EigenLayer, a Seattle-based decentralized finance (DeFi) platform, has announced the deployment of its restaking protocol on the Ethereum mainnet. According to a press release, the protocol allows users to restake ETH on EigenLayer by depositing liquid staking tokens such as Lido stETH (stETH), Rocket Pool ETH (rETH) and Coinbase Wrapped Staked ETH (cbETH).
The protocol has set parameters for both liquid restaking and native restaking. Liquid restaking has a maximum of 3,200 of each liquid staking token and a maximum 32 token deposit per address. Native restaking, meanwhile, will be paused once 9,600 ETH has been added.
EigenLabs, the developer of EigenLayer, recently raised a total of $64.5 million at a valuation of $500 million in a series of investment rounds, including a $50 million Series A in March. Liquid staking has been an increasingly popular narrative since Ethereum switched from proof-of-work to proof-of-stake in September. According to data by 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. The launch of our restaking protocol is a major milestone for EigenLayer and the DeFi space as a whole, said EigenLabs CEO and co-founder, Alex Kampa.