• a16z has invested $100 million in Ethereum restaking protocol EigenLayer.
• The startup, based by former College of Washington affiliate professor Sreeram Kannan, raised $50 million in March.
• Eigenlayer's TVL was $7.84 billion, up from $2.15 billion as of February 5, 2024.

Enterprise agency Andreessen Horowitz (a16z) has invested $100 million in Eigenlayer, a startup based by former College of Washington affiliate professor Sreeram Kannan.

Bloomberg reported on Thursday that a16z was the one participant within the funding spherical.

a16z backs EigenLayer with $100 million

EigenLayer is the biggest re-staking protocol on Ethereum. This permits validators and stakers to earn cash by re-staking liquid staking derivatives equivalent to Lido Staking Ether (stETH) and RocketPool Staking ETH (rETH).

This $100 million funding is along with the $50 million the EigenLayer staff raised final March.

Speed up Ethereum collectively: @eigenlayer ♾ @a16zcrypto

We’re EigenLayer and @eigen_da, raised $100 million from a16z crypto. https://t.co/M2JQ8HZZ0h

— Eigenlayer (@eigenlayer) February 22, 2024

The platform famous that the partnership with a16z crypto expands Eigen Labs and a16z's analysis efforts. This contains areas of open supply, public items, and industry-wide long-term help.

“a16z may be very long run. They first printed their views on Bitcoin and Coinbase in 2013. Within the decade since, they’ve continued to help the {industry} in vital methods, together with working with policymakers and regulators to advocate for a constructive know-how future.” the Eigen Labs staff mentioned in a weblog submit.

EigenLayer launched in 2021 and has seen vital progress over the previous few months. At present, the protocol ranks because the third-largest by complete worth locked (TVL) on Ethereum.

In line with DeFiLlama information, EigenLayer’s TVL is at the moment $7.84 billion, a pointy bounce from $2.15 billion on February 5, 2024.