EigenLayer, a prominent restructuring protocol, has achieved a significant milestone by surpassing $20.09 billion in total value locked (TVL).
This accomplishment has solidified EigenLayer’s position as the second largest decentralized finance (DeFi) protocol, following closely behind Lido.
Throughout the year, EigenLayer’s TVL has seen remarkable growth, soaring from $1.4 billion to over $20 billion, equivalent to approximately 5.21 million Ethereum.
In March, EigenLayer’s TVL stood at $10 billion, which translates to 2.93 million Ethereum. The recent surge in TVL can be attributed to an increase in inflows and the surge in Ethereum’s price.
EigenLayer’s mainnet was launched in April, allowing users to deposit Ethereum and various liquid staking tokens to secure third-party networks.
Following the launch, the protocol experienced a significant uptick in deposits, driven by its token distribution strategy.
However, there were notable outflows during this period due to low individual airdrop allocations and community dissatisfaction with the token’s non-transferability.
In response, the Eigen Foundation adjusted airdrop allocations for all users and provided clarity on the timeline for token unlocking and transferability.
These measures helped alleviate concerns and led to a renewed increase in inflows.
The Eigen Foundation has set aside 15% of its 1.6 billion token supply for user distribution across multiple stakedrop seasons, with 5% allocated as of March 2024. The protocol is currently in its second stakedrop season.
Please note that this information is not investment advice.
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