Ethereum Worth $3.3 Bln Restaked Into EigenLayer, Justin Sun & Puffer Finance Take The Lead

The Ethereum ecosystem witnessed a massive restaking on EigenLayer, a popular ETH staking platform. Notably, over 1 million ETH tokens have been Restaked into EigenLayer. Moreover, it’s important to note that Puffer Finance and Tron Founder Justin Sun led the development.

Justin Sun & Puffer Finance Stake Massive ETH Reserves On EigenLayer

According to Spot On Chain, an onchain data tracking platform, over 1.35 million ETH, valued at approximately $3.33 billion, has been restaked into Eigenlayer. This influx includes notable players such as Puffer Finance, Justin Sun, Eigenpie, and Kelp DAO. Recently, Justin Sun notably unwrapped 94,500 WSTETH from Lido before depositing it into Eigenlayer, solidifying his position as one of the largest restakers.

Puffer Finance led the pack with 233,600 ETH restaked, equivalent to $566 million. In addition, Sun’s total restaking amounted to 109,300 ETH worth $265 million. Whilst, Eigenpie restaked 88,600 ETH, valued at $215 million, into EigenLayer.

Moreover, Kelp DAO restaked 75,300 ETH worth $182 million. to EigenLayer. This trend showcases growing confidence in Eigenlayer’s staking infrastructure among Ethereum investors. The additional staking incentives by EigenLayer are expected to have spurred the recent ETH restaking move.

Also Read: Ethereum Price Prediction: 3 Pivotal Reasons Why ETH Will Keep Rising In 2024

Is Tron A Rival To Ethereum?

As the Tron founder restaked Ethereum into EigenLayer, a shocking piece of data emerged. Recently, Tron witnessed a massive surge in fee generation, surpassing $4 million per day. Currently, it is just behind Ethereum when fee generation is considered. Hence, it underscores its growing prominence in the crypto space.

With average transaction fees nearing $0.9, reflecting heightened activity, Tron is witnessing substantial traction. Moreover, earlier in 2021, Tron registered around $1 million in fees in a day, which suggests a 4x increase in current times.

This data raises intriguing questions about Tron’s potential as a rival to Ethereum. While Ethereum remains the frontrunner, Tron’s rapid fee growth and significant user base suggest it could pose a formidable challenge. Notably, Tether’s USDT stablecoin reigns supreme on the network, with approximately $100 million in monthly gas usage spread across 7.2 million users.

Also Read: Just In: Ark 21Shares Adds Staking Clause to Ethereum ETF Filing

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.