EigenLayer Enters Top 5 DeFi Protocols by Total Value Locked (TVL)
EigenLayer's restaking protocol has reached a milestone with a TVL of $7.03 billion USD, marking a 20-fold increase compared to December last year.
EigenLayer Enters Top 5 DeFi Protocols by TVL. Image: EigenLayer
As of the latest updates, EigenLayer now ranks 5th in terms of TVL among all DeFi protocols currently operational.
Top 10 platforms by TVL in DeFi, as of noon on February 15, 2024. Source: DefiLlama
In just the past 10 days, over $4.3 billion USD has flowed into this liquid restaking platform.
EigenLayer's TVL from July 2023 to present. Source: DefiLlama
As reported by Coin68, EigenLayer raised its token deposit ceiling for LST tokens for the second time last week. Since the restaking portal closed on February 10, the platform's TVL has surged by an additional $600 million USD, fueled by the relentless rise in Ethereum (ETH) prices.
Analyzing DefiLlama data reveals that EigenLayer holds a significant portion, with $2.7 billion USD in stETH (nearly 40%) and $2 billion USD in WETH, contributing 29% to the platform's total assets.
Breakdown of asset composition on EigenLayer. Source: DefiLlama
Source: DefiLlama
Across the sector, ether.fi's TVL has soared by 406% to $1.19 billion USD in the past 30 days, while Puffer Finance surged by 79% in the week, swiftly rising to become the 4th top restaking platform.
Restaking is a trending narrative attracting significant inflows, leveraging liquid staking assets like stETH to participate in DeFi activities across different platforms. This trend is further bolstered by the potential of ongoing airdrops, as most projects in this sector have yet to issue tokens.
However, it's not just EigenLayer; the overall DeFi TVL has been experiencing remarkable growth, reaching $71.2 billion USD, a record achievement since June 2022 and doubling the figure from October 2023, which stood at $36.8 billion USD.
