EigenLayer Sees Massive $3.3 Billion ETH Restaking

EigenLayer platform saw over 1.35M ETH tokens worth $3.33 billion being restaked with Puffer Finance and Justin Sun the key players.

EigenLayer a well-known Ethereum staking platform was the site of a significant restaking that occurred within the Ethereum community. Over one million ETH tokens have restaked into EigenLayer.

In addition, it is essential to point out that Puffer Finance and Tron founder Justin Sun were the driving forces behind the development. An on-chain data tracking tool known as Spot On Chain has reported that more than 1.35 million ethers which have a value of about $3.33 billion, have been restaked into Eigenlayer.

Notable participants such as Puffer Finance, Justin Sun, Eigenpie and Kelp DAO are among those who have participated in this flood. Recently, Justin Sun made headlines by unwrapping 94,500 WSTETH from Lido and depositing it into Eigenlayer.

This action solidified his position as one of the largest restakers within the cryptocurrency community. At the front of the pack was Puffer Finance, which had 233,600 ETH restaked which is equivalent to $566 million.

Furthermore, Sun’s entire restaking amounted to 109,300 ETH which represented a value of $265 million. During this time, Eigenpie re-deposited 88,600 ETH into EigenLayer which had a total worth of $215 million.

In addition, the Kelp DAO sent 75,300 ETH to EigenLayer which is worth a total of $182 million. This pattern demonstrates the increasing amount of faith Ethereum investors have in Eigenlayer’s staking infrastructure.

Ethereum investors are anticipated to have made the latest ETH restaking move prompted by the additional staking incentives provided by EigenLayer. When the founder of Tron was restracking Ethereum into EigenLayer, a stunning piece of information surfaced.

Recently, Tron has experienced a significant increase in fees generated which has surpassed $4 million per day. Considering fee generation, Tron is now tied for second place with Ethereum.

This highlights the increasing popularity that it is gaining in the cryptocurrency market. Tron is experiencing significant traction as evidenced by the fact that the average transaction cost is getting close to $0.9, which reflects the increased activity.

In addition, Tron reported a daily fee of approximately one million dollars early in the year 2021, which indicates a fourfold rise compared to the current times. Tron’s ability to compete with Ethereum raises intriguing issues.

Tron’s rapid fee increase and substantial user base provide credence to the possibility that it could present a formidable threat to Ethereum which continues to be the frontrunner.

Particularly noteworthy is that Tether’s USDT stablecoin dominates the network because it accounts for about $100 million in monthly gas usage among 7.2 million users.