EigenLayer’s total value locked crosses $10 billion

The total value of assets deposited with EigenLayer has increased approximately tenfold, from $1.1 billion year to date, reaching $10 billion at the time of writing – about 2.93 million ether.

EigenLayer provides a protocol that allows users to deposit and “re-stake” ether from various liquid staking tokens, with the aim of then allocating these funds to secure third-party networks.

Part of the reason for this increase is the continued ether deposits on Eigen (mainly through liquid withdrawal protocols) combined with the increase in the ether price. Phase 1 of the protocol was launched on the Ethereum mainnet in June 2023. Within eight months, the protocol’s TVL had risen to more than $6 billion by February.

Currently only native re-recording with EigenPod is open.

The protocol’s strategy involves leveraging the economic security of ETH by accepting native ETH – which can be instantly redeployed by Ethereum validators – and liquid staked ETH, or liquid staking protocols. This mechanism (called resttaking) can then be used to secure other protocols, although this feature has yet to be deployed.

EigenLabs closed a $50 million Series A funding round led by Blockchain Capital in March 2023. Last month, Andreessen Horowitz led the Series B round, investing $100 million in EigenLayer.