Liquid restaking protocols now maintain $8.5 billion price of Ether.
Ethereum’s restaking sector continues to balloon, with the full worth locked in liquid restaking tokens tagging new all-time highs.
On April 1, the TVL of liquid restaking token (LRT) protocols jumped 4% to a brand new excessive of above $8.5 billion, in keeping with DeFi Llama. The milestone follows sustained development from prime LRT tasks, with Renzo main the cost with weekly development of 51.4% and a month-to-month achieve of 191% to tag $2.2 billion TVL.
Swell was the second-strongest performing LRT in proportion phrases, with 33.5% in seven days and 109% for the month to reach at $261.1 million. EtherFi, the sector’s largest protocol, additionally loved 17.5% weekly and 78% month-to-month development to put up new highs close to $3.38 billion.
With EigenLayer, the pioneering Ethereum restaking protocol, at the moment boasting a TVL of $12.4 billion and sitting 1% under its all-time excessive, LRTs are sitting at a document excessive when it comes to their total restaking dominance.
EtherFi’s not too long ago airdropped ETHFI token has additionally been rallying robust, bucking the down worth motion usually related to airdropped tokens.
At the moment buying and selling at $6.45, though ETHFI is down 24% from its all-time excessive three days in the past, the token is up 55.5% from its opening worth on March 18, in keeping with CoinGecko. ETHFI can be up 123% from its all-time low on March 19.
Whereas liquid restaking continues to drive exercise on Ethereum’s base layer, Layer 2 networks are at the moment internet hosting surging quantity on decentralized exchanges.
Linea, Base, and Arbitrum are all outperforming the Ethereum mainnet by 24-hour throughput, with the networks internet hosting 30.4 transactions per second (TPS), 25.8 TPS, and 20.4 TPS over the previous day in comparison with 15.1 TPS on Ethereum, in keeping with L2beat.
The exercise on Base and Linea comprise new all-time highs for the networks, with TPS leaping 73.5% and 68.4% respectively. Mixed L2 throughput is at the moment sitting at greater than 10.5 occasions that of Ethereum’s Layer 1, primarily based on a seven-day shifting common.
Base is having fun with meteoric development throughout the board, with community TVL up 62.7% in seven days at $3.2 billion. The TVL of Base-native DeFi protocols can be at a excessive of $1.2 billion after leaping 150% for the reason that begin of March, in keeping with DeFi Llama.
Base’s development has been propelled by memecoin merchants migrating onto the community, with Uniswap tweeting that each day quantity for its Base deployment exceeded $1 billion for the primary time on March 31.
The community’s prime memecoin is DEGEN, which is up greater than 1,000% in two weeks.
DEGEN’s eye-watering positive aspects have been propelled by the token discovering new utility as a automobile for grants funding on Base, along with turning into the community token for the mission’s newly launched Layer 3 community, Degen Chain.
On March 1, Tom Kysar, product supervisor at Augur, tweeted that Degen Chain had already attracted $60 million in community TVL and was ranked eighth by on-chain quantity.
