Ethereum Restaking Protocols See Surge in ETH Deposits, EigenLayer Leads

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Ethereum Restaking: An Emerging Trend

While spot ETFs, Real-World-Assets (RWA), Layer-2 solutions, and other popular topics dominate the crypto conversations, a lesser-known category is slowly catching up – Ethereum Restaking protocols.

Increase of Native ETH in Restaking Protocols

A significant increase of native ETH deposits into restaking protocols has been observed over the past week, according to on-chain analysis firm TK Research. According to a post from January 15, EigenLayer was the biggest beneficiary with a weekly increase of 168K ETH, more than a doubling from the previous week. EtherFi came in second with an influx of 14.45K ETH, representing an increase of almost 28%. The Renzo protocol recorded an increase of 4.5K ETH, which corresponds to an impressive increase of 55%. Together, the three protocols attracted around 186.5K ETH in deposits. At current market prices, this corresponds to more than 470 million dollars in ETH locked in leading restaking projects.

What is Restaking?

Restaking is a relatively young concept that allows ETH stakers to participate in the validation of new software modules developed on the Ethereum ecosystem. Simply put, the same ETH that is staked on the Ethereum network can be used to extend security to other applications. Security is therefore shared across the entire ecosystem. In addition to the native staking of ETH, validators also have the option to stake liquid derivatives (LSDs) from Lido, Rocket Pool, and Coinbase. In addition, validators receive an additional return as the staked ETH is used to hedge further applications.

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EigenLayer Leads the Field

EigenLayer, the largest restaking protocol, has seen a strong increase in deposits since its mainnet launch last June. However, the growth spurt was downright meteoric over the past month. The total value locked (TVL) recorded a 6-fold jump to 1.67 billion dollars. The increase followed an increase in the protocol’s restaking limit to 500,000 ETH from the previous 120,000 ETH.

Sources: TK Research, EigenLayer, EtherFi, Renzo Protocol

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