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- EigenLayer reaches $6.99 billion TVL and ranking fourth among restaking protocols.
- The TVL has increased by 307% in the past one month.
EigenLayer, a protocol that allows validators and stakers to restake liquid staking derivative tokens on Ethereum, has witnessed a massive growth in its total value locked (TVL), reaching $6.99 billion on Feb. 15. EigenLayer has overtaken JustLend, a cryptocurrency lending protocol, and become the fourth-largest restaking protocol by TVL.
EigenLayer’s TVL has increased by 47.95% in the past week and 307% in the past month, according to data from DefiLlama. The protocol’s TVL started to rise on Feb. 5, when it temporarily lifted its staking cap to encourage organic growth, as per an official announcement.
During this period, EigenLayer’s TVL jumped from $2.15 billion on Feb. 5 to $6.05 billion on Feb. 10, a 181% increase. The protocol has since applied a new staking cap, but plans to remove it permanently in the future.
Restaking Protocols Gain Popularity
Users can restake liquid staking derivative tokens, such as Lido Staked ETH and RocketPool’s rETH, on other networks to secure and validate them, using restaking protocols like EigenLayer. These tokens can also generate more yield by deploying them in other DeFi protocols.
According to DefiLlama, liquid staking is the biggest protocol category with $42.69 billion in TVL, while restaking protocols rank sixth with $6.99 billion in total TVL.
EigenLayer has attracted a lot of interest from Ethereum validators and stakers. According to an X post by Brianna Montgomery, the strategy lead at EigenLayer, one out of every four Ethereum validators have set their withdrawal credentials to EigenPod in the 30 days leading up to Feb. 9.
EigenLayer’s TVL crossed $1 billion on Dec. 28, 2023, triggering a spike in interest in staking protocols in January. The protocol has over 1.52 million Ether tokens and 108,574 depositors as of Feb. 15, based on data from Dune.
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