EigenLayer launches restaking protocol on Ethereum Mainnet.

According to a press release, EigenLayer, a decentralized finance (DeFi) platform based in Seattle, has launched its restaking protocol on the Ethereum mainnet.

The protocol enables ETH stakers to restake on EigenLayer by depositing liquid staking tokens such as Lido stETH (stETH), Rocket Pool ETH (rETH), and Coinbase Wrapped Staked ETH (cbETH).

EigenLabs, the developer of EigenLayer, raised a total of $64.5 million in a series of investment rounds, including a $50 million Series A in March, at a valuation of $500 million.

The protocol has set participation parameters for liquid restaking and native restaking, with liquid restaking allowing a maximum of 3,200 of each liquid staking token and a maximum of 32 token deposits per address. Native restaking, on the other hand, will be paused once 9,600 ETH has been added.

Liquid staking has become a popular trend since Ethereum switched from proof-of-work to proof-of-stake in September. According to data from DefiLlama, a total of $16.92 billion is currently staked on the top five liquid staking protocols on Ethereum.

Restaking is a concept that allows staked ETH to be used on other protocols in exchange for protocol fees and rewards.

Edited by Nelson Wang.

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