Ethereum, the second-largest digital asset by market capitalization, is buying and selling near the important thing $4,000 milestone for the primary time since December 2021, rising 15% over the previous week.
Amid this value surge, main restaking protocol EigenLayer is now the second-largest DeFi protocol by way of whole worth locked, in accordance with DeFillama information.
Ethereum value
In line with information, the present value of Ethereum is $3,954, up 4% up to now day encrypted slate information.
The rise within the worth of Ethereum could also be associated to the upcoming Dencun improve, which is scheduled to go dwell on the mainnet on March 13. Dencun brings unique danksharding to Ethereum, a strategic transfer to scale back transaction charges on layer 2 blockchains, thereby addressing scalability points head-on.
As well as, the market expects that the US SEC could approve a spot ETH ETF. If this approval involves fruition, it may function a major catalyst for additional value surges.
EigenLayer’s hovering TVL
EigenLayer’s TVL soared to an all-time peak of $11.7 billion this week, surpassing Aave’s TVL of $11.4 billion.
Notably, the protocol’s TVL noticed a staggering $790 million optimistic change on March 5, the best single-day enhance since February 9, in accordance with blockchain analytics agency IntoTheBlock.
EigenLayer’s TVL progress trajectory has been outstanding, particularly over the previous 30 days, from roughly $2 billion in the beginning of final month to fivefold at the moment. Impressively, the whole belongings locked within the protocol have soared from lower than 1 million ETH in early February to over 3 million ETH.
The surge in TVL comes on the heels of EigenLayer’s resolution final month to take away token restaking restrictions and take away caps on TVL for single tokens. Group members count on the modifications to turn out to be everlasting later this 12 months.
On the similar time, EigenLayer’s distinctive rehypothecation mannequin has attracted a considerable amount of funding, particularly a $50 million Sequence A spherical of financing led by Blockchain Capital in March 2023 and a $100 million funding from Andreessen Horowitz in February 2024.
Nonetheless, EigenLayer’s speedy progress has prompted heightened safety scrutiny, prompting this system to supply rewards of as much as $100,000 to researchers who uncover safety problems with reasonable or better severity within the platform.
