A16z, accelerating cryptocurrency restaking, invests 15 billion yen in Eigen

Popular restaking narrative

Andreessen Horowitz (a16z), a major Silicon Valley VC firm, has invested $100 million in Eigen Labs. Eigen Labs is a company that develops EigenLayer, a restaking protocol for the crypto asset (virtual currency) Ethereum (ETH).

Accelerating Ethereum Together: @eigenlayer @a16zcrypto

We are excited to announce that Eigen Labs, the core development team contributing to EigenLayer and @eigen_dahas raised $100 million from a16z crypto.https://t.co/M2JQ8HZZ0h

— EigenLayer (@eigenlayer) February 22, 2024

a16z participated in the series round, in which a16z general partner Ali Yahya said, “We are working with EigenLayer founder Sreeram Kannan and the entire team to build a platform that will unlock a new dimension of open innovation on Ethereum.” I look forward to partnering with them.”

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Eigen Labs last raised money in March 2023, when Blockchain Capital, Coinbase Ventures, Polychain Capital and others invested a total of $50 million. The amount raised this time is double that amount and reflects the actual demand from investors.

EigenLayer, an ETH restaking platform developed by Eigen Labs, allows users to restake the ETH they staked on Ethereum's BCoin chain and earn more rewards.

Regarding EigenLayer's potential, Yahya said, “By further unbundling the economic security of cryptocurrencies from EVM, it is similar to how Ethereum achieved 100x innovation at the application logic level by introducing smart contracts. “EigenLayer believes that technologies such as consensus mechanisms, new virtual machines, decentralized oracles, bridges, and specialized hardware networking have the potential to enable 100x faster innovation.”

EigenLayer's TVL is currently approaching $8 billion.

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