Ethereum’s EigenLayer retaking protocol has change into the fourth largest protocol by whole worth locked (TVL).
In response to DefiLlama, the protocol’s TVL has reached $6.99 billion. Since Feb. 5, this determine has greater than tripled, from $2.15 billion and by 307% over the previous month.
EigenLayer’s TVL started rising on Feb. 5 after the protocol quickly lifted the staking cap to encourage natural progress. Throughout this restaking window, TVL Eigenlayer rose 181% to $6.05 billion on Feb. 10 from simply $2.15 billion on Feb. 5. Though a brand new staking restrict has been utilized, tasks plan to take away this restrict sooner or later completely.
Whereas liquid staking is at present the most important protocol class with a TVL of $42.69 billion, restaking protocols are in sixth place with a complete TTL of $6.99 billion, in response to DefiLlama.
The EigenLayer protocol is at present on the forefront of the re-staking of Ethereum (ETH). Restaking is a brand new idea the place already staked ETH tokens can be utilized to safe different most important community parts, together with protocols, Oracle networks, and layer 2 options. With the assistance of the protocol, market individuals can obtain extra earnings. In response to the builders, restaking may also assist improve the extent of decentralization of ETH.
The crypto group additionally expects a attainable airdrop from the EigenLayer staff for the reason that venture doesn’t but have a local token.