EigenLayer Expands Roster Of Restakable Assets With tBTC Integration

EigenLayer, the pioneering Ethereum restaking protocol, is expanding its roster of supported assets.

On Sept. 17, Threshold Network announced EigenLayer had integration support for tBTC, Threshold's Bitcoin-backed ERC-20 token.

The move allows users to leverage the value of their Bitcoin holdings for restaking on EigenLayer. Restaking describes using staked assets to secure multiple protocols at once, enabling users to earn numerous sources of yield simultaneously.

“The inclusion of Threshold’s tBTC as a restakeable asset on EigenLayer is another major step forward towards open innovation by building connectivity with the Bitcoin ecosystem,” said Sreeram Kannan, the founder and CEO of Eigen Labs.

Kannan emphasized that the integration broadens the scope of assets used to secure third-party Actively Validated Services (AVSs) leveraging EigenLayer for security.

“Threshold’s integration with EigenLayer underscores the BitcoinFi community’s outpaced demand for staked Bitcoin — a major shift towards maximizing the full earning power of Bitcoin for users,” said MacLane Wilkison, a Threshold contributor.

EigenLayer quickly emerged as one of the largest DeFi projects after launching in 2023, currently ranking as the sector's third-largest protocol by total value locked (TVL) with $10.8 billion. In February, EigenLayer closed a $100 million Series B funding round led by Andreessen Horowitz.

tBTC currently boasts a $202.3 million market cap, ranking it as the second largest Bitcoin-backed token. Threshold Network DAO is offering up to $45,000 in incentives for users who deposit tBTC into EigenLayer over the next three months.

Expanding beyond ETH

This move comes as EigenLayer is moving to expand its roster of restakable assets beyond ETH and Ether liquid staking derivatives.

Last month, EigenLayer deployed an upgrade allowing AVSs to support any ERC-20 token as a restakable asset.

EigenLayer also began supporting its own EIGEN token following its airdrop in May.