EigenLayer's Total Value Locked surpasses $15 billion with its debut on the Ethereum main network.
In a remarkable turn of events, EigenLayer, a decentralized finance (DeFi) project, has made a significant impact on the Ethereum network. According to recent data, EigenLayer has overtaken several well-established DeFi projects like Aave, Maker, and Uniswap, and now stands as the second-largest DeFi project after Lido.
EigenLayer's success can be attributed to its innovative restaking concept, which has allowed Ethereum (ETH) stakers to repurpose their locked coins for securing a range of Ethereum-based applications. This concept has been well-received, with over 60% of total deposits on EigenLayer coming from ETH deposits. Lido's stETH deposits come second, accounting for over 20% of the total deposits.
The launch of EigenLayer's main restaking application and its data availability service, EigenDA, on Ethereum on April 9 marked a significant milestone. Following the mainnet launch, restaking on EigenLayer means delegating to one of the top 200 operators managing Actively Validated Services (AVSs).
The operators using EigenLayer to maximize their rewards are primarily large institutional custody providers and major infrastructure operators, such as BitGo, Komainu, and Fireblocks, as well as Distributed Validator Technology (DVT) developers like SSV Network and SafeStake. These entities enable multi-operator validator setups and promote hardware diversity.
The testnets, Goerli and Holesky (for EigenDA), have attracted over $13 billion worth of ETH for restaking. This influx of ETH has significantly contributed to the revival of the DeFi sector, which returned to the $100 billion mark for the first time since May 2022.
As of now, the total value locked (TVL) on EigenLayer is reported to be $15 billion according to Dune data, or $13.5 billion according to DefiLlama data. This growth in TVL underscores the confidence of the Ethereum community in EigenLayer's potential to reshape the DeFi landscape.
In less than a year, EigenLayer has proven itself as a game-changer in the DeFi sector. Its innovative restaking concept, coupled with its growing TVL, positions EigenLayer as a key player in the future of DeFi on Ethereum.
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