Re-staking protocol EigenLayer raises $50M

EigenLayera solution allowing to staker from ETH on several protocols at the same time, has just completed a series A from 50 million dollars led by Blockchain Capital.

On Tuesday, EigenLabs, the team that develops the decentralized protocol EigenLayer, announced to have raised 50 million dollars from the native VC Blockchain Capital. The Series A round also includes participation from other major investors in the crypto ecosystem with Electric Capital, Hack VC, Polychain or Coinbase Ventures.

EigenLayer will offer the possibility to validators to to “re-stack” their ETH (but also stETH, rETH, cbETH and LsETH) to secure other protocols than Ethereum and generate additional rewards.

Re-staking allows the ETH that already secures the Ethereum network to be reused to secure new crypto networks. Since the validator’s collateral is denominated in ether, the capital outlay required to incentivize, attract and retain a decentralized set of high-quality validators is in turn reduced […] EigenLayer therefore not only significantly reduces the cost of capital to bootstrap new crypto networks, but also facilitates decentralization,” explained Bart Stephens of Blockchain Capital.

The series A from EigenLayer follows a previous $14.5 million round led by Polychain and Ethereal Ventures in 2022.

The startup plans to launch its protocol through “multiple phases” during 2023, according to the announcement.

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