Eigen Labs Raises $100 Million for Crypto Restaking Project EigenLayer

According to CoinDesk, Eigen Labs, the developer behind the crypto restaking project EigenLayer, has raised $100 million from venture capital investor a16z crypto. The company confirmed the investment in a thread on social media platform X. EigenLayer is at the center of a new blockchain-industry trend known as 'restaking,' where Ethereum's ether (ETH) tokens that are deposited or 'staked' as security for the main blockchain can be repurposed to secure additional networks and protocols.

Restaking is gaining traction in the decentralized finance landscape, even though EigenLayer is not yet live. The project is built atop Ethereum and aims to revolutionize the way tokens are staked and utilized within the blockchain ecosystem. The substantial investment from a16z crypto highlights the growing interest and potential of restaking projects in the blockchain industry.