a16z invests $100 million in re-pledge protocol EigenLayer! TVL ranks fourth and closely follows AAVE

Well-known American venture capital invested a staggering $100 million in the re-pledge protocol EigenLayer.

a16z partner explains why he invested in EigenLayer?

In response, a16z partner Ali Yahya also posted on social platform X explaining why they are optimistic about EigenLayer.

At the beginning, Ali Yahya expressed his sincere appreciation for EigenLayer founder Sreeram Kannan: Sreeram Kannan is not only talented, but also has such a clear and compelling vision for the future. Sreeram has a unique passion and sense of mission to integrate new technologies into people's lives because he believes these technologies can create a better future.

At the same time, Ali Yahya also elaborated on his understanding of EigenLayer: EigenLayer is a set of smart contracts on Ethereum that creates a two-way market for original cryptoeconomic security: on the demand side, it allows Define the creators of decentralized services and write code that effectively extends the functionality of Ethereum; on the supply side, validators participating in the Ethereum consensus can choose to run these decentralized services by re-mortgaging ETH to them. The end result is that EigenLayer is a decentralized and market-based mechanism for extending the functionality of Ethereum. The implications are profound. We believe that by further decoupling cryptoeconomic security from the EVM, EigenLayer has the potential to enable 100x innovation in technologies such as consensus mechanisms, new virtual machines, decentralized oracles, bridges, and networks with specialized hardware, like Ethereum unlocks 100x faster innovation at the application logic level by introducing smart contracts.

EigenLayer’s team is Eigen Labs, who recently announced they have received investment. In March 2023, they successfully completed a $50 million Series A financing led by Blockchain Capital. The financing also saw participation from Coinbase Ventures and Polychain Capital, which shows the project’s appeal among investors.

EigenLayer TVL jumped to the fourth largest protocol

In addition, according to DeFiLlama data, EigenLayer temporarily lifted the 200,000 ETH pledge limit for each protocol on February 6 (now ended) , its TVL has reached US$7.8 billion as of this writing, surpassing many star projects such as Uniswap and Just Lend.., and jumping to the fourth largest agreement, closely following AAVE, and its growth rate is very amazing

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