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Decentralized Finance Protocol Hits $20 Billion in Locked Value, Becomes Second Largest DeFi!
The total value locked (TVL) in EigenLayer, a prominent restructuring protocol, has surpassed $20.09 billion.
By:
Utku Yanık
06.06.2024 – 13:22
Update:
23 hours ago
0
EigenLayer, a leading restructuring protocol, has achieved a significant milestone with its total value locked (TVL) crossing $20.09 billion.
EigenLayer Surpasses $20 Billion in Locked Value, Emerges as Second Largest DeFi Protocol
This achievement positions EigenLayer as the second largest decentralized finance (DeFi) protocol, following closely behind Lido.
Since the start of the year, EigenLayer’s TVL has witnessed remarkable growth, escalating from $1.4 billion to over $20 billion, equivalent to approximately 5.21 million Ethereum.
At the onset of March, EigenLayer’s TVL was valued at $10 billion, amounting to 2.93 million Ethereum. The recent surge in TVL can be attributed to increased inflows and the rise in Ethereum’s price.
EigenLayer’s mainnet was launched in April, enabling users to deposit Ethereum and various liquid staking tokens to secure third-party networks.
Post its launch, the protocol experienced a notable surge in deposits, driven by its token distribution strategy.
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However, this period also saw significant outflows due to low individual airdrop allocations and community dissatisfaction with the token’s non-transferability.
In response, the Eigen Foundation enhanced airdrop allocations for all users and provided clarity on the timeline for token unlocking and transferability.
These adjustments alleviated concerns and led to a renewed increase in inflows.
The Eigen Foundation has allocated 15% of its 1.6 billion token supply for user distribution across multiple stakedrop seasons, with 5% distributed as of March 2024. The protocol is currently in its second stakedrop season.
*This is not financial advice.
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