Ethereum

Rocket

DeFi

April

The Ethereum (ETH) balance in multiple mainstream centralized exchanges, like Coinbase and Binance, has hit a new low. According to Leon Waidmann on X, over 7 million ETH have been <a class="editor-rtfLink" href="https://twitter.com/LeonWaidmann/status/1754426272149623203" target="_blank" rel="noopener nofollow">withdrawn</a>&nbsp;since April 2023.&nbsp; 
<h2 id="is-it-defi-nft-or-eigenlayer-sapping-eth-from-exchanges">Is It DeFi, NFT, Or EigenLayer Sapping ETH From Exchanges?</h2> 
This decline is net bullish for the coin, possibly hinting that other on-chain activities like non-fungible token (NFT) minting or decentralized finance (DeFi) are taking center stage.&nbsp; <a href="https://www.tradingview.com/x/9wetJ6Xm/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/9wetJ6Xm/" alt="Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView" width="1233" height="592"></a> 
Coincidentally, the drop also comes amid the rise of “restaking” enabled by protocols like <a href="https://bitcoinist.com/solana-is-ethereum-founder/" target="_blank" rel="noopener ">EigenLayer</a>. The platform is garnering interest, sparked by its ongoing airdrop, which is set to incentivize participation. 
Technically, coin outflow from centralized exchanges is a leading indicator for increasing scarcity and bullish sentiment.&nbsp; 
Users use centralized exchanges like Binance or Coinbase as conduits to either shift to stablecoins or fiat or participate in DeFi or NFT since they can easily purchase coins.&nbsp; 
However, with less ETH readily available on exchanges and on-chain activity rising, the demand for the coin will increase, possibly supporting prices.&nbsp; 
So far, DeFiLlama data&nbsp;<a class="editor-rtfLink" href="https://defillama.com/" target="_blank" rel="noopener nofollow">shows</a>&nbsp;that the broader DeFi ecosystem is improving as the total locked value (TVL) expands. When writing on February 5, DeFi had a TVL of over $58 billion, up from around $36 billion registered in mid-October 2023. Out of this, Ethereum protocols manage over $32 billion. 
<img loading="lazy" decoding="async" class="size-full wp-image-279366" src="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot531.png?resize=1024%2C392" alt="DeFi TVL | Source: DeFiLlama" width="1024" height="392" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot531.png?resize=1024%2C392?w=1141 1141w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot531.png?resize=1024%2C392?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot531.png?resize=1024%2C392?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot531.png?resize=1024%2C392?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot531.png?resize=1024%2C392?w=750 750w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Beyond DeFi and NFTs, the contraction in ETH held in exchanges can be attributed to the incentives of EigenLayer and the expected airdrops. 
<h2 id="eigenlayer-attracts-ethereum-restakers">EigenLayer Attracts Ethereum Restakers</h2> 
EigenLayer is a restocking platform allowing ETH stakes in platforms like Rocket Pool, for instance, to “re-stake” and earn additional rewards by securing other protocols. With the promise of more rewards, this offer appears to accelerate the withdrawal of exchanges from centralized exchanges.&nbsp; 
As of February 5, EigenLayer&nbsp;<a class="editor-rtfLink" href="https://app.eigenļayer.xyz/" target="_blank" rel="noopener nofollow">supports</a>&nbsp;restaking staked ETH from over ten protocols, including Swell, Lido, Rocket Pool, Ankr, and Coinbase. The platform also supports Beacon Chain node operators to restake, earning rewards.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-279367" src="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372" alt="Supported ETH liquid restaking platforms | Source: EigenLayer" width="1024" height="372" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372?w=1253 1253w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/Screenshot532.png?resize=1024%2C372?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
With EigenLayer restaking popular, it is not immediately clear how the sphere will evolve or how ETH staking will develop.&nbsp; 
However, for benefiting protocols, the idea means they can customize their foundations to not adhere to Ethereum’s strict staking requirements. At the same time, costs will be reduced when launching.&nbsp; 
Though restakers stand to receive more rewards, experts worry that this would overload Ethereum, negatively impacting performance.

Ethereum Drained from Exchanges: EigenLayer Sapping ETH or Bulls Incoming?

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