📈EigenLayer TVL Skyrockets After Uncapping LST Pools
EigenLayer's TVL grew by $1.5B in roughly half a day after the pioneering restaking protocol temporarily removed the limits on its liquid staking pools. LST holders will enjoy unbridled access to EigenLayer until Feb. 9
In other news, Gitcoin is pivoting away from its public goods funding rounds in favor of community-led grants supporting the Ethereum ecosystem, while Neon EVM is expanding its cross-chain Solana support to new EVM-compatible chains.
Plus, two freshly launched spot Bitcoin ETFs ranked among the top 10 exchange-traded funds by inflows.
✍️ In today’s newsletter:
- EigenLayer temporarily ditches LST pool limits
- EigenLayer's TVL surges 70% in 13 hours
- Gitcoin restructures and pivots focus
- Neon EVM taps deBridge to cross-chain expansion
- Bitcoin products crash ETF rankings
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EigenLayer Removes All Limits On LST Pools Until Feb. 9
TLDR EigenLayer, the pioneering Ethereum restaking protocol, has temporarily removed the limits on its pools supporting liquid staking tokens. The pools will remain uncapped until Feb. 9.
SO WHAT EigenLayer said the move paves the way for its progressive decentralization, forecasting that it will soon begin permanently removing LST pool caps. The protocol also announced support for three new LSTs, bringing the number of liquid staking tokens supported by EigenLayer to 12.
EigenLayer’s TVL Grows $1.5B In One Day After Raising LST Pool Limits
TLDR EigenLayer is now the fifth-largest DeFi protocol after users piled $1.5B worth of tokens into the protocol after it temporarily removed LST pool limits.
SO WHAT EigenLayer's surging TVL indicates the protocol could command an outsized share of the supply of staked Ether should it move to permanently ditch imposing limits on its LST pools.
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Key initiatives include the Gamified Engagement Airdrop launching on February 7, major exchange listings, full EVM compatibility, integration with liquidity centers, an NFT launchpad and marketplace, and parallel optimistic execution. Each of these represents a major stride towards creating a user and developer-centric platform.
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Gitcoin Doubles Down On Grants Program
TLDR Gitcoin is transitioning away from its long-celebrated public goods funding rounds. Instead, the project is establishing a unit and protocol to pivot towards grants supporting the broader Ethereum ecosystem.
SO WHAT Gitcoin's restructure comes as the Ethereum community is increasingly debating how to ensure the network's ongoing development. Last week, the Protocol Guild, a collective of core contributors, urged Ethereum ecosystem projects to donate 1% of native tokens' supply to support Ethereum development.
READ MORE: Gitcoin Doubles Down On Grants Program
Neon EVM Integrates With DeBridge To Support New Chains
TLDR Neon EVM has integrated with deBridge, allowing users to bridge and swap assets between Solana and a wide range of networks supporting Ethereum smart contracts.
SO WHAT The Neon team hopes the integration will drive significant growth for the project, allowing it to tap into the vast ecosystem of EVM chains beyond the Ethereum mainnet.
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Two Bitcoin ETFs Land In Top 10 January ETF Inflows
TLDR The recently launched spot Bitcoin ETFs from BlackRock and Fidelity rank among the top 10 exchange-traded funds across all sectors by January inflows, according to research from Morningstar.
SO WHAT The data serves as the latest evidence signaling the emphatic success of the first Bitcoin ETFs' launch, with the sector taking in more than $1.45B after roughly three weeks of trade.