Projects in the Eigenlayer restaking sector with potential airdrop opportunities
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Projects in the Eigenlayer restaking sector with potential airdrop opportunities
How to earn multiple Eigenlayer points?
Navigating Web3 tides with focused insightsBy Cookie, RootData
In 2024, with the explosion of Layer2 blockchains, competition over data availability has intensified. As the leading restaking protocol in the Ethereum ecosystem, EigenLayer announced on January 10 the addition of three new LST assets and reopened the existing cap of 200,000 ETH per LST asset for restaking starting January 29.
According to RootData statistics, EigenLayer raised $14.5 million in seed funding in August 2022, led by Polychain and Ethereal Ventures, with participation from Figment Capital, dao5, and Robot Ventures. On March 28, 2023, EigenLayer completed a $50 million Series A round at a $500 million valuation, led by Blockchain Capital, with participation from Coinbase Ventures, Hack VC, Electric Capital, and others.
Last year, after launching its mainnet's first phase, EigenLayer increased the restaking limit for LSTs three times—each time quickly hitting the hard cap within hours. Driven by staking point incentives, this spurred the emergence of several restaking derivative protocols based on EigenLayer points. This article reviews 12 projects around EigenLayer, including Ether.Fi, Renzo, and Kelp DAO. Readers can also visit the RootData collection for further research.
Ether.Fi
Ether.Fi is a liquid staking protocol that allows stakers to delegate their stakes to node operators while maintaining control over their keys and earning rewards. Ether.Fi launched its mainnet on November 6 last year, and early eETH stakers received loyalty points. The protocol plans to achieve DAO governance by March this year.
On February 28, 2023, Ether.Fi raised $5.3 million in seed funding, led by North Island Ventures and Chapter One, with participation from Node Capital, Arrington Capital, and others.
Renzo
Renzo is a restaking protocol built on EigenLayer. It abstracts away the complex processes involved in restaking, allowing users to avoid actively managing operator selection and reward strategies.
On January 15, 2024, Renzo Protocol raised $3.2 million in seed funding at a $25 million valuation, led by Maven11, with participation from Figment Capital, SevenX Ventures, IOSG Ventures, Bodhi Ventures, OKX Ventures, Robot Ventures, and others.
Renzo launched its ezPoints rewards program on January 4, designed to reward users contributing to the protocol. The primary way to earn points is by minting ezETH, with additional methods to be announced as the staking ecosystem matures.
Mangata
Mangata is an Omnichain ZK-rollup for cross-chain trading and native L1-level liquidity. It supports gasless swaps of native assets and minimizes MEV in cross-chain transactions. Trading on the network requires purchasing and locking the native token.
According to RootData platform data, Mangata raised $5.6 million across two funding rounds, with participation from Polychain, IOSG Ventures, and others.
Mangata collaborates with EigenLayer operators to secure its AVS. Its testnet will bootstrap infrastructure on the Ethereum Goerli testnet, using natively restaked ETH to protect Mangata. The project plans to launch its mainnet on Ethereum via EigenLayer in 2024.
Kelp DAO
Kelp DAO is a triple-yield restaking protocol built on EigenLayer. rsETH is a liquid restaking token (LRT) issued by Kelp DAO, designed to provide liquidity for illiquid assets deposited into restaking platforms.
AltLayer
AltLayer is a highly scalable system of application-specific execution layers secured by underlying L1/L2 networks. Designed as a modular and pluggable framework for multi-chain and multi-VM environments, AltLayer partnered with EigenLayer in December last year to launch the Active Validation Service (AVS) "Restaked Rollups."
On July 1, 2022, AltLayer raised $7.2 million in seed funding, co-led by Polychain, Jump Crypto, and Breyer Capital, with participation from Balaji Srinivasan, Gavin Wood, Ryan Selkis, and others. On August 4, 2023, AltLayer received strategic investment from Binance Labs and was selected as one of the top projects in Season 6 of MVB.
PolyHedra
PolyHedra is infrastructure for Web3 interoperability, providing trustless and efficient solutions for data interoperability between cross-chain bridges and various Web2 and Web3 systems.
To date, PolyHedra has completed three funding rounds, backed by investors including Binance Labs, OKX Ventures, Polychain, Animoca Brands, dao5, ABCDE Capital, Sparkle Ventures, HashKey Capital, Foresight Ventures, and Kucoin Ventures.
Hyperlane
Hyperlane is a developer platform for building a cross-chain universe, offering on-chain APIs for messaging between blockchains. Developers can use Hyperlane as an API for secure communication across chains or leverage its SDK and tools to rapidly build cross-chain applications.
On September 22, 2022, Hyperlane raised $18.5 million in seed funding, with participation from Galaxy Digital, CoinFund, Figment, Blockdaemon, Kraken Ventures, NFX, and Circle Ventures.
Hyperlane has integrated with the Celestia mainnet, launching a bridge from Celestia to Celestia rollups, enabling cross-rollup transfers of TIA. Current supported operations include cross-chain interactions between Neutron and Manta Network.
Omni Network
Omni is the interoperability layer for Ethereum, serving as core infrastructure supporting all modular applications on Ethereum. With Omni, developers are no longer confined to building within the boundaries of a single rollup or execution environment.
On February 8, 2022, Omni Network raised $18 million in funding, led by Pantera Capital, with participation from Two Sigma Ventures, Coinbase Ventures, Spartan Group, DeFiance Capital, Hashed, Jump Capital, Do Kwon, Stani Kulechov, Sandeep Nailwal, and Joseph Naggar.
Espresso Systems
Espresso Systems is an EVM-compatible blockchain providing scaling and privacy systems for Web3 applications. By combining PoS consensus with zk-Rollup mechanisms, Espresso Systems batches multiple transactions in a more resource-efficient manner.
On March 7, 2022, Espresso Systems raised $32 million in seed funding, co-led by Greylock and Electric Capital, with participation from Sequoia Capital, Blockchain Capital, Slow Ventures, Alameda Research, and others.
EigenDA
EigenDA is a secure, high-throughput, decentralized data availability (DA) service built on Ethereum using EigenLayer’s restaking primitives. Developed by EigenLabs, EigenDA will be the first Active Validation Service (AVS) to launch on EigenLayer.
Witness Chain
Witness Chain is building transparent middleware for blockchains. Leveraging EigenLayer, WitnessChain creates a decentralized observer network capable of provably monitoring AVSs, serving as the first line of defense for optimistic rollups.
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