EigenLayer’s Rapid Growth Revolutionizes ETH Staking Market

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The Essentials at a Glance

The DeFi platform EigenLayer appears to be giving the ETH staking market a significant boost. With impressive growth since the start of 2024, EigenLayer has drawn attention and inspired new projects like Ether.fi. The re-staking of ETH, also known as Restaking, is a hot topic in the DeFi world, and EigenLayer seems to be taking a leading role here.

EigenLayer and the Explosive Growth

At the time of writing, EigenLayer was the second largest DeFi protocol. Since the start of 2024, EigenLayer has experienced unprecedented growth, with an incredible 11-fold increase in total value locked (TVL). This impressive development has spurred the emergence of projects like Ether.fi.

Restaking versus Staking

Restaking is a new trend in the DeFi world where staked ETH is repurposed to provide security for other applications. This allows stakers to earn additional rewards for their investments. In addition to native ETH staking, users also have the option to stake the liquid derivatives of their staked assets (Liquid Staked Derivatives, LSD), like those from Lido [LDO], Rocket Pool, and Coinbase.

Rise of ETH Staking

The excitement around EigenLayer also seems to have stimulated the broader ETH staking market. More than 26% of all circulating ETH were locked in the network’s deposit contract at the time of writing. Interestingly, the growth curve has skyrocketed in the last month, similar to the TVL increase of EigenLayer.

Native ETH Restaking Gaining Momentum

The exponential growth of EigenLayer has also led to the emergence of unique business models targeting the growing restaking market. For example, Ether.fi has introduced the so-called native restaking concept. Here, ETH is staked on the protocol, which is then automatically restaked on EigenLayer.

Our Assessment

EigenLayer has established itself as a major player in the DeFi sector and contributes significantly to the dynamics of the ETH staking market. With innovative concepts like restaking, EigenLayer offers investors new ways to earn additional rewards. It will be exciting to see how these trends continue to evolve and what impact they will have on the broader crypto market.

Sources: Aniket Verma, Ann Maria Shibu, IntoTheBlock, Staking Rewards.

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Profile Ethereum
Symbol ETH
Coin type Alt Coin
Transaction Speed Medium
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Last update: 11. June 2024

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