EigenLayer has seen its total value locked (TVL) surge to US$10 billion, a substantial increase from its US$1.1 billion valuation at the beginning of the year.

This growth highlights the protocol’s expanding influence within the decentralized finance (DeFi) sector.

EigenLayer facilitates users in depositing and restaking ETH through various liquid staking tokens, aiming to enhance the security of third-party networks.

The protocol’s TVL has experienced remarkable growth, particularly over the last 30 days, with a five-fold increase from around US$2 billion at the beginning of last month.

This surge follows the lifting of token restaking restrictions and the removal of TVL caps for each token, changes that EigenLayer plans to make permanent. The rise in TVL has propelled EigenLayer to become the third-largest protocol, according to DeFiLlama, largely due to a surge in user deposits through liquid restaking protocols.

EigenLayer’s unique approach to restaking has attracted major investments, including a US$50 million Series A funding round in March 2023 led by Blockchain Capital and a US$100 million investment from Andreessen Horowitz in February 2024. Additionally, Binance Labs invested in Renzo, a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer, further highlighting the growing interest in the protocol’s solutions.

In a related development, Omni Network has secured a US$600 million Ether deal from restaking protocol Ether.Fi to enhance the security of both its testnet and mainnet.

This deal represents nearly 33% of Ether.Fi’s TVL and will be restaked on EigenLayer.