The EigenLayer ecosystem has attracted principal investments from project capital agency Andreessen Horowitz, additionally called a16z, and Binance incubator Binance Labs, gaining great make stronger for its restaking approach.

Eigen Labs, the system pattern agency in the help of EigenLayer, launched Thursday morning that it had raised $100 million from Andreessen Horowitz’s flagship crypto fund, a16z crypto.

In a blog submit, Eigen Labs infamous several causes for partnering with a16z crypto, such as their commitment to open-source compare and lengthy-time length make stronger of the crypto industry.

“We deem that, by additional unbundling cryptoeconomic safety from the EVM, EigenLayer has the aptitude to free up 100x quicker innovation on technologies…in the same diagram that Ethereum unlocked 100x quicker innovation on the applying logic level by introducing neat contracts,” wrote a16z crypto’s traditional partner Ali Yahya in a blog submit.

EigenLayer is broadly identified for its restaking approach, which extends Ethereum’s efficiency by allowing crypto merchants to repurpose their staked ETH to exact other blockchain networks and suggestions past Ethereum’s execrable layer.

Learn Extra: 9 High Crypto Traits to Gaze for in 2024, In step with a16z

Binance’s Investment

Also on Thursday, Binance Labs, the incubation subsidiary of crypto trade Binance, launched it used to be investing an undisclosed quantity in Renzo, a liquid spinoff platform built on EigenLayer that targets to be the principal on and off-ramp for Ethereum restaking, as outlined by the protocol’s paperwork.

The collaboration between Binance Labs and Renzo “will flee the adoption of liquid staking and threat management on @EigenLayer making staking accessible to everybody,” wrote the Renzo team on X.

The 2 funding announcements reach because the worth of ether, the native cryptocurrency for the Ethereum blockchain, reached $3,000 earlier this week for the first time since April 2022, pushing its market cap above $356.5 billion at presstime, per CoinGecko.

The locked worth in EigenLayer neat contracts stands at over $7.8 billion, making it the fourth-largest protocol in the crypto home, in the help of liquid staking platform Lido, stablecoin issuer Maker, and lending protocol Aave, records from blockchain analytics agency DefiLlama reveals.