Venture capital firm Andreessen Horowitz invested $100 million in the cryptocurrency project EigenLayer. According to the statements, Andreessen Horowitz is the sole backer of this investment round.
Andreessen Horowitz invested $100 million in EigenLayer!
According to Bloomberg, venture capital firm Andreessen Horowitz has invested $100 million in crypto restructuring project EigenLayer. The investment will reportedly be announced on Thursday and Andreessen Horowitz is the sole backer of the round.
EigenLabs, the team behind the rebuild protocol, previously closed a $50 million Series A funding round in March 2023, led by Blockchain Capital and with participation from Coinbase Ventures and Polychain Capital, among others. EigenLabs attempted to raise $50 million at the time, with a post-equity valuation of $250 million and a token valuation of $500 million.
First statement from cryptocurrency-friendly VC
The news comes despite venture funding falling significantly from a peak of $13.5 billion in the first quarter of 2022. According to Ali Yahya, general partner at Andreessen Horowitz, the partnership has the potential to pave the way for new types of applications. Ali Yahya made the following statement regarding the development:
It will enable all kinds of new types of applications to be built… People will invest capital to earn rewards from new services emerging on top of EigenLayer.
What is EigenLayer?
EigenLayer’s protocol allows users to re-stake validators’ Ethereum stakes locally or through liquid staking tokens and allocate these funds to economically secure third-party protocols.
The first phase of the Eigenayer protocol went live on the Ethereum main-net in June 2023. It also allowed users to deposit LSTs from three staking projects. These are: Lido, Rocket Pool and Coinbase. The protocol has since expanded to additional LSTs, including Stakewise’s sETH, Mantle’s mETH, Frax’s sfrxETH, Ankr’s ankrETH, and Binance’s wBETH. Earlier this month, EigenLayer broke a record in total value locked. The TVL of the project reached approximately 6 billion dollars. Currently close to reaching $8 billion in TVL, according to DeFiLlama data
It is disappointing that the cryptocurrency project will not issue tokens
Meanwhile, cryptokoin.comAs you follow from , EigenLayer became the center of attention in anticipation of the airdrop. In fact, the Turkish cryptocurrency community started to seriously follow the project. The recent airdrop craze and subsequent price explosions were effective in this. There was an expectation that EigenLayer, which works with a points system, would take a similar step. However, project founder Sreeram Kannan stated that they have no plans to issue a token for now. This led to disappointment in the community.
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