<

EigenLayer Raises $100M from Andreessen Horowitz (a16z) to Boost Ethereum Restaking

EigenLayer, a startup that provides a restaking protocol for Ethereum, has secured $100M in a Series B funding round led by Andreessen Horowitz (a16z), one of the most prominent venture capital firms in the crypto space. The round also saw participation from existing investors Blockchain Capital, Coinbase Ventures, Polychain Capital and others.

Restaking is a process where tokens are deposited or staked to the Ethereum network to help secure and validate transactions on the blockchain. It allows new projects building on top of Ethereum to leverage the blockchain’s security and decentralization for their own networks, without having to launch their own tokens or validators. Restaking also enables holders to earn rewards for staking their tokens, while retaining the option to withdraw them at any time.

EigenLayer offers a points system for those who restake using its platform, which can be redeemed for various benefits and services. However, the founder and CEO of EigenLayer, Sreeram Kannan, said that there are currently no plans for launching a native token for the protocol. He added that the main goal of EigenLayer is to make restaking accessible and easy for anyone who wants to support the Ethereum ecosystem.

The new funding will be used to expand the team, develop new features and integrations, and grow the user base of EigenLayer. The startup claims to have over 10,000 users and more than $500M worth of tokens restaked on its platform. It also supports several popular projects that use restaking, such as Uniswap, Compound, Aave, and Chainlink.

Marc Andreessen, the co-founder and general partner of a16z, said that he was impressed by the vision and execution of EigenLayer, and that he believes that restaking is a key innovation that will enable more scalability and interoperability for the Ethereum network. He also said that a16z is committed to supporting EigenLayer and the broader crypto community.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like