As of Aug. 15, EigenLayer, a restaking platform built on Ethereum, has secured the leading position in the restaking ecosystem with a total value locked (TVL) of $12.9 billion.
EigenLayer's market position
According to IntoTheBlock (ITB) data, EigenLayer TVL witnessed an 11% increase from $11.6 billion one week prior, indicating growth in the restaking sector. Restaking involves users repurposing their cryptocurrency assets to secure external Actively Validated Services (AVS) with the potential to earn additional rewards.
Composition of EigenLayer TVL
According to ITB data, EigenLayer’s TVL mainly comprises Wrapped Ether (WETH), accounting for 70% of the platform’s total assets worth approximately $8.8 billion. This significant WETH concentration indicates that the EigenLayer restaking ecosystem mirrors the wider market, with Ether (ETH)-based tokens commonly used for liquidity provisions.
Restaking market growth
As EigenLayer secures the leading position in TVL within the restaking market, other protocols also show growth. According to ITB data, Symbiotic, another restaking platform built on Ethereum that launched in June, hit $1.07 billion TVL as of Aug. 14, with Wrapped Staked ETH (WSTETH) comprising 63% of its assets. Karak, another recent entrant to the restaking market, also hit a TVL of $826 million, with around 27% of holdings on the platform consisting of WETH. Overall, the restaking market combined TVL of the biggest protocols has risen to $14.5 billion from $13.3 billion on Aug. 8. Speaking with Cointelegraph, Alon Muroch, CEO and founder at SSV.Labs, discussed the rationale behind the growth, indicating it is 'most likely' due to 'AVS Rewards mainnet launch and slashing unlock': 'This is a big step for EigenLayer and it could be bringing much more interest to restaking since it’s also the first time EigenDA will begin rewarding its stakers and operators.'
The restaking market continues to show significant growth, and EigenLayer is achieving leading positions due to the significant concentration of WETH in its assets.
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