Bittime - EigenLayer, one of the most successful decentralized finance (DeFi) projects, has attracted more than $15 billion in deposits in just a year since its launch.According to AMBCrypto's analysis of DeFiLlama data, the restaking protocol's total value locked (TVL) has jumped 14x since the start of the year.
This mark makes EigenLayer the number two DeFi project based on TVL . The locked value is equivalent to approximately 4% of the total circulating supply of ETH. ETH is the main asset on which EigenLayer is based.
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More Profitable ETH Staking
Restaking, a hot topic in the Web3 space right now, adds value to staked ETH by using it to secure other applications outside of the Ethereum mainnet. This allows stakers to earn additional yield on their deposits.
Also read: Eigenlayer Airdrop: Check How to Get Free Eigenlayer Airdrop
EigenLayer, as the largest restaking protocol, can be said to have a causal relationship with ETH staking. According to AMBCrypto's analysis of Staking Rewards data, the supply of staked ETH increased 10% year-to-date (YTD), in line with the surge in deposits on EigenLayer.
In contrast, ETH available for trading on exchanges continues to decline, as AMBCrypto observed using Glassnode data.
Source: AMBCrypto
Changes in Market Structure?
This apparent difference underscores ETH's growing status as a long-term, yield-generating investment asset, distinct from its origins as an asset for speculative trading.
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Additionally, as more ETH is locked in staking services, this asset will become less volatile, thereby attracting wider investor interest.
At the time of this writing, the second-largest asset, ETH, was trading at $3,203, having seen a 0.82% decline for the week, according to data from CoinMarketCap .
Based on the latest readings of the Ethereum Fear and Greed Index, market sentiment indicates greed, which means demand for this asset is still strong.
Also read: EigenLayer and EigenDA Officially Launched on Mainnet!
About EigenLayer
EigenLayer is a protocol built on Ethereum that introduces the concept of restaking, a new innovation in cryptoeconomic security.
Restaking allows users to reuse staked ETH and provides additional security to other applications on the Ethereum network, in addition to the Ethereum mainnet itself. This can be done via the EigenLayer smart contract.
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In other words, EigenLayer offers the potential to improve overall cryptoeconomic security through restaking. In addition, EigenLayer plays a role in validating new applications built on Ethereum.
How to Buy Crypto on 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.
Also read:
EigenLayer: Can It Meet Market Expectations?
EigenLayer Gets $100 Million in Funding from Andreessen
Note the Potential Free Airdrop of the EigenLayer Restaking Project
Funded $20 Million, Eigenlayer Wants to Prove ZK is Faster and Cheaper on Ethereum
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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