Lagrange Secures $13.2M Investment for EigenLayer Encryption

Lagrange, accelerates Ethereum transactions using EigenLayer encryption and zero-knowledge proofs with a $13.2 million investment.

Peter Thiel, the head of the Founders Fund, invested $13.2 million in Lagrange, an EigenLayer-based encryption company that speeds up Ethereum transactions using zero-knowledge proofs.

Fenbushi Capital, Archetype Ventures, Ecosystem, Mantle, Volt Capital, Archetype Digital, and 1kx were among the other investors that took part in the fundraising.

In the meantime, EigenLayer will put the money toward developing its restaking technology and speeding up the platform’s development. 

According to Lagrange, their product is “an off-chain network of specialized nodes that execute intensive computations and generate ZK proofs of the result.” The platform will launch later this month due to the growing demand for products built on the EigenLayer framework.

The platform allows decentralized apps to “verifiably access computations that would otherwise be too heavy to compute on-chain, without ever having to trust the off-chain prover to give them the correct result,” as stated by the business.

In an interview that CoinDesk cited, Lagrange founder Ismael Hishon-Rezaizadeh stated, “Our proving systems and our proof constructions are able to scale to these very big-data scales of verifiable computation that otherwise would have historically been infeasible.”

With EigenLayer at the top of the heap, crypto-restaking demand has been skyrocketing. The total value locked (TVL) of the platform hit a new record high of $16.33 billion since its mainnet launch last month, according to data from DeFiLlama.

Restaking is becoming more popular, so there has to be a better, quicker way to do trades. Lagrange can execute some “kinds of computations cheaply and quickly off-chain” using zero-knowledge proofs.

According to Hishon-Rezaizadeh, the network has already secured digital asset services provider Galaxy and renowned cryptocurrency exchange Kraken to operate its infrastructure prior to its launch.