DeFi
EigenLayer’s DeFi TVL hits $10 billion, closes major deal
EigenLayer saw its total value locked (TVL) rise to US$10 billion, a substantial increase from its US$1.1 billion valuation at the start of the year.
This growth highlights the protocol’s growing influence within the decentralized finance (DeFi) sector.
EigenLayer helps users deposit and stake ETH via various liquid staking tokens, with the aim of improving the security of third-party networks.
The protocol’s TVL has seen remarkable growth, especially over the past 30 days, with a five-fold increase from around $2 billion early last month.
This increase follows the lifting of token replenishment restrictions and the removal of TVL caps for each token, changes that EigenLayer plans to make permanent. According to DeFiLlama, the rise in TVL has propelled EigenLayer to the third-largest protocol, largely due to an increase in user deposits via liquidity recovery protocols.
EigenLayer’s unique approach to restructuring has attracted major investments, including a US$50 million Series A funding round in March 2023 led by Blockchain Capital and a US$100 million investment from Andreessen Horowitz in February 2024. Additionally, Binance Labs has invested in Renzo, a liquidity restructuring company. Token (LRT) and Strategy Manager for EigenLayer, further highlighting the growing interest in the protocol’s solutions.
In a related development, Omni Network has closed a US$600 million Ether deal with restoration protocol Ether.Fi to improve the security of its testnet and mainnet.
This deal represents nearly 33% of Ether.Fi’s TVL and will be reinvested on EigenLayer.