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Ethereum’s EigenLayer retaking protocol has become the fourth largest protocol by total value locked (TVL).
According to DefiLlama, the protocol’s TVL has reached $6.99 billion. Since Feb. 5, this figure has more than tripled, from $2.15 billion and by 307% over the past month.
EigenLayer’s TVL began growing on Feb. 5 after the protocol temporarily lifted the staking cap to encourage organic growth. During this restaking window, TVL Eigenlayer rose 181% to $6.05 billion on Feb. 10 from just $2.15 billion on Feb. 5. Although a new staking limit has been applied, projects plan to remove this limit in the future permanently.
While liquid staking is currently the largest protocol category with a TVL of $42.69 billion, restaking protocols are in sixth place with a total TTL of $6.99 billion, according to DefiLlama.
The EigenLayer protocol is currently at the forefront of the re-staking of Ethereum (ETH). Restaking is a new concept where already staked ETH tokens can be used to secure other main network elements, including protocols, Oracle networks, and layer 2 solutions. With the help of the protocol, market participants can receive additional income. According to the developers, restaking will also help increase the level of decentralization of ETH.
The crypto community also expects a possible airdrop from the EigenLayer team since the project does not yet have a native token.