Eigen Labs Secures $100 Million A16z Investment for Ethereum Protocol Expansion

On Thursday, the Eigen Labs development team, responsible for the Eigenlayer restaking protocol, announced a $100 million investment from A16z Crypto. This substantial funding comes after the project’s $50 million Series A round in March 2023.

Eigenlayer’s Development Team, Eigen Labs, Garners $100M from A16z Crypto

Eigen Labs has secured a $100 million investment from A16z Crypto, a subsidiary based at Andreessen Horowitz, as declared on the social media platform X. The team, known for developing Eigenlayer, created a protocol enabling ethereum (ETH) stakers to redelegate their staked ETH. The decentralized finance (defi) protocol allows participation in multiple services simultaneously, offering combined security benefits.
“We are excited to announce that Eigen Labs, the core development team contributing to Eigenlayer and EigenDA, has raised $100 million from A16z Crypto,” the team stated on Thursday. “Our mission is to maximize open innovation. This mission has a beginning, but no end. We consider ourselves players in an infinite sum, infinite horizon game,” Eigen Labs further remarked.

Presently, according to defillama.com metrics, the Eigenlayer protocol currently secures $7.806 billion in total value locked (TVL). The TVL has jumped significantly this month rising from the $2.156 billion the protocol secured on Feb. 5, 2024. Eigen Labs previously raised $50 million in March 2023 in a funding round led by Blockchain Capital. WAGMI Ventures, TRGC, and Eclipse have also invested in Eigen Labs.
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