EigenLayer and the Omni Network, Omni Network has negotiated a contract with Ether.Fi worth $600 million in Ether (ETH) In order to improve the security of EigenLayer and the Omni Network.
TakeAway Points:
- Omni Network signed a contract with Ether.Fi worth $600 million in Ether (ETH).
- This contract aims to reduce latency and enhance ecosystem fragmentation by securely connecting Ethereum rollups through restaking.
- Based on DefiLlama data, Fi is currently the largest liquid restaking protocol in the world.
Omni Network Strategic Partnership
According to a post by Omni Network, the $600 million will help protect both the Omni testnet and mainnet.
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“Omni is proud to announce a commitment of $600M of staked ETH from @ether_fi to secure the Omni Network. This first-of-its-kind deal positions us at the forefront of the growing restaking ecosystem.”
However, Omni Network, a layer-1 interoperability blockchain, aims to reduce latency and enhance ecosystem fragmentation by securely connecting Ethereum rollups through restaking.
The $600 million worth of Ether is approximately one-third of Ether.Fi’s total value locked (TVL) of $1.88 billion. Based on DefiLlama data, Fi is currently the largest liquid restaking protocol in the world. Its TVL increased by over 163% in the last month.
Ether valued at over $600 million will be restaked on EigenLayer, which has over $10.3 billion in TVL and is presently the largest Ethereum restaking protocol.
In addition, this new strategic partnership comes almost two weeks after Andreessen Horowitz venture capital firm (a16z) announced a $100 million funding round for EigenLayer. In March, Blockchain Capital led a $50 million investment round for the protocol.
Liquid Staking
Further, EigenLayer, founded in 2021, allows additional networks to be secured and validated by validators and stakers using liquid-staking derivative tokens like Lido Staked Ether and RocketPool’s rETH. These assets can potentially be used in other decentralized finance systems to generate extra revenue.
According to DefiLlama, liquid staking is currently the largest protocol category, with a combined TVL of $54.7 billion, while restaking protocols rank sixth with a value of $10.305 billion. EigenLayer’s TVL alone makes up 99.96% of the $10.305 billion total TVL that is locked in restaking protocols.
