Andreessen Horowitz Invests $100 Million in Ethereum Staking Protocol EigenLayer

ethereum IN staking 2024-02-22 53

According to PANews, venture capital firm Andreessen Horowitz (a16z) has invested $100 million in Ethereum staking protocol EigenLayer, indicating that some top supporters in the industry are still betting on blockchain despite the sharp decline in crypto venture investments.

The two companies plan to announce the investment on Thursday. EigenLayer founder Sreeram Kannan said that Andreessen Horowitz was the sole supporter in this funding round. The startup raised $50 million in a round led by Blockchain Capital in March. Kannan declined to provide the company's current valuation.

Data from DefiLlama shows that EigenLayer's total value locked (TVL) currently stands at $7.918 billion.