EigenLayer’s Total Value Locked Surges to Nearly $6 Billion
The Total Value Locked (TVL) of EigenLayer has experienced a significant increase, reaching almost $6 billion. This surge represents a 170% growth from $2.15 billion since February 5th, according to DeFiLlama data. The rise in TVL positions EigenLayer as one of the top five defi protocols, surpassing Uniswap and trailing behind giants like Lido, Maker, Aave, and JustLend.
The spike in TVL is a result of EigenLayer’s decision to temporarily remove deposit caps, which were previously set at 200,000 ether ($500 million) for each liquid staking token. This move is part of EigenLayer’s strategy to eventually eliminate these caps completely and create a permissionless and neutral environment that promotes decentralization.
EigenLayer is a protocol that allows users to deposit and re-stake ether through liquid staking tokens. It supports the security of third-party networks while offering additional rewards to users. Since its launch in June 2023, EigenLayer has expanded its liquid staking token offerings and received contributions from major staking projects and a $50 million Series A funding round led by Blockchain Capital in March 2023.
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