EigenLayer, recorded a significant increase in user assets, exceeding $900 million. The protocol led to a substantial increase in total deposits by setting deposit caps for liquid staking assets. On December 19th, this amount reached 410,000 Ethereum valued at $900 million, nearly quadrupling compared to a few days earlier.
A Significant Move from EigenLayer
Before the protocol update, EigenLayer had set a staking limit of under 120,000 Ethereum and had paused deposit transactions. On December 18th, the protocol set a new target of 500,000 Ethereum worth $1.1 billion, raising the limit.
With this development, the protocol’s total locked value surged from $250 million to over $900 million. The protocol now seems to be on track to exceed $1 billion in deposits and reach the maximum target.
EigenLayer offers a protocol for users to deposit Ethereum into various liquid stake pools and stake their assets, with the intention of allocating these funds to secure third-party networks after this step. The protocol’s first phase was launched on the Ethereum mainnet in June.
Potential Airdrop Possibility for Eigen Token
At launch, EigenLayer allowed users to deposit assets from three staking projects: Lido, Rocket Pool, and Coinbase. The protocol is currently expanding its range to include six additional stake pools; Swell’s swETH, Stakewise’s sETH, Stader’s xETH, Origin’s oETH, Ankr’s ankrETH, and Wrapped Beacon Ether (wBETH).
The increase in caps and the introduction of various stake pools led to an uptick in activities as many people joined the network and made deposits to earn points. While these points are speculative, they could potentially offer investors the opportunity to benefit from a future Eigen airdrop event.
EigenLayer will pause deposit transactions for all users once the 500,000 Ethereum limit is reached. EigenLabs had successfully completed a $50 million Series A funding round led by Blockchain Capital in March.
