Ethereum, the second-largest digital asset by market capitalization, is buying and selling close to $4,000, a pivotal milestone for the primary time since December 2021, and has risen 15% over the previous week.
Amid this worth surge, EigenLayer, the main restaking protocol, is now the second largest DeFi protocol when it comes to whole worth locked, based on DeFillama knowledge.
ETH worth
In accordance with , the value of Ethereum has elevated by 4% up to now day and at the moment stands at $3,954. crypto slate knowledge.
This upward pattern in Ethereum’s worth could possibly be associated to the thrill surrounding the upcoming Dencun improve, which is scheduled to go dwell on mainnet by March thirteenth. Dencun brings protodunk sharding to Ethereum. This can be a strategic transfer aimed toward lowering transaction prices on layer 2 blockchains. , thus tackling the scalability concern head-on.
Moreover, the market is anticipating doable approval of the Spot ETH ETF by the U.S. Securities and Alternate Fee. If authorised, this could possibly be an essential catalyst to additional the continued worth hikes.
EigenLayer’s Hovering TVL
Throughout the week, EigenLayer's TVL soared to an all-time excessive of $11.7 billion, surpassing Aave's TVL of $11.4 billion.
Notably, on March fifth, the protocol witnessed a staggering $790 million constructive change in TVL, the best single-day improve since February ninth, based on blockchain analytics agency IntoTheBlock. was recorded.
The expansion trajectory of EigenLayer's TVL has been notably outstanding over the previous 30 days, witnessing a 5x bounce from round $2 billion in the beginning of final month to the present determine. Impressively, the overall belongings locked on this protocol has skyrocketed from lower than 1 million in early February to greater than 3 million ETH.
This TVL surge largely follows EigenLayer’s choice final month to raise token restaking restrictions and remove TVL caps on particular person tokens. Group members anticipate these modifications to change into everlasting later this 12 months.
In the meantime, EigenLayer's distinctive restaking mannequin has attracted vital funding, most notably a $50 million Sequence A funding spherical led by Blockchain Capital in March 2023 and from Andreessen Horowitz in February 2024. An funding of $100 million was made.
Nonetheless, EigenLayer's speedy progress has led to elevated safety scrutiny, and the undertaking is now providing rewards of as much as $100,000 to researchers who uncover average or increased severity safety points on the platform. Ta.
