- Over $68 million in net outflows were recorded by EigenLayer last week.
EigenLayer saw the most net withdrawals in a single day in its history on July 11. At that time, the net outflows were over $135 million, or over 43,550 ETH.
While this was going on, EigenLayer experienced net withdrawals of more than $68 million last week after accounting for inflows on specific days.
Since these net outflows have occurred on a regular basis over the past few weeks, EigenLayer’s total value locked (TVL) has decreased by around 27%, from an all-time high of As of this writing, $20.1 billion had dropped to $14.66 billion from early June. EigenLayer has lost more than $5.4 billion in TVL as a result of this in less than a month.
EigenLayer is not the only one seeing this decline. Notable drops in TVL have also been observed in the broader restaking sector in recent weeks. For instance, Renzo’s TVL fell from $4.07 billion at the beginning of June to $2.09 billion at the end of just one month, losing almost half of its value. TVL has dropped by an average of 22% throughout this period for a number of additional restaking procedures, including Puffer, KelpDao, Swell, and Eigenpie.
The announcement or launch of the largest restaking protocols’ tokens, notably Renzo with REZ and EigenLayer with EIGEN, signaling the completion of their respective airdrop campaigns, is perhaps the most important cause contributing to the collapse in TVL. Farmers have probably become less motivated as a result, and money is now shifting from these techniques to more promising airdrop farms.
It’s interesting to note that stealth protocols like Swell, which have continued airdrop programs without announcing a token launch, have also seen a significant drop in TVL. This might be explained by the perception in the market that Swell is a lackluster airdrop possibility, which prompts airdrop speculators to reallocate their funds. A additional factor in the downturn could be the perception of oversaturation in the restaurant industry.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
