EigenLayer is now the second largest DeFi protocol
EigenLayer, a popular restaking protocol, recently hit a milestone, surpassing $20 billion in total locked value (TVL).
Now EigenLayer itself turned in the second largest decentralized finance (DeFi) protocol, trailing only the Lido . The protocol's TVL has seen remarkable growth this year, jumping from $1.4 billion to over $20 billion, which equates to approximately 5.21 million ETH.
At the beginning of March, EigenLayer's TVL stood at $10 billion, or about 2.93 million ETH. This recent surge in TVL is due to both increased inflows and rising Ethereum price .
After launching its mainnet in April, EigenLayer allows users to deposit ETH and various liquid staking tokens to secure third-party networks. The protocol has seen a noticeable increase in deposits since its token distribution plan.
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Ripple has announced a new partnership for improved international paymentsHowever, the initial post-launch period saw significant outflows due to low individual airdrop allocations and community discontent over the token's non-transferability. In response, the foundation behind Eigen increased the airdrop allocation and clarified the schedule for unlocking and token transfers, which helped ease concerns and renew inflows.
The foundation will distribute 15% of its 1.6 billion tokens to users over several "stakedrop" seasons, with 5% already distributed as of March 2024. The protocol is now in its second stakedrop season, continuing to attract significant interest from the users.
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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