EigenLayer’s TVL hits $10B: Decade’s 10x Surge

1. EigenLayer’s total value locked (TVL) has surged past $10 billion, experiencing a remarkable tenfold increase from $1.1 billion year-to-date.

2. The growth is fueled by continuous ether deposits, through liquid restaking protocols, with the rising price of ether.

3. EigenLayer’s unique protocol allows users to deposit and “re-stake” ether, aims to secure third-party networks.

EigenLayer has witnessed a remarkable surge in its total value locked (TVL), surpassing the $10 billion mark. In a staggering tenfold increase year-to-date, EigenLayer’s assets deposited have surged from $1.1 billion to an impressive $10 billion. It is equivalent to approximately 2.93 million ether at the time of writing. 

In fact, surge underscores the platform’s attractiveness to users seeking innovative solutions for their digital assets.

EigenLayer distinguishes itself by offering a protocol that allows users to deposit and “re-stake” ether from various liquid staking tokens. The primary objective is to allocate these funds to secure third-party networks, adding a layer of flexibility and utility to users’ assets.

Driving Forces Behind the Surge

The surge in EigenLayer’s TVL can be attributed to the sustained influx of ether deposits, particularly through liquid restaking protocols. 

This influx, combined with the increase in ether’s market value, has propelled EigenLayer’s growth. The protocol’s stage 1, launched on the Ethereum mainnet in June 2023, achieved remarkable success, with TVL surpassing $6 billion within eight months.

While EigenLayer continues to experience unprecedented growth, currently, only the native restaking with EigenPod is open for users. 

Moreover, this strategic move aims to secure other protocols by leveraging ETH’s economic security, accepting both native ETH and liquid staked ETH.

Investment Backing and Future Prospects

EigenLabs, the entity behind EigenLayer, has received significant financial backing. After closing a $50 million Series A funding round in March 2023 led by Blockchain Capital, EigenLayer secured an additional $100 million in a Series B round led by Andreessen Horowitz last month. 

This investment reflects confidence in EigenLayer’s potential and positions the platform for further innovation and growth in the rapidly evolving DeFi landscape.