A recent report by Coinbase Research uncovered that restaking has emerged as the second-largest sector in decentralized finance (DeFi) on Ethereum.
The study highlights EigenLayer’s restaking protocol as an important component for new services and middleware on the Ethereum network, potentially offering significant ETH rewards for validators in the future.
EigenLayer’s Restaking Protocol
Ethereum’s proof-of-stake (PoS) consensus mechanism is the largest economic security fund in the crypto space, with nearly $112 billion. While validators securing the network traditionally earned base rewards on locked-up ETH, the introduction of liquid staked tokens (LSTs) paved the way for participants to engage with DeFi by trading or leveraging their staked assets.
EigenLayer’s restaking protocol, launched on Ethereum mainnet in June 2023, has quickly grown to become the ecosystem’s second-largest DeFi protocol by total value locked (TVL), currently at $12.4 billion.
This protocol enables
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