Tech-focused venture giant Andreessen Horowitz (a16z) has invested $100 million in the Ethereum-based EigenLayer, suggesting that VC funding in crypto may be on course for a revival.
As reported by Bloomberg on Thursday, a16z was the sole backer of the funding round, which marks the largest investment ever received in EigenLayer by a wide margin.
Restaking With EigenLayer, Explained
The next largest investment in the platform was a $50 million raise in March during a funding round led by Blockchain Capital, a firm that has also supported platforms like Coinbase, Kraken, Aave, and OpenSea.
EigenLayer is a decentralized Ethereum “restaking” protocol, allowing users to repurpose their already staked ETH to also secure Ethereum sidechains. These sidechains may have different scalability and development properties from Ethereum’s base layer.
“It will enable all sorts of new kinds of applications to be built,” said a16z partner Ali Yahya during an interview with Bloomberg. “Peopl
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