The Holonym Foundation has embarked on a strategic collaboration with Kelp DAO, a cutting-edge Liquid Restaking Protocol developed on Ethereum’s EigenLayer. This alliance aims to bolster the security of the Mishti Network while advancing digital identity solutions utilizing blockchain technology.
Ethereum Protocol Kelp DAO Partners with Holonym to Restake $670 Million in ETH
In a significant move, the Holonym Foundation has partnered with Kelp DAO, a Liquid Restaking Protocol built on Ethereum’s innovative EigenLayer, as part of its commitment to enhancing the security of the Mishti Network. Founded by visionaries Amitej G and Dheeraj B, Kelp DAO is dedicated to pioneering Liquid Restaking Solutions for public blockchain ecosystems.
Kelp DAO is currently developing a unique Liquid Restaking Token (LTR), known as rsETH. This token is designed to provide liquidity to assets that are otherwise illiquid when deposited into restaking platforms like EigenLayer. The protocol seeks to tackle the various risks and challenges posed by the existing restaking landscape.
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The partnership has resulted in a remarkable influx of $677.27 million in restaked Ethereum into the Mishti Network, elevating the total restaked ETH on the platform to an impressive $1.4 billion.
This collaboration follows Holonym’s previous engagement with another Ethereum-based liquid restaking protocol, Renzo Protocol. This earlier alliance aimed to secure the Mishti Network further by integrating $800 million in restaked ezETH.
Last month’s partnership was instrumental in making Holonym’s digital identity solutions, known as Human Keys, more accessible. By leveraging Ethereum and EigenLayer’s infrastructure and node operators, the Mishti Network has been able to securely facilitate the creation of Human Keys.
Holonym has highlighted the recent surge in restaked ETH as a testament to the company’s growth and its unwavering commitment to developing secure, scalable solutions:
“This strategic collaboration underscores the growing trust and recognition of Holonym’s infrastructure, demonstrating our commitment to enhancing blockchain reliability and efficiency. The significant increase in restaked ETH reflects the confidence leading protocols have in Holonym’s secure and scalable offerings.”
The Ongoing Expansion of Digital Identity Solutions
The Holonym Foundation remains steadfast in its mission to revolutionize Digital Identity Solutions. By offering a decentralized approach, Holonym enables the creation, recovery, and management of secure cryptographic keys without relying on centralized entities, thus safeguarding user data.
According to recent announcements, governments are increasingly acknowledging these solutions and adopting more robust processes for digital identity management. The cryptocurrency industry is providing tangible use cases that the broader community can leverage.
In response, the Holonym Foundation has developed its infrastructure to enable users worldwide to generate Human Keys through the Mishti Network. The aim is to streamline the crypto wallet experience, making digital identity solutions accessible to both newcomers and experienced blockchain users by prioritizing user-friendliness.
These keys are designed with zero-trust security principles within the decentralized network, ensuring that users’ personal information remains confidential. Furthermore, they support universal, cross-device accounts fortified by zero-knowledge technology and Ethereum’s security, eliminating the need for third-party applications.
Shady El Damaty, co-founder of the Holonym Foundation, encapsulated the potential of this innovation:
“Standard human-centric authentication methods such as passwords, security questions, accounts, and faceID can now be decentralized without reliance on third-party entities like Apple or Google. This advancement paves the way for new use cases that were previously unimaginable.”
As of now, Ethereum (ETH) trades at $3,322, according to a three-day chart analysis from TradingView.
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