Kraken customers can now re-stake their already staked ETH on the Ethereum network and earn additional rewards through projects on decentralized finance protocol EigenLayer.
Kraken said in a statement on Tuesday that the new feature aims to expand investors' access to on-chain yield-generating opportunities and make restaking “more accessible to a wider range of customers.” said.
Staked, a subsidiary of Kraken and EigenLayer operator, has been appointed as a validator for restaked ETH. Users participating in restaking can keep their rewards in Kraken or exchange them for fiat or other cryptocurrencies.
Kraken’s features come at a time when restaking is experiencing significant growth. According to DefiLlama, the total amount locked in liquid restaking tokens has surged more than 3,000% this year to approximately $11 billion. data indicates.
Restaking involves using crypto already staked on a blockchain to provide additional security or perform other functions across multiple protocols without de-staking. It will be.
It also allows users to extend the utility of their staked assets, secure various decentralized platforms, and earn additional rewards, increasing overall revenue.
Hoping to simplify that process, the exchange is positioning it as a way to “significantly lower” barriers to entry for investors, a spokesperson said. decryption.
Mark Greenberg, global head of asset growth at Kraken, said in a statement: “The vast majority of crypto users are already integrated with CEX, so this integration makes risk-staking instantly accessible to a wider range of customers. “It will be.”
The product is available in various parts of Europe, but customers in the United States are denied access, including in other jurisdictions where “geo-restrictions apply,” Kraken said.
Edited by Sebastian Sinclair
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