Binance Reports Surge in Restaking Sector

The volume of locked assets in restaking protocols has surged by 700% in 2024, expanding beyond the Ethereum ecosystem, according to Binance Research experts.

EigenLayer’s TVL has risen by over 700% through 2024. In our new #Binance report, we explore the restaking market, EigenLayer, restaking on other chains, liquid restaking & LRTs, and more!

Some highlights (1/16) ?

— Binance Research (@BinanceResearch) February 27, 2024

Experts noted that these protocols not only allow tokens to be restaked outside the primary network but also address security issues for other blockchains.

The pioneer in this field is EigenLayer, which offers Security-as-a-Service based on Ethereum.

The platform has created a three-component market consisting of restakers, node operators, and active validation services (AVS).

Researchers highlighted the phased deployment of EigenLayer, with the team planning to launch the mainnet in the second half of 2024.

Meanwhile, according to DeFi Llama, assets worth approximately $8.9 billion are locked in the protocol.

“EigenLayer can support a wide range of solutions, from oracles to bridges. EigenDA, a data availability layer, will be the first AVS launched. The protocol is already collaborating with several major projects, including Arbitrum, Optimism, AltLayer, Caldera, and others,” stated Binance experts.

Beyond Ethereum

They noted that the Babylon staking protocol, which supports over 45 chains in the Cosmos ecosystem, is preparing for Bitcoin blockchain integration.

The interoperability-focused Picasso Network has created a restaking layer for Solana, with the solution expected to launch in the second quarter of 2024.

Binance specialists indicated that the current leaders in the segment are protocols based on EigenLayer, such as EtherFi, Puffer, Kelp, and Renzo.

“Liquid restaking is one of the three methods of restaking that users have been experimenting with recently,” experts emphasized, comparing various methods of earning passive income.

12/ Liquid restaking is one of the three methods of restaking that users have been experimenting with over the last few weeks. This is versus native and LST restaking directly on EigenLayer. A short comparison: pic.twitter.com/TA2O9Dm1dD

— Binance Research (@BinanceResearch) February 27, 2024

Earlier, EigenLayer co-founder Sriram Kannan assured that the team currently has no specific plans to launch its own token.