The burgeoning landscape of Ethereum restaking protocols has witnessed a remarkable surge, reaching a total value locked (TVL) milestone of $8.35 billion. Among the frontrunners, ether.fi emerges as the leader with a TVL surpassing $3.2 billion, followed closely by Renzo securing the second spot with $2 billion. The Block’s data further highlights Puffer’s prominence, securing the third position with a TVL standing at $1.3 billion.
A significant uptick in activity was observed on Feb. 5, notably propelled by EigenLayer’s protocol, which witnessed a staggering influx of $1.18 billion after the project removed the cap on maximum restaked assets, allowing for 200,000 Ethereum (ETH) to be utilized. This surge translated into a swift escalation, boosting the protocol’s TVL by over $1.5 billion in just one day.
The meteoric rise continued, with the restaking TVL figure reaching $3.5 billion by Feb. 20, marking an exponential increase of over 100% in less than two months. This surge was prominently steered by ether.fi and Puffer, commanding TVLs of $1.36 billion and $1.02 billion, respectively. Ethereum has solidified its dominance in the decentralized finance (DeFi) realm, capturing 56% or $52 billion of the total value locked in DeFi applications, according to DefiLlama.
The landscape witnessed a palpable surge in staking demand and network activity following the Shapella upgrade in April 2023. This pivotal update empowered users to withdraw previously locked cryptocurrencies, fueling further participation and engagement within the ecosystem.
