Wednesday, July 24, 2024

EigenLayer Deposits on Observe to Hit New 500,000 ETH Cap

The extremely anticipated re-staking protocol has over $700M in deposits after including assist for six new Ethereum liquid staking tokens.

EigenLayer, which allows Ethereum stakers to validate third-party companies for added yield, has attracted deposits value over $700 million after elevating its deposit cap lower than a day in the past.

About 337,700 ETH, or $737 million, has flowed into the re-staking protocol after it raised its world deposit cap to 500,000 ETH, or about $1 billion, from 120,000 ETH, about 20 hours in the past. It had been after working at full capability for the previous few months.

Customers can now restake six further liquid staking tokens – osETH from Stakewise, swETH by Swell Community, OETH from OriginProtocol, EthX issued by Stader Labs, Binance’s WBETH and AnkrETH.

swETH and ETHx account for the majority of recent deposits.

EigenLayer Deposits
EigenLayer Deposits

EigenLayer has seen substantial curiosity from DeFi customers since launching in June, with earlier deposit limits being reached inside minutes of being raised. The surge in inflows is an indication crypto merchants are keen to place their ETH to work.

Whereas the idea of leveraging Ethereum’s safety mechanism to safe different functions is attention-grabbing in and of itself, the protocol can also be prime of thoughts for airdrop hunters searching for a windfall when EigenLayer launches a local token.

EigenLayer is presently working a factors program that rewards customers based mostly on the quantity and length of their restaked property.

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