- Ethereum restaking protocol EigenLayer total value of locked assets climbs to $11.71 billion.
- Ethereum Dencun Hard Fork, scheduled for March 13, has likely catalyzed the growth of restaking on EigenLayer.
- EigenLayer is now the second-largest DeFi protocol, with 20% TVL increase in the past week.
EigenLayer is a restaking protocol that has observed a considerable increase in the Total Value of assets Locked (TVL) in its platform in the past week. The upcoming Ethereum Dencun Hard Fork and the rise in Ether’s beta plays, like Layer 2 chains and liquid staking tokens, are the two catalysts likely driving gains in EigenLayer’s TVL.
Also read: Nearly $200 million in ETH burned as Ethereum gears up for Dencun upgrade
EigenLayer TVL exceeds $11 billion
EigenLayer’s TVL has climbed from $9.675 billion in the beginning of March to $11.712 billion on Friday. Ethereum beta plays, like Layer 2 tokens, staking and restaking protocols, have made a resurgence among narratives relevant to crypto, with the upcoming Dencun upgrade.
Ethereum TVL. Source: DeFiLlama
Ethereum’s Dencun upgrade is set to reduce cost for Layer 2 chains, driving the altcoin’s adoption and likely boost demand for Ether and their native tokens in the medium to long term. This has likely fueled the narrative for protocols that support staking and restaking of Ether by traders.
The restaking platform’s rising TVL has pushed it to second place, second to Lido, one of the largest crypto staking platforms. EigenLayer’s users can restake their staked Ether to allow other blockchains to benefit from Ethereum’s engine.
Data from DeFiLlama shows EigenLayer’s TVL climbed 20% in the past week.
DeFi protocols’ TVL. Source: DeFiLlama
To find out more about the Dencun Hard Fork, check this post.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto trading volume declines further, signaling waning trader enthusiasm and market momentum
The total crypto market capitalization lost $1.01 trillion since January, while Santiment data shows that crypto-wide trading volume has dropped since February’s peak. For a healthier and more sustainable recovery, bulls look for rising prices accompanied by increasing volumes; until trading activity picks up, cautious market sentiment is likely to prevail.
BNB price tops $570 as Binance receives $2 billion investment from Dubai
BNB price rose as high as $574 on Thursday as markets reacted to news that Binance received major investments from an Abu Dhabi based firm. Derivative markets analysis shows how BNB traders are repositioning amid the latest swings in market sentiment.
PEPE price outperforming DOGE and SHIB as US CPI boosts Crypto markets
PEPE price crossed the $0.00007 for the first time this week as markets reacted to positive macro market signals. Early insights show crypto traders are displaying high risk appetite at the onset of the current market rally. Could this sustain PEPE price uptrend along with the rest of the memecoin market.
XRP records slight gains as Ripple's battle with SEC nears end
Ripple's XRP recorded a 2% gain on Wednesday following rumors of the company nearing an agreement with the Securities & Exchange Commission (SEC) to end their four-year legal battle.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.