EigenLayer's TVL Nearly Reaches $6 Billion

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Bittime - EigenLayer staking platform, built on the Ethereum network, recorded a major milestone recently. The total TVL volume of crypto assets pledged as collateral on EigenLayer is nearly $6 billion after temporarily allowing more money in between February 5 and now.

EigenLayer has a TVL of around $5.95 billion, nearly tripling its previous level in just five days. This makes EigenLayer one of the top five platforms in TVL ranking, even higher than the well-known Uniswap, Spark and Compound.

The bulk of the money pledged included about 993,000 stETH, 209,000 swETH, and 192,000 mETH, according to data from Lido, Swell, and Mantle. The figure in dollars amounts to about $3.5 billion alone.

Also Read: What is EigenLayer? Ethereum Restaking Protocol

Just depend on the open market

EigenLayer itself does not have a native crypto token, but instead relies solely on the open market to maintain its network. In this open market, validators can choose to join any Active Validation Service (AVS) they wish, locking their cryptocurrency into these smart contracts and subject to certain rules.

Previously, TVL limits were introduced to prevent a single token from taking over the network and being involved in malicious events. However, the recent decision to remove TVL limits on liquid staked tokens shows that this is a positive time for the staking ecosystem. This is a step closer to leveling the playing field for all depositors and maintaining credible neutrality.

For liquid staking platforms, higher TVL means more opportunities for innovation and growth. For those who stake using liquid tokens, they can get the same results as those who stake using real tokens, although only for a while.

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An increase in TVL indicates interest in crypto staking

Additionally, the significant increase in EigenLayer's TVL also indicates a huge interest in crypto staking. Staking has become a popular way for crypto holders to earn returns safely and easily. By using protocols like EigenLayer, users can generate returns while still participating in the Ethereum network.

EigenLayer's decision to temporarily lift deposit limits also shows its readiness to adapt to the changing market and accommodate the rapid growth in the staking industry. This is critical in maintaining the relevance of the protocol amidst rapid changes in the crypto world.

Also Read: Eigenlayer Airdrop: Check How to Get Free Eigenlayer Airdrop

Positive impact on the value of tokens associated with EigenLayer

An increase in TVL can also have a positive impact on the value of tokens associated with EigenLayer. With more money pledged as collateral, token supply may decrease, while demand remains stable or even increases, which could cause token prices to rise.

The increase in TVL also reflects the community's increasing trust in the staking platform. Users increasingly choosing to lock their assets in the EigenLayer protocol indicates that they are confident in the security and reliability of the system. This provides a positive impetus for protocol developers to continue improving the features and security of their platforms

Overall, EigenLayer's growth in terms of total volume locked (TVL) indicates a continued increase in interest in crypto staking. This indicates that platforms like EigenLayer can play an important role in providing the infrastructure needed for the growth of the blockchain ecosystem .

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You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.