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Bittime - In the ongoing bullish sentiment , investors as well as traders continue to bet on the cryptocurrency and its upcoming related projects.
Recently, on February 22, 2024, Andreessen Horowitz, a renowned venture capital firm, invested $100 million in crypto startup EigenLayer.
Also Read Venture Capital in Cryptocurrency
EigenLayer's Innovative Approach To Blockchain Technology
This large investment signals continued support for blockchain technology from key industry investors, even amidst a significant decline in funding for crypto ventures.
EigenLayer was founded by Sreeram Kanna, and is a blockchain-based Web 3 project that enables the creation of sidechains on Ethereum, where traders and investors can participate in a new consensus protocol with fast transaction processing and high capacity.
EigenLayer introduces Single-Slot Finality, which means nodes restaking ETH can declare that they will not contribute to a chain unless it includes a verified block, creating a definitive confirmation path.
However, in an interview with local media, Kannan said, "The idea is that when you stake in Ethereum, you promise that you will run the nodes of the Ethereum network properly."
Re-stake and Rewards
Additionally, Kannan added, "By restaking, you are taking the same Ether and making the additional promise that you will also validate other networks correctly." The funding round, announced on Thursday, tapped Andreessen Horowitz as the sole investor.
EigenLayer had previously raised $50 million in March in a funding round led by Blockchain Capital. Kannan said that the company's current valuation cannot be disclosed.
Additionally, Andreessen Horowitz is a major player in crypto venture funding, and in 2022, the company raised a record $4.5 billion in crypto funding.
This latest investment of $100 million shows its continued involvement in this rapidly evolving cryptocurrency landscape.
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EigenLayer Value Proposition And Monetization Strategy
Noting this huge investment, General Partner Ali Yahya, in an interview, said, "This will allow all kinds of new applications to be built." Additionally, Yahya also highlighted the importance of EigenLayer in the crypto industry, adding, "People will redeploy capital to get rewards from new services that emerge on top of the EigenLayer ecosystem."
EigenLayer currently offers a points system for users who stake through its platform, with no immediate plans to launch a crypto token, according to Kannan.
Also read : What is Staking?
Yahya suggested that various monetization paths are possible, ranging from traditional business models to token issuance.
In addition to this huge investment, EigenLayer recently confirmed its upcoming Airdrop where it will distribute free tokens.
However, this airdrop was announced right after successfully securing $64.50 million in funding from Blockchain Capital, Polychain, and others.
How to Buy Crypto from Bittime
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. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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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.
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