Enterprise capital big Andreessen Horowitz has invested $100 million within the growth crew behind EigenLayer, a restaking protocol constructed on Ethereum (ETH).
Ali Yahya, a common companion at Andreessen Horowitz (often known as a16z), predicts that the EigenLayer will broaden Ethereum’s capabilities.
“EigenLayer is a set of good contracts on Ethereum that creates a two-sided market for uncooked cryptoeconomic safety: On the demand aspect, it permits creators of customized decentralized providers to jot down code that successfully extends the performance of Ethereum.
And, on the provision aspect, validators collaborating in Ethereum consensus — in the event that they occur to have the capability and required {hardware} — can choose into working every of these decentralized providers by restaking their ETH to them.”
Restaked ETH can be utilized as “cryptoeconomic safety for protocols apart from Ethereum, in change for protocol charges and rewards,” in keeping with EigenLayer’s web site.
Eigen Labs, the venture’s growth crew, introduced a16z’s funding on Thursday.
In a associated transfer, Binance Labs is investing an undisclosed quantity in Renzo, a liquid restaking token for EigenLayer. The venture goals to function the first on and off-ramp for Ethereum restaking.
Binance co-founder Yi He, who leads the change’s enterprise capital arm, says Renzo’s expertise allows extra customers to take part in liquid restaking.
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