EigenLayer’s TVL Surpasses $20 Billion

The total value locked (TVL) in the liquid restaking protocol EigenLayer has reached $20.1 billion, according to DeFi Llama.

The project is second only to the Lido Finance platform, which has a TVL of $36.7 billion.

EigenLayer allows the locking of liquid staking tokens from other protocols to secure third-party blockchains. The team launched the mainnet on April 9. Prior to this, the solution operated in testnet mode.

The project’s popularity surged in early February following the removal of deposit limits and the expansion of the pool ecosystem. At that time, TVL rapidly increased to $3.8 billion.

A significant influx of assets occurred after the team revealed plans in April for the distribution of the native EIGEN token. 

However, the proposed airdrop faced criticism from the community for its heavy focus on investors, lengthy vesting period, and regional restrictions, leading to a temporary outflow of funds.

Over the past 30 days, EigenLayer’s TVL has increased by more than 30%, primarily due to a 24% rise in Ethereum’s price during this period (CoinGecko).

Despite the service’s high popularity, DEX developer 3Jane, known as Chudnov, warned of a potential yield crisis at EigenLayer.