a16z invests $100 million in Ethereum protocol EigenLayer

• a16z has invested $100 million in Ethereum restaking protocol EigenLayer.
• The startup based by former College 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.

Enterprise agency Andreessen Horowitz (a16z) has invested $100 million in EigenLayer, a startup based by former College of Washington affiliate professor Sreeram Kannan.

In line with a Bloomberg report on Thursday, a16z was the one investor within the funding spherical.

a16z backs EigenLayer with $100 million

EigenLayer is the most important restaking protocol on Ethereum. It permits validators and stakers to earn by restaking liquid staking derivatives such because the Lido staked Ether (stETH) and RocketPool staked ETH (rETH). 

The $100 million funding provides to the $50 million that the EigenLayer workforce raised in March final yr. 

Accelerating Ethereum Collectively: @eigenlayer ♾ @a16zcrypto

We’re excited to announce that Eigen Labs, the core growth workforce contributing to EigenLayer and @eigen_da, has raised $100 million from a16z crypto.https://t.co/M2JQ8HZZ0h

— EigenLayer (@eigenlayer) February 22, 2024

The partnership with a16z crypto expands the Eigen Labs and a16z’ dedication to analysis, the platforms famous. It will embrace within the space of open supply, public items and long-term help throughout the trade.

“a16z is extraordinarily long-term. They first printed views on Bitcoin and Coinbase as early as 2013. Within the decade since they’ve continued to help the trade in essential methods, together with advocating for a optimistic technological future with policymakers and regulators,” the Eigen Labs workforce famous in a weblog publish.

EigenLayer launched in 2021 and has seen great development over the previous few months. In the mean time, the protocol ranks because the third-largest by complete worth locked (TVL) on Ethereum. 

Knowledge from DeFiLlama reveals EigenLayer’s TVL at the moment stands at $7.84 billion, having sharply risen from $2.15 billion on February 5, 2024.