Because the momentary lifting of the LST pool cap on February 5, EigenLayer’s TVL has tripled.
EigenLayer, the groundbreaking Ethereum heavy-staking protocol, has amassed greater than 10% of circulating ETH liquid pledged tokens after briefly lifting the cap on the LST pool.
On February 5, EigenLayer introduced that it might settle for limitless deposits within the type of Liquid Staked Tokens (LST) till February 9 at 8pm ET. The transfer proved a right away success, with over $1.5B price of LST flowing into the protocol inside 24 hours of the announcement.
Because the cap was lifted, EigenLayer’s whole worth locked (TVL) has elevated by 163%, with its TVL rising from $2.15B to $5.67B on the time of writing. Knowledge from Dune Analytics signifies that EigenLayer at present holds 10.7% of the circulating LST provide, a metric that has tripled for the reason that cap was lifted.
EigenLayer now helps 12 LSTs after including 3 LSTs on February fifth. Lido’s stETH accounts for 56.7% of EigenLayer’s liquid pledge TVL, adopted by Swell’s swETH (accounting for 12%), Mantle’s mETH (accounting for 10.9%) and Stader’s ETHX (accounting for five.6%).
In keeping with information from DeFi Llama, LST’s TVL is $37.1B, equal to 50.5% of the $73.8B price of ETH at present pledged.
EigenLayer hits DeFi rankings
EigenLayer has now turn out to be the fifth largest DeFi protocol after surpassing Uniswap on February 7. The protocol permits customers to concurrently earn staking rewards in addition to obtain extra advantages from third-party Energetic Verification Companies (AVS).
Customers can take part by re-mortgaging ETH domestically or depositing LST into the pool. EigenLayer has beforehand regularly elevated the restrict of the LST pool, and the February 5 transfer is the primary time the protocol has supplied limitless entry to LST customers.
Over $1.6B price of ETH has additionally been re-staking natively by means of the protocol, with EigenLayer now controlling 7.7% of the pledged Ethereum provide, together with LST.
In a weblog submit, EigenLayer teased that it’s making ready to completely take away LST deposit limits per pool. The workforce says they’re searching for a stability between decentralization and neutrality.
Tron founder Justin Solar is amongst these making the most of the momentary lifting of LST pool restrictions. Knowledge from Arkham Intelligence exhibits that Justin Solar deposited $258 million price of stETH into the protocol on February 7.
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