EigenLayer's Total Value Locked (TVL) has surged to $12.9 billion as of August 15, 2024, positioning it as the top player in the restaking sector built on #Ethereum . This represents an 11% increase from $11.6 billion just a week ago, highlighting the platform's rapid growth. Restaking allows users to redeploy their crypto assets to secure Actively Validated Services (AVS), offering potential additional rewards.
According to IntoTheBlock (ITB), a significant portion of EigenLayer's TVL is concentrated in Wrapped Ether (WETH), which accounts for approximately $8.8 billion, or 70% of the platform's total assets. This dominance of WETH reflects broader market trends where Ether-based tokens are predominantly used for liquidity provisions in the ecosystem.
As EigenLayer strengthens its lead in the restaking market, other protocols are also witnessing growth. For instance, Symbiotic, another Ethereum-based restaking platform, has reached a TVL of $1.07 billion as of August 14, with Wrapped Staked ETH (WSTETH) making up 63% of its assets. The overall restaking market has seen a combined TVL increase from $13.3 billion to $14.5 billion within a week, driven largely by the launch of AVS Rewards on the mainnet and the unlocking of slashing mechanisms. This significant milestone for EigenLayer could spark even more interest in restaking, as suggested by experts who believe $ETH restaking is on the verge of becoming mainstream.
#Write2Earn! #MarketDownturn #BullBanter #MtGoxJulyRepayments