EigenLayer’s TVL tripled since quickly eradicating caps on its LST swimming pools on Feb. 5.
EigenLayer, the pioneering Ethereum restaking protocol, has amassed greater than 10% of circulating ETH liquid staking tokens after quickly eradicating the caps on its LST swimming pools.
On Feb. 5, EigenLayer introduced it could settle for unrestricted deposits within the type of liquid staking tokens (LSTs) till Feb. 9 at 8pm EST. The transfer proved an instantaneous success, with greater than $1.5B value of LSTs flowing into the protocol inside 24 hours of the announcement.
EigenLayer’s complete worth locked (TVL) is up 163% because the caps have been eliminated, with its TVL rising from $2.15B to $5.67B as of this writing. Knowledge from Dune Analytics signifies EigenLayer at present hosts 10.7% of the circulating LST provide, with the metric tripling because the caps have been lifted.
EigenLayer helps 12 LSTs after including three extra on Feb. 5. Lido’s stETH accounts for 56.7% of EigenLayer’s liquid staking TVL, adopted by Swell’s swETH with 12%, Mantle’s mETH with 10.9%, and Stader’s ETHX with 5.6%.
LSTs boast a TVL of $37.1B, equating to 50.5% of the $73.8B value of ETH that’s at present staked, based on DeFi Llama.
EigenLayer storms DeFi rankings
EigenLayer is now the fifth-largest DeFi protocol after overtaking Uniswap on Feb. 7. The protocol permits customers to concurrently earn staking rewards plus extra yields for securing third-party Actively Validated Companies (AVSs).
Customers can both take part by natively restaking ETH, or by depositing LSTs into its swimming pools. EigenLayer has beforehand incrementally raised the boundaries for its LST swimming pools, with the Feb. 5 transfer comprising the primary occasion through which the protocol has provided unbridled entry to LST customers.
Greater than $1.6B value of ETH can be natively restaked by way of the protocol, with EigenLayer now commanding 7.7% of the staked Ether provide together with LSTs.
In a weblog submit, EigenLayer teased that it’s making ready to completely take away the boundaries on LST deposits on a pool-by-pool foundation. The workforce stated they’re in search of to strike a stability between decentralization and neutrality.
Justin Solar, the founding father of Tron, is amongst these profiting from the non permanent absence of LST pool limits. Knowledge from Arkham Intelligence exhibits Justin Solar depositing $258M value of stETH to the protocol on Feb. 7.
