According to a press release on October 15th, cryptocurrency exchange Kraken announced that it has successfully integrated with EigenLayer, allowing users to reclaim Ethereum (ETH) directly from the platform.
This partnership aims to simplify restaking and make it available to a wider range of users. Access to the Service is currently limited to verified Kraken Pro users at intermediate level and above. Also, due to regulatory reasons, US residents are not eligible to participate.
Regain accessibility
Mark Greenberg, global head of asset growth and management at Kraken, noted that risk-staking is one of the most important developments in the cryptocurrency space this year. However, it has primarily been utilized by tech-savvy cryptocurrency users.
Greenberg said that since the majority of cryptocurrency users participate in centralized exchanges (CEXs), this integration aims to bring restaking to a wider range of users and make it easier for everyday users to participate. He added that he is doing so.
Restaking allows validators and stakers to secure decentralized applications (dApps) on Ethereum using assets they have already staked.
EigenLayer, a protocol built on Ethereum, is crucial in this process as it allows users to reuse staked ETH to secure additional networks and protocols while providing higher earning opportunities. is.
This new integration will allow Kraken users to re-stake ETH they have already staked on the platform and earn additional rewards.
Staked, a subsidiary of Kraken, acts as a validator for ETH restaked through the exchange. Sked is a prominent operator of EigenLayer and typically provides services for institutional investors.
EigenLayer TVL trends
This development comes as EigenLayer has seen a decline in Total Value Locked (TVL) in recent months. According to DeFiLlama, EigenLayer's TVL fell to $11.45 billion from an all-time high of more than $20 billion in June.
Market observers attribute this decline to several factors, including the end of the airdrop campaign protocol, which generated significant community interest.
However, they believe that increased accessibility through centralized exchanges like Kraken could reverse this trend, leading to more participants and improving EigenLayer's TVL in the future. I'm thinking.
