- Eigenlayer's deposits represent approximately 4% of the total circulation of ETH.
- Thanks to EigenLayer, the supply of staked ETH has increased by 10% since the beginning of the year.
EigenLayer has emerged as one of the most successful decentralized finance (DeFi) projects in recent times, attracting more than $15 billion in deposits in just over a year since its launch.
Re-staking protocol Total Value Locked (TVL) has exploded 14x since the beginning of the year, a feat that makes it the second-largest DeFi project by TVL, according to an AMBCrypto analysis of DeFiLlama data. became.
This deposit represents about 4% of Ethereum. [ETH] Total circulating supply, an asset that is central to the primary use case.
Source: Defilama
ETH staking activated
One of the hottest topics in the Web3 space right now, restaking adds value to staked ETH by reusing it to provide security for applications outside of Ethereum mainnet. Masu.
This setup allows stakers to earn additional yield on their deposits.
EigenLayer, perhaps the largest re-staking protocol, has a causal relationship with ETH staking.
According to an analysis of Saking Rewards data by AMBCrypto, staked ETH supply has increased by 10% since the beginning of the year, mimicking the surge in EigenLayer deposits.
Source: Defirama
On the contrary, liquid ETH available on exchanges continues to decline, as AMBCrypto noticed using data from Glassnode.
Eigenlayer rise.
Changes in market structure?
This notable divergence highlights that ETH is moving away from its speculative trading roots and increasingly positions itself as a high-yield, long-term investment asset.
Furthermore, as more and more ETH becomes locked up in staking services, the asset should become less volatile and open to a wider investor base.
Is your portfolio green? Check out our ETH Profit Calculator
Data from CoinMarketCap reveals that the second-largest asset is trading at $3,141 at the time of writing, up 2.38% in a week.
According to the latest readings of the Ethereum Fear and Greed Index, market sentiment is greedy, suggesting that demand for this asset remains strong.
