a16z invests $100 million in Ethereum protocol EigenLayer

  • a16z has invested $100 million in Ethereum restaking protocol EigenLayer.
  • The startup founded by ancient University of Washington affiliate professor Sreeram Kannan raised $50 million in March.
  • EigenLayer has a TVL of $7.84 billion, up from $2.15 billion on February 5, 2024.

Mission company Andreessen Horowitz (a16z) has invested $100 million in EigenLayer, a startup founded by ancient University of Washington affiliate professor Sreeram Kannan.

According to a Bloomberg yarn on Thursday, a16z used to be the finest investor within the funding round.

a16z backs EigenLayer with $100 million

EigenLayer is the finest restaking protocol on Ethereum. It lets in validators and stakers to develop by restaking liquid staking derivatives such because the Lido staked Ether (stETH) and RocketPool staked ETH (rETH). 

The $100 million investment provides to the $50 million that the EigenLayer crew raised in March closing 300 and sixty five days. 

Accelerating Ethereum Together: @eigenlayer@a16zcrypto

We’re enraged to notify that Eigen Labs, the core pattern crew contributing to EigenLayer and @eigen_da, has raised $100 million from a16z crypto.

— EigenLayer (@eigenlayer) February 22, 2024

The partnership with a16z crypto expands the Eigen Labs and a16z’ dedication to analyze, the platforms necessary. This may perchance possibly most likely additionally merely encompass within the home of birth provide, public goods and lengthy-term beef up in some unspecified time in the future of the swap.

a16z is amazingly lengthy-term. They first published perspectives on Bitcoin and Coinbase as early as 2013. Within the decade since they’ve persevered to beef up the swap in foremost methods, along with advocating for a particular technological future with policymakers and regulators,” the Eigen Labs crew necessary in a blog publish.

EigenLayer launched in 2021 and has considered gigantic pronounce right throughout the final few months. For the time being, the protocol ranks because the third-largest by total worth locked (TVL) on Ethereum. 

Data from DeFiLlama exhibits EigenLayer’s TVL for the time being stands at $7.84 billion, having sharply risen from $2.15 billion on February 5, 2024.

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