EigenLayer’s total value locked (TVL) exceeded $20 billion.
The Ethereum restaking protocol has become the second largest in the decentralized finance (DeFi) ecosystem, after Lido.
Data from The Block Research shows that EigenLayer achieved a new milestone on June 6, when its TVL surpassed $20 billion, one year after its launch.
Source: The Block Research
As shown in the graph, EigenLayer’s TVL growth has been phenomenal since early April when its mainnet went live. The TVL of this protocol went from a value of $13.6 billion on April 1 to more than $20.1 billion today.
EigenLayer is a restaking protocol that launched on the Ethereum blockchain in June 2023, with the goal of allowing ETH holders to maximize the return and utility of their holdings of the cryptocurrency. Through this protocol, users can re-use their ETH to stake, in a process known as “restaking”, in solutions supported within the Ethereum ecosystem through the use of smart contracts. This is an innovative approach that unlocks accessibility to staked ETH on the Ethereum network, increasing opportunities for cryptocurrency holders and investors.
Deposits increase at EigenLayer
The EigenLayer restaking ecosystem has seen enormous growth in 2024, leading this protocol to represent a substantial part of the decentralized finance sector.
According to data from the DeFi platform Llama, the current TVL of the DeFi ecosystem, in general terms, is $110 billion, so EigenLayer is representing 18% of this ecosystem. Meanwhile, Lido remains the leading liquid staking solution for ether and other Proof of Stake (PoS) cryptocurrencies, with a TVL of $36 billion, currently.
Source: DeFi Llama
The constant flow of deposits into EigenLayer has been driving the protocol’s enormous growth. Also, the substantial recovery that the Ethereum price has experienced in the last year has generated great interest in EigenLayer, encouraging ETH stakers to contribute to the security and protection of other solutions within the Ethereum ecosystem.
Holesky reward system launched
Recently, the EigenLayer developers announced the launch of an MVP experience of the rewards system on the Ethereum testnet, Holesky. This is a simplified version, which will allow users to test new functionalities and opportunities in the protocol, without risking security.
At X, the protocol developers commented that the launch of the full experience will take place in the coming weeks. Meanwhile, they clarified that most of the reward tokens in the MVP experience will not have a price and that this will serve to refine the protocol’s reward system and ensure a successful launch on the mainnet.
