Skyrockets 27% as Binance Finally Spot Lists Solana Meme Coin

Binance Warned Investors Before Loaded Bitcoin (BTC) Transfer!

South Korea investigates Worldcoin for its personal data collection

Binance Listing Propels Dogwifhat and MYRO to Hit All-Time Highs

Join our free newsletter for daily crypto updates!