The EigenLayer restaking protocol has seen a significant increase in locked funds, surpassing $15.1 billion in total value. This surge in TVL was a result of the project team removing restrictions on pool limits, leading to a $4 billion rise in less than two months from the initial $11 billion in March.

Despite this growth, EigenLayer still has room for improvement to match Lido Finance’s liquid staking protocol, which currently boasts a TVL of $29.6 billion.

In April, EigenLayer attracted 115,000 unique users, as reported by Dune Analytics. The protocol also recently launched its mainnet, introducing new functionality for operators and restakers. Users now have access to a range of new features, with plans to implement intra-protocol payments later this year.

Founder Sreeram Kannan emphasized that EigenLayer enhances the utility of Ethereum and provides economic security for the asset. Kannan, an assistant professor at the University of Washington, developed the protocol in 2021. Built on Ethereum, EigenLayer enables users to withdraw cryptocurrency and extend crypto security to various network applications like bridges and oracles.

With EigenLayer nearing a $7 billion TVL mark, it is on track to become the fourth-largest restaking protocol in the market.

Post Views: 2