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% through the previous week.
Amid this value rally, main restaking protocol EigenLayer is now the second-largest DeFi protocol when it comes to complete worth locked, in line with DeFillama information.
ETH’s value
Ethereum is presently priced at $3954 following a 4% achieve through the previous day, in line with CryptoSlate’s information.
This upward motion in Ethereum’s worth might 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 through 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 day by day surge since Feb. 9, in line with 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 initially 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 beneath 1 million in early February.
This surge in TVL intently follows EigenLayer’s choice to carry token restaking restrictions and remove TVL caps for particular person tokens final month. Neighborhood members anticipate these modifications to change into everlasting someday later this yr.
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.
Nonetheless, EigenLayer’s speedy progress 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 increased severity safety points.
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