EigenLayer's Total Value Locked surges to $15 billion as it makes its debut on the Ethereum main network
In a significant development for the Ethereum ecosystem, EigenLayer, a groundbreaking platform, has launched on the Ethereum mainnet. This innovative service enables users to restake Ethereum (ETH) and LSTs, with ETH deposits accounting for over 60%.
Following the mainnet launch, restaking on EigenLayer means delegating to one of the top 200 operators managing Actively Validated Services (AVSs). The platform has quickly gained traction, with 70% of all new Ethereum validators using EigenLayer for restaking and maximizing rewards.
EigenLayer's restaking concept allows ETH stakers to repurpose the locked coins to secure a range of Ethereum-based applications seeking higher rewards. This innovative approach has contributed to the revival of the DeFi sector, which returned to the $100 billion mark on April 1 for the first time since May 2022. As a result, EigenLayer has become the second-largest decentralized finance (DeFi) project after Lido.
Lido's stETH deposits come second with over 20% on EigenLayer. Notably, about 70% of the new Ethereum validators using EigenLayer's restaking and rewards optimization are mostly associated with large staking pools and centralized entities such as Coinbase and Lido, which control a significant share (27.7%) of staked ETH. This illustrates how centralized service providers benefit from these opportunities rather than entirely new or independent validator operators.
The total value locked (TVL) on EigenLayer is currently $15 billion, according to Dune data provided by 21.co. This impressive figure is also reflected in the TVL reported by DefiLlama, which suggests a slightly lower figure of $13.5 billion.
EigenLayer's main restaking application and EigenDA data availability service were launched on Ethereum on April 9. These services not only provide benefits for decentralized applications but also contribute to Ethereum's mainnet security.
In the testnets Goerli and Holesky for EigenDA, over $13 billion worth of ETH has been attracted for restaking. This demonstrates the growing interest and adoption of EigenLayer in the Ethereum community.
In conclusion, EigenLayer's launch on the Ethereum mainnet marks a significant milestone in the DeFi sector. Its innovative restaking concept and the potential to secure a variety of Ethereum-based applications have garnered widespread attention and adoption. As the second-largest DeFi project, EigenLayer is poised to play a crucial role in the future of decentralized finance on Ethereum.
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