Ethereum EigenLayer’s 14x growth in a year: Redefining DeFi?

EigenLayer has attracted more than $15 billion in deposits in just over a year since its launch, emerging as one of the most successful decentralized finance projects in recent times.

The restaking protocol’s total value locked has exploded 14x since the start of the year, a feat that made it the second leading DeFi project by TVL, according to AMBCrypto’s analysis of DeFiLlama’s data.Restaking, one of the most talked-about topics in the Web3 sector right now, adds value to staked ETH by repurposing it to provide security to applications other than the Ethereum mainnet.

According to AMBCrypto’s analysis of Staking Rewards’ data, staked ETH supply has risen 10% year-to-date , mimicking the surge in EigenLayer’s deposits.This noticeable divergence underscored ETH’s growing status as a yield-bearing, long-term investment asset, away from its roots in speculative trading.

Additionally, with more and more ETH getting locked up in staking services, the asset was bound to become less volatile, opening itself to a broader cohort of investors.As of this writing, the second-largest asset was trading at $3,141, following a 2.38% rise over the week, data fromAniket Verma works as a journalist at AMBCrypto.

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