Staking protocol EigenLayer TVL hits $10 billion as ETH surges

• EigenLayer’s complete worth locked (TVL) has surpassed $10 billion.
• This places the restaking protocol above Maker and simply behind Aave by way of TVL.
• The spike comes amid elevated restaking exercise and Ethereum value rallying to above $3,500.

EigenLayer, the staking protocol on Ethereum, has seen its complete worth locked (TVL) skyrocket to over $10 billion amid the surge in Ethereum (ETH) value.

With EigenLayer, customers can “restake” tokens they’ve already locked as much as assist safe the Ethereum community. The restaking makes it doable for stakers to earn rewards for serving to safe different ecosystem protocols.

EigenLayer TVL soars to $10 billion

In accordance with knowledge from DeFiLlama, the protocol’s TVL has elevated sharply previously month. 

On February 5, 2024, the EigenLayer TVL stood at $2.15 billion, however as Ethereum value climbed above $3k over the month, that surged to above $7.6 billion by February 24 and $10.3 billion by March 4, 2024.

ETH value additionally noticed an honest spike over the month, rising greater than 50% to highs of $3,500.

The platform has additionally seen a large spike in ETH deposits, pushed by elevated exercise round liquid restaking protocols. Per market knowledge, February recorded the best inflow of deposited tokens, dwarfing December and August 2023.

Eigen Labs, the core growth workforce supporting EigenLayer growth, raised $50 million in a Collection A spherical led by Blockchain Capital in March 2023. The spherical additionally attracted participation from different distinguished buyers, together with Coinbase Ventures, Polychain Capital, Electrical Capital and Ethereal Ventures.

In February this 12 months, Eigen Labs, introduced a $100 million increase from enterprise capital agency Andreessen Horowitz (a16z). In accordance with EigenLayer Labs, a16z crypto was the one investor within the Collection B financing spherical.