Ethereum, the second-largest digital asset by market capitalization, is buying and selling close to the pivotal $4000 milestone for the primary time since December 2021, up 15% throughout the previous week.
Amid this value rally, main restaking protocol EigenLayer is now the second-largest DeFi protocol when it comes to whole worth locked, based on DeFillama information.
ETH’s value
Ethereum is presently priced at $3954 following a 4% achieve throughout the previous day, based on CryptoSlate’s information.
This upward motion in Ethereum’s worth could be linked to the joy surrounding the upcoming Dencun improve scheduled to go dwell on the mainnet by Mar. 13. Dencun brings proto-danksharding to Ethereum, a strategic transfer aimed toward decreasing transaction bills for layer-2 blockchains, thus tackling scalability issues head-on.
Furthermore, the market is anticipating the potential approval of a spot ETH ETF by the US SEC. Ought to this approval materialize, it might function a big catalyst propelling the continued value surge even additional.
EigenLayer’s hovering TVL
EigenLayer’s TVL soared to an all-time peak of $11.7 billion throughout the week, surpassing Aave’s TVL of $11.4 billion.
Notably, on Mar. 5, the protocol witnessed a staggering $790 million constructive change in TVL, marking its highest each day surge since Feb. 9, based on blockchain analytical agency IntoTheBlock.
The expansion trajectory of EigenLayer’s TVL has been exceptional, particularly prior to now 30 days, witnessing a five-fold surge from roughly $2 billion at the beginning of the earlier month to its present determine. Impressively, the overall belongings locked on the protocol have skyrocketed to greater than 3 million ETH, up from underneath 1 million in early February.
This surge in TVL intently follows EigenLayer’s choice to elevate token restaking restrictions and eradicate TVL caps for particular person tokens final month. Neighborhood members anticipate these modifications to turn into everlasting someday later this 12 months.
In the meantime, EigenLayer’s distinctive restaking mannequin attracted important investments, notably a $50 million Collection A funding spherical in March 2023 led by Blockchain Capital and a $100 million funding from Andreessen Horowitz in February 2024.
Nevertheless, EigenLayer’s fast progress has prompted heightened safety scrutiny, prompting the mission to supply rewards of as much as $100,000 to researchers uncovering the platform’s medium or larger severity safety points.
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