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 worth rally, main restaking protocol EigenLayer is now the second-largest DeFi protocol when it comes to complete worth locked, based on DeFillama knowledge.
ETH’s worth
Ethereum is presently priced at $3954 following a 4% achieve throughout the previous day, based on CryptoSlate’s knowledge.
This upward motion in Ethereum’s worth will be linked to the thrill surrounding the upcoming Dencun improve scheduled to go reside 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 considerations 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 may function a big catalyst propelling the continued worth 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 optimistic change in TVL, marking its highest every day surge since Feb. 9, based on blockchain analytical agency IntoTheBlock.
The expansion trajectory of EigenLayer’s TVL has been exceptional, particularly up to now 30 days, witnessing a five-fold surge from roughly $2 billion initially of the earlier month to its present determine. Impressively, the full property locked on the protocol have skyrocketed to greater than 3 million ETH, up from below 1 million in early February.
This surge in TVL carefully follows EigenLayer’s choice to raise token restaking restrictions and remove TVL caps for particular person tokens final month. Group members anticipate these adjustments to develop 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 speedy development has prompted heightened safety scrutiny, prompting the challenge to supply rewards of as much as $100,000 to researchers uncovering the platform’s medium or greater severity safety points.
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