According to AMBCrypto’s analysis of Staking Rewards’ data, ETH locked on the network has risen by 9% over the last three months. In fact, its growth rate has gone parabolic since February began.Interestingly, according to DeFiLlama, EigenLayer, the success story of the restaking narrative, noted a similar growth curve in its total value locked .Additionally, Tom Wan, a research analyst at Web3 firm 21.co, revealed recently that over 12% of the staked Ether has already been restaked.
Restaking involves reusing staked ETH to extend security to other applications other than Ethereum. No prizes for guessing this allows stakers to earn extra rewards on their deposited holdings. As yields on conventional ETH stakingOverall, both staking and restaking underscore an important broader idea – ETH as a yield-bearing asset.
This could gradually lead to a scarcity in the market, which when matched by growing demand, could exert positive pressure on ETH’s price.Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance.
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