Andreessen Horowitz invests $100 million in restaking project EigenLayer: Bloomberg
Quick Take Venture capital firm Andreessen Horowitz has invested $100 million in restaking project EigenLayer, Bloomberg reported. Andreessen Horowitz is reportedly the sole backer in a round expected to be announced on Thursday.
EigenLabs, the team behind the restaking protocol, previously closed a $50 million Series A funding round in March 2023, led by Blockchain Capital with participation from Coinbase Ventures and Polychain Capital, among others. The Block reported EigenLabs was seeking to raise $50 million at a $250 million post-equity valuation and a $500 million token valuation at the time.
The news comes despite venture funding declining considerably from a peak of $13.5 billion in Q1 2022, according to The Block Pro’s deals dashboard .
Venture funding. Image: The Block Pro .
What is EigenLayer?
EigenLayer’s protocol allows users to re-stake validators' ether stakes natively or via liquid staking tokens, allocating those funds to economically secure third-party protocols.
The initial phase of Eigenayer’s protocol was rolled out on the Ethereum mainnet in June 2023, allowing users to deposit LSTs from three staking projects: Lido, Rocket Pool and Coinbase. The protocol has since expanded to additional LSTs, including Stakewise’s sETH, Mantle’s mETH, Frax’s sfrxETH, Ankr’s ankrETH and Binance’s wBETH.
Earlier this month, EigenLayer hit around $6 billion in total value locked as its uncapped deposits window drew to a close. It is currently close to hitting $8 billion in TVL, according to DeFiLlama data .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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