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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.