{"id":141387,"date":"2023-09-01T21:38:58","date_gmt":"2023-09-01T16:08:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=141387"},"modified":"2023-09-01T21:38:58","modified_gmt":"2023-09-01T16:08:58","slug":"eigenlayer-pulls-in-160m-of-deposits-within-two-hours-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eigenlayer-pulls-in-160m-of-deposits-within-two-hours-crypto-news\/","title":{"rendered":"EigenLayer Pulls In $160M Of Deposits Within Two Hours &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Restaking protocol EigenLayer raised the deposit caps on its liquid staking token (LST) restaking pools on Aug.22, saying that the pools for stETH, rETH and cbETH would close once any one of them hit 100,000 tokens deposited.<\/p>\n<figure><\/figure>\n<p>EigenLayer <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/eigenlayer\/status\/1694012932651102711?s=20\">stopped<\/a> accepting new deposits just under two hours later after stETH became the first LST to hit the cap. Users deposited 85,000 stETH, over 6,600 cbETH and nearly 5,000 rETH.<\/p>\n<figure><img decoding=\"async\" alt=\"the-defiant\" loading=\"lazy\" width=\"768\" height=\"345.3169533169533\" data-nimg=\"1\" class=\"mx-auto\" id='b' style='filter: url(%23b)' src=\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fbad6f49a75bca039293658bc8912f5c4c6233ce6-814x366.jpg&amp;w=828&amp;q=75\" \/><\/figure>\n<p>The protocol currently holds close to $240M in total value locked and today launched an NFT collection called <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mint.eigenlayer.xyz\/\">Eigen Worlds<\/a>, which enables \u201ccommunity members to mint their own names and visual emblems in the EigenLayer ecosystem.\u201d<\/p>\n<p>EigenLayer is designed to allow other projects, like bridges or oracle networks, to rely on restaked ETH for security, rather than needing to bootstrap their own validator sets and native token economies. These projects would pay EigenLayer for its services, resulting in additional yield for restakers.<\/p>\n<figure><img decoding=\"async\" alt=\"the-defiant\" loading=\"lazy\" width=\"525\" height=\"371.5657142857143\" data-nimg=\"1\" class=\"mx-auto\" id='b' style='filter: url(%23b)' src=\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F2a20cf6769bb76ad35619ecefc5a4bc128d542d6-525x254.jpg&amp;w=828&amp;q=75\" \/><figcaption class=\"text-center text-xs\">EigenLayer Overview<\/figcaption><\/figure>\n<h2>Stader Introduces Liquid Restaked Token<\/h2>\n<p>Stader Labs is building a solution For DeFi users who want to use EigenLayer but want to retain access to their liquidity.<\/p>\n<p>No stranger to LST markets, Stader already secures staked assets amounting to $122.35M in TVL across the Ethereum, Hedera, BSC, Fantom, Near, and Terra 2 networks.<\/p>\n<p>The Stader team grappled with how to reconcile a potential conflict between LST restaking services from EigenLayer and the greater DeFi marketplace, co-founder Amit Gajjala revealed on Friday during The Defiant\u2019s weekly livestream <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/i\/broadcasts\/1kvKpmbMmNdGE\">broadcast<\/a>.<\/p>\n<p>Stader&#8217;s latest project <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/staderlabs_eth\/status\/1693645955717833014?s=20\">introduces<\/a> a new crypto primitive in the form of a liquid restaked token (LRT). rsETH is a token that represents LSTs that have been restaked through EigenLayer.<\/p>\n<p>\u201cWhen somebody stakes their LSTs or ETH with Stader, we restake them on a set of validators running on EigenLayer,\u201d said Gajjala.<\/p>\n<p>\u201cWe want to build an ecosystem surrounding EigenETH like liquidity pools, additional reward opportunities, collateralized positions,\u201d said Gajjala.<\/p>\n<p>Overall, Gajjala is bullish on EigenLayer. \u201cThe sky\u2019s the limit for restaking rewards. They could be 10%, 15% or 20% depending on the number of services that are utilizing restaked LSTs or restaked Ethereum,\u201d he said.<\/p>\n<h2>Work In Progress<\/h2>\n<p>The team is currently running the contract on a testnet, with a mainnet deployment imminent, according to Gajjala.<\/p>\n<figure><img decoding=\"async\" alt=\"the-defiant\" loading=\"lazy\" width=\"591\" height=\"349.56345177664974\" data-nimg=\"1\" class=\"mx-auto\" id='b' style='filter: url(%23b)' src=\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fdb388d5a191d62c499442f38d97f307c3eb656a6-591x269.jpg&amp;w=828&amp;q=75\" \/><\/figure>\n<p>However, some aspects of Stader\u2019s new staking model still hinge on unreleased portions of the EigenLayer, according to Stader protocol Co-Founder, Dheeraj Borra.<\/p>\n<p>\u201cWe&#8217;re still working on a solution. Part of what makes this space very complex with risk-taking is that EigenLayer is a three-sided marketplace and they&#8217;ve only enabled the first side of the marketplace,\u201d Borra told The Defiant.<\/p>\n<p>Yields on EigenLayer are currently not activated, although users may commit supported liquid staking tokens (stETH, rETH, cbETH) to the protocol.<\/p>\n<p>The remaining two sides of EigenLayer\u2019s marketplace are node operators and apps that use the validation services. Borra expects both to launch within months.<\/p>\n<h2>Risk Management<\/h2>\n<p>To avoid creating a house of cards that could potentially pose a threat to Ethereum, Gajjala says it\u2019s necessary to build with \u201cfundamentally really strong risk management practices.\u201d<\/p>\n<p>In that vein, a risk committee and the DAO have the task of performing a deep assessment of services, only onboarding and whitelisting those that meet stringent criteria.<\/p>\n<p>\u201cThere\u2019s going to be slashing risks, there\u2019s going to be some other potential risks. There are so many unknown unknowns in this equation, till restaking and some of the services on top of restaking go live it\u2019s very hard for us to imagine that at this stage,\u201d said Gajjala.<\/p>\n<p>\u201cBut having said that, if we ensure that the risk management is properly in place, it\u2019s a fundamentally new primitive that\u2019s going to be built on top of DeFi and ETH staking,\u201d he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Restaking protocol EigenLayer raised the deposit caps on its liquid staking token (LST) restaking pools on Aug.22, saying that the pools for stETH, rETH and cbETH would close once any one of them hit 100,000 tokens deposited. EigenLayer stopped accepting new deposits just under two hours later after stETH became the first LST to hit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":141388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-141387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=141387"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141387\/revisions"}],"predecessor-version":[{"id":146983,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141387\/revisions\/146983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/141388"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=141387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=141387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=141387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}