EigenLayer’s TVL nears $6b, enters top 5 defi protocols

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EigenLayer’s Complete Worth Locked (TVL) has escalated to almost $6 billion.

This surge marks a 170% enhance from $2.15 billion since Feb. 5, primarily based on DeFiLlama data. This progress, amounting to some 2.3 million ether, represents about 2% of ether’s complete circulating provide.

The spike in TVL catapults EigenLayer into the highest 5 defi protocols by TVL, positioning it forward of Uniswap and trailing solely behind giants like Lido, Maker, Aave, and JustLend.

EigenLayer's TVL nears $6b, enters top 5 defi protocols - 1
EigenLayer’s TVL at $5.851 billion on DeFiLlama

The numerous rise follows EigenLayer’s choice to briefly raise deposit caps, which had been beforehand set at 200,000 ether ($500 million) for every liquid staking token.

This transfer is a part of a broader technique to ultimately get rid of these caps solely, fostering a “permissionless, impartial atmosphere whereas selling decentralization,” as EigenLayer goals to reinforce natural demand and incentivize participation with the prospect of reward factors and potential Eigen token airdrop rewards.

EigenLayer, a protocol facilitating the deposit and re-stake of ether through liquid staking tokens, helps the safety of third-party networks whereas providing customers the possibility to earn further rewards.

Since its preliminary part in June 2023, EigenLayer has expanded its liquid staking token choices, with contributions from main staking tasks and a $50 million Sequence A funding spherical led by Blockchain Capital in March 2023.

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