On Thursday, the Eigen Labs development team, responsible for the Eigenlayer restaking protocol, announced a $100 million investment from A16z Crypto. This substantial funding comes after the project’s $50 million Series A round in March 2023.
Eigen Labs Secures $100 Million A16z Investment for Ethereum Protocol Expansion
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Eigenlayer’s Development Team, Eigen Labs, Garners $100M from A16z Crypto
Eigen Labs has secured a $100 million investment from A16z Crypto, a subsidiary based at Andreessen Horowitz, as declared on the social media platform X. The team, known for developing Eigenlayer, created a protocol enabling ethereum ( ETH) stakers to redelegate their staked ETH. The decentralized finance ( defi) protocol allows participation in multiple services simultaneously, offering combined security benefits.
“We are excited to announce that Eigen Labs, the core development team contributing to Eigenlayer and EigenDA, has raised $100 million from A16z Crypto,” the team stated on Thursday. “Our mission is to maximize open innovation. This mission has a beginning, but no end. We consider ourselves players in an infinite sum, infinite horizon game,” Eigen Labs further remarked.
Presently, according to defillama.com metrics, the Eigenlayer protocol currently secures $7.806 billion in total value locked (TVL). The TVL has jumped significantly this month rising from the $2.156 billion the protocol secured on Feb. 5, 2024. Eigen Labs previously raised $50 million in March 2023 in a funding round led by Blockchain Capital. WAGMI Ventures, TRGC, and Eclipse have also invested in Eigen Labs.
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