EigenLayer Registers $4B Inflow After Staking Cap Removal
The post EigenLayer Registers $4B Inflow After Staking Cap Removal appeared on BitcoinEthereumNews.com.
Liquid restaking platform EigenLayer has become the 5th largest decentralized finance (DeFi) protocol following fresh inflows of over $4 billion after the removal of the staking cap. Capital locked on restaking protocols now stands at a staggering $10 billion, up from just $350 million in December. $4 Billion Worth Of Fresh Inflows The inflows have seen EigenLayer become the 5th largest DeFi platform. The recent surge in inflows results from EigenLayer removing its staking cap in a decision announced on the 5th of February. The protocol stated that the decision to remove the cap was made to encourage organic demand, according to a blog post published by EigenLayer. The impact of this decision was quick and significant, with over 1 million worth of ETH flowing into EigenLayer within only a couple of hours of lifting the staking cap. This propelled its TVL (total value locked) to a staggering $3 billion. The restaking window closed on the 10th of February, with a further $600 million increase in TVL being attributed to increasing asset prices. EigenLayer’s Current TVL Currently, EigenLayer is officially reporting a TVL of $6.6 billion, which represents a staggering increase of $6.5 billion over the past couple of months. Data from DeFiLlama shows that the assets currently locked on the protocol include 469,870 wrapped ether (WETH) tokens, valued at $1.9 billion, and an additional $2.7 billion worth of staked ETH (stETH). EigenLayer supports several liquid staking tokens, such as Lido-staked ETH (stETH) and Rocket Pool ETH (RETH). The ETH is staked by platforms such as Lido and Rocket Pool on behalf of users, which then issue liquid staking tokens that represent the stake and accrue interest. The restaking protocol started out on the Ethereum mainnet in June 2023 and initially supported liquid staking tokens from three projects: Lido, Rocket…
Filed under: News - @ February 17, 2024 12:08 am