Fun

EigenLayer TVL hits $12.9B, climbs 11% in one week — IntoTheBlock

News Feed - 2024-08-15 07:08:00

Josh O"Sullivan13 hours agoEigenLayer TVL hits $12.9B, climbs 11% in one week — IntoTheBlockEigenLayer leads the restaking sector with a $12.9 billion TVL, driven by AVS rewards and growing interest in Ethereum-based restaking.2063 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAs of Aug. 15, EigenLayer, a restaking platform built on Ethereum, has the leading position in the restaking ecosystem, with a total value locked (TVL) of $12.9 billion.


Accordingto IntoTheBlock (ITB) data, EigenLayer TVL witnessed an 11% increase from $11.6 billion one week prior, indicating growth in the restaking sector.


Restaking involves users repurposing their cryptocurrency assets to secure external Actively Validated Services (AVS) with the potential to earn additional rewards.ITB data depicting EigenLayer dominance in the restaking market. Source: ITB


Related:Restaking is ‘inevitable,’ but the risks are still uncertain — Ether.fi CEO70% of EigenLayer TVL in WETH


According to ITB data, EigenLayer’s TVL mainly comprises Wrapped Ether (WETH), accounting for 70% of the platform’s total assets worth approximately $8.8 billion.


This significant WETH concentration indicates that the EigenLayer restaking ecosystem mirrors the wider market, with Ether (ETH)-based tokens commonly used for liquidity provisions.ITB chart depicting WETH concentration of ‘Restaked Asset TVL.’ Source: ITBRestaking market growth 


As EigenLayer secures the leading position in TVL within the restaking market, other protocols also show growth.


According to ITB data, Symbiotic, another restaking platform built on Ethereum that launched in June, hit $1.07 billion TVL as of Aug. 14, with Wrapped Staked ETH (WSTETH) comprising 63% of its assets.


Related:EigenLayer enhances EigenDA security to combat Sybil attacks


Karak, another recent entrant to the restaking market, also hit a TVL of $826 million, with around 27% of holdings on the platform consisting of WETH.


Overall, the restaking market combined TVL of the biggest protocols has risen to $14.5 billion from $13.3 billion on Aug. 8.


Speaking with Cointelegraph, Alon Muroch, CEO and founder at SSV.Labs, discussed the rationale behind the growth, indicating it is “most likely” due to “AVS Rewards mainnet launch and slashing unlock.”“This is "a big step" for EigenLayer and it could be bringing much more interest to restaking since it’s also the first time EigenDA will begin rewarding its stakers and operators.“ETH restaking to become mainstream


On Aug. 13, Mike Silagadze, CEO of liquid restaking protocol Ether.fi, spoke at the Blockchain Futurist Conference about restaking becoming mainstream.


Related:Eigen Labs acquires Rio Network, opens LRT code


Silagadze explained that although the “risk of restaking” has yet to be “fully characterized,” there are many reasons to believe the risks will likely be “fairly low.”


The risk discussed by Silagadze included potentially having staked assets “slashed by five different networks” instead of one, but the weigh-up would result in considerably enhanced rewards.


Magazine:AI may already use more power than Bitcoin — and it threatens Bitcoin mining# Blockchain# Cryptocurrencies# Ethereum# Tokens# Data# DeFi# Staking# EigenLayerAdd reaction

News Feed

Sam Altman pushes ChatGPT mass adoption among Fortune 500 companies: Report
Savannah Fortis10 hours agoSam Altman pushes ChatGPT mass adoption among Fortune 500 companies: ReportOpenAI CEO Sam Altman hosted hundreds of executives from Fortune 500 companies to pitch AI services to diversify reven
Ethereum’s Prolonged Consolidation: What Is Really Going On? Analyst Weighs In
Este artículo también está disponible en español. Ethereum performance has lagged behind the broader cryptocurrency market in recent months, with the asset failing to cap
Bitcoin-Friendly Top US Banking Regulator Aims to Solve Banks’ Problems With Decentralization
Bitcoin-Friendly Top US Banking Regulator Aims to Solve Banks" Problems With DecentralizationThe new top banking regulator for the Trump administration sees “huge and great pr
Fluid Finance Proposes to Integrate the DAI Decentralized Stablecoin Directly Into the Traditional Financial System
Fluid Finance Proposes to Integrate the DAI Decentralized Stablecoin Directly Into the Traditional Financial System press release PRESS RELEASE.Fluid Finance submitted a proposal to
Paxful Celebrates the Real Reasons People Use Bitcoin Everyday With #BitcoinForAll Giveaway
Paxful Celebrates the Real Reasons People Use Bitcoin Everyday With #BitcoinForAll Giveaway Paxful, one of the largest peer-to-peer cryptocurrency marketplaces i
Overlai provides AI-resistant property rights solution for creators
Vince Quill9 hours agoOverlai provides AI-resistant property rights solution for creatorsThe mobile app and plug-in will use invisible watermarks and leverage the Aptos blockchain to ensure digital property rights regard
Arijit Sarkar13 hours agoCrypto Twitter has a persistent ‘fake followers’ problem, data revealsShiba Inu had the greatest number of fake followers at 10.26% or 80,000 accounts, while Avalanche and Polygon followed su
How Long Does a Bitcoin Bull Run Last? Proponents Use a Myriad of Charts and Models to Predict Future Prices
How Long Does a Bitcoin Bull Run Last? Proponents Use a Myriad of Charts and Models to Predict Future Prices As bitcoin prices hover above the $55k zone, a numbe
The Man Behind Wallex and EURST
The Man Behind Wallex and EURST sponsored Simone Mazzuca is innovative in his style of management. Being the founder of Wallex and creator of the EURST, he is agi
South African Court Releases Former Monero Developer Riccardo Spagni From Custody
South African Court Releases Former Monero Developer Riccardo Spagni From Custody A South African regional court recently ruled to release former Monero lead maintainer, Riccardo S
Gareth Jenkinson11 hours agoPrivacy firm Nym launches $300M fund, eyes Web3 wallets, RPCs and infrastructure servicesThe blockchain security firm will look to support open-source projects building security and privacy to
Solana Price Is Breaking Out Of This Bullish Pattern — SOL To $4,700?
Este artículo también está disponible en español. The Solana price has been in red-hot form over the past week, making a play for a new all-time high this weekend. United