Ethereum Restaking Protocol EigenLayer Surpasses $900M in Deposits

EigenLayer, a protocol for restaking and cross-chain safety on Ethereum (ETH), has witnessed a outstanding surge in consumer deposits, surpassing the $900 million mark.

The protocol’s complete worth locked (TVL) has climbed from $250 million to over $900 million following changes to deposit caps for liquid staking belongings. EigenLayer raised its re-staking restrict from 120,000 ETH to 500,000 ETH, equal to roughly $1.1 billion.

EigenLayer permits customers to deposit and “re-stake” ether from numerous liquid staking tokens (LSTs) to safe third-party networks. The protocol’s stage 1 launched on the Ethereum mainnet in June. Along with supporting LSTs from Lido, Rocket Pool, and Coinbase at launch, EigenLayer has expanded its vary to incorporate six further LSTs: Swell’s swETH, Stakewise’s sETH, Stader’s xETH, Origin’s oETH, Ankr’s ankrETH, and Wrapped Beacon Ether (wBETH).

The rise in deposit caps and the broader vary of LSTs have fueled a surge in exercise, with many customers depositing funds to take part within the community and earn factors. EigenLabs, the corporate behind EigenLayer, closed a $50 million Collection A funding spherical in March, led by Blockchain Capital.

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