Author: Biscuit, RootData
In 2024, with the explosion of Layer2 blockchains, the competition for data availability has become intense. As a leading re-staking protocol in the Ethereum ecosystem, EigenLayer announced on January 10th that it will add three new LST assets and reopen the existing upper limit of 200,000 ETH for each LST asset for re-staking on January 29th.
According to RootData statistics, EigenLayer completed a $14.5 million seed round of financing in August 2022, with Polychain and Ethereal Ventures leading the investment, and Figment Capital, dao5, and Robot Ventures participating. On March 28, 2023, EigenLayer completed a $50 million Series A financing at a valuation of $500 million, with Blockchain Capital leading the investment, and Coinbase Ventures, Hack VC, Electric Capital, and others participating.
After the launch of the mainnet last year, EigenLayer has raised the re-staking limit for LST three times, each time quickly reaching the hard cap within a few hours. Under the incentive of staking points, a batch of derivative protocols based on EigenLayer points have been created. This article will take stock of 12 EigenLayer peripheral projects such as Ether.Fi, Renzo, and Kelp DAO. Readers can also visit the RootData collection for further research on the projects.
Ether.Fi
Ether.Fi is a liquidity staking protocol where stakers can delegate their stakes to node operators and earn rewards while controlling their keys. Ether.fi launched its mainnet on November 6th last year, and early stakers of eETH will receive loyalty points. Ether.Fi plans to implement DAO governance in March this year.
On February 28, 2023, Ether.Fi completed a $5.3 million seed round of financing, with North Island Ventures and Chapter One leading the investment, and Node Capital, Arrington Capital, and others participating.
Renzo
Renzo is a re-staking protocol based on EigenLayer. Renzo abstracts the complex process of re-staking for end users, relieving stakers from the active selection and management of node operators and reward strategies.
On January 15, 2024, Renzo Protocol completed a $3.2 million seed round of financing at a valuation of $25 million, with Maven11 leading the investment, and Figment Capital, SevenX Ventures, IOSG Ventures, Bodhi Ventures, OKX Ventures, Robot Ventures, and others participating.
Renzo launched the ezPoints incentive program on January 4th, aiming to reward users who contribute to the protocol. The first way to earn points is by minting ezETH, with other ways to earn points to be announced as the staking ecosystem matures.
Mangata
Mangata is an Omnichain ZK-rollup for cross-chain transactions and L1-level native liquidity. It supports gasless exchange of native assets and minimizes MEV for cross-chain transactions. Trading on the network requires purchasing and locking native tokens.
According to RootData platform data, Mangata raised $5.6 million through 2 rounds of financing, with Polychain, IOSG Ventures, and Polychain participating.
Mangata is collaborating with Eigenlayer operators to ensure the security of Mangata AVS, and its testnet will guide the infrastructure on the Ethereum Goerli testnet to protect Mangata using locally re-staked ETH. Mangata plans to launch its mainnet on Ethereum through EigenLayer in 2024.
Kelp DAO
Kelp DAO is a triple yield re-staking protocol based on EigenLayer. rsETH is a liquidity re-staking token (LRT) issued by Kelp DAO, designed to provide liquidity for illiquid assets deposited on re-staking platforms.
AltLayer
AltLayer is a highly scalable application-specific execution layer system for security from the bottom L1/L2. It is designed as a modular and pluggable framework for the multi-chain and multi-VM world. In December last year, EigenLayer announced a partnership with the Ethereum scaling project AltLayer to launch Active Verification Services (AVS) "Restaked Rollups".
On July 1, 2022, AltLayer completed a $7.2 million seed round of financing, with Polychain, Jump Crypto, and Breyer Capital jointly leading the investment, and Balaji Srinivasan, Gavin Wood, Ryan Selkis, and others participating. On August 4, 2023, AltLayer received strategic investment from Binance Labs and was selected as one of the best projects in the 6th season of MVB.
PolyHedra
PolyHedra is the infrastructure for Web3 interoperability, providing trustless and efficient infrastructure for cross-chain bridges and data interoperability between various Web2 and Web3 systems.
Currently, PolyHedra has completed 3 rounds of financing, with investors including Binance Labs, OKX Ventures, Polychain, Animoca Brands, dao5, ABCDE Capital, Sparkle Ventures, HashKey Capital, Foresight Ventures, Kucoin Ventures, and others.
Hyperlane
Hyperlane is a platform for developers to build a cross-chain universe, providing on-chain APIs for sending information between blockchains. Developers can use Hyperlane as an API to securely communicate between blockchains, or utilize Hyperlane SDK and tools to quickly build cross-chain applications.
On September 22, 2022, Hyperlane completed a $18.5 million seed round of financing, with Galaxy Digital, CoinFund, Figment, Blockdaemon, Kraken Ventures, NFX, Circle Ventures participating.
Hyperlane has been integrated into the Celestia mainnet, launching a cross-chain bridge from Celestia to Celestia Rollup, supporting cross-chain transfer of TIA between Rollups, including cross-chain operations between Neutron and Manta Network.
Omni Network
Omni is an interoperability layer for Ethereum, providing core infrastructure support for all modular applications on Ethereum. When building applications, developers will no longer be confined to building within the scope of a single Rollup or execution environment.
On February 8, 2022, Omni Network completed an $18 million financing, with Pantera Capital leading the investment, and Two Sigma Ventures, Coinbase Ventures, Spartan Group, DeFiance Capital, Hashed, Jump Capital, Do Kwon, Stani Kulechov, Sandeep Nailwal, Joseph Naggar participating.
Espresso Systems
Espresso Systems is a blockchain compatible with EVM, providing scalability and privacy systems for Web 3 applications. By combining the PoS consensus protocol with zk Rollup mechanism, Espresso Systems packages multiple transactions in a more resource-efficient manner.
On March 7, 2022, Espresso Systems completed a $32 million seed round of financing, with Greylock and Electric Capital jointly leading the investment, and Sequoia Capital, Blockchain Capital, Slow Ventures, Alameda Research, and others participating.
EigenDA
EigenDA is a secure, high-throughput, and decentralized Data Availability (DA) service built on top of Ethereum using EigenLayer re-staking primitives. EigenDA, developed by EigenLabs, will be the first Active Verification Service (AVS) launched on EigenLayer.
Witness Chain
Witness Chain is building transparent middleware for blockchains. By leveraging Eigenlayer, Witness Chain is able to create a decentralized observer network for verifiable monitoring of AVS, providing the first line of defense for optimistic rollups.
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