The post EigenLayer TVL hits $12.9 billion and surges 11% in one week appeared on BitcoinEthereumNews.com.

EigenLayer, an Ethereum restaking platform, topped the restaking ecosystem after hitting a TVL of $12.9 billion. According to data from IntoTheBlock, a crypto data analytics company, the TVL surged by 11% in one week from $11.6 billion. Ethereum restaking platform EigenLayer recently became a honeypot for investors. The platform’s total value locked surged 11% from $11.6 billion to $12.9 billion in the past week, according to data from IntoTheBlock. The growth has been significantly influenced by the growing interest in Ethereum-based staking activities and Actively Validated Services (AVS) rewards. Ethereum restaking involves the repurposing of Ether to improve capital efficiency.  During the restaking process, crypto owners also secure actively validated services (AVS) and bear the possibility of earning extra rewards. EigenLayer, alongside other ETH restaking protocols, records an upsurge in TVL The total value locked in Ethereum restaking protocols also recorded an upsurge of $1.2 billion from $13.3 billion on August 8th to $14.5 billion. On June 12th, Eigen Labs, the development firm behind the creation of the EigenLayer restaking protocol, acquired Rio Network in a bid to outsource Rio’s liquid restaking token technology. EigenLayer dominance in the restaking market Source: IntoTheBlock The data from IntoTheBlock depicts that most of the total value locked in EigenLayer is wrapped ether (WETH). Wrapped Ether represents 70% of the platform’s total locked assets, valued at approximately $8.8 billion. EigenLayer’s total asset constitution mirrors the broader restaking market that has utilized Ethereum-based tokens to provide liquidity on the staking platforms.  According to data from DeFillama, the number of active addresses on the protocol peaked on May 11th at 33.47k. However, the active address count has declined significantly, currently ranging between 40 and 240 from August 1st to 15th. While EigenLayer remains the top-ranked Ethereum-based restaking platform, other protocols have also recorded considerable growth in…

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Filed under: News - @ August 16, 2024 5:21 pm