Ethereum (ETH) “re-staking” protocol EigenLayer is in the process of raising 6.5 billion yen ($50 million) in funding, it was learned on the 3rd.
Pre-launch EigenLayer is one of the high-profile projects related to ETH staking. EigenLayer’s investment round began in early November last year, and appears to have successfully attracted investors amid the market turmoil caused by the bankruptcy of cryptocurrency exchange FTX.
According to reports by The Block, based on an anonymous source, the ongoing Series A round will put EigenLayer at a corporate value of $250 million (¥32.7 billion) after the new investment, with all pre-circulation tokens The recorded token value (FDV) is said to be $500 million (65 billion yen).
After completing the Series A, which will be closed soon, the company’s total funding will be $65 million (approximately ¥8.5 billion). EigenLayer raised $14.4 million last August, according to PitchBook data. Early investors include major cryptocurrency VCs Blockchain Capital, Figment Capital, and Ambush Capital.
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ETH restaking market
EigenLayer is a service that allows you to use ETH derivatives locked up for Ethereum staking purposes and re-stake them into other protocols.
For Ethereum network validators (verifiers), it is expected to be a means of increasing capital efficiency, as staking rewards can be obtained twice.
A mechanism that provides staking ETH security to dApps (decentralized apps), rollups (e.g. Optimism), oracles (Chainlink), bridges, etc. integrated into the EigenLayer ecosystem to earn additional rewards.
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According to the data site DUNE, there are 515,806 validators on Ethereum, and the total amount of ETH staked is 16.5 million ETH (equivalent to approximately 3.18 trillion yen).
The potential user scale of EigenLayer is huge, and the middleware used as a destination for restaking also has the advantage of enhanced security.
Validators using EigenLayer bear the risk of their holdings being reduced based on the requirements of their security supplier.
EigenLayer plans to launch EigenLayer’s first middleware “EigenDA (Data Availability)” in 2023. EigenDA specializes in Optimistic and ZK rollups for Ethereum L2 and provides distributed rollup sequencers (nodes that verify proofs). Distribute transaction fees to restakers.
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