EigenLayer offers users the opportunity to stake ether (ETH) in order to secure other networks and earn additional rewards. This innovative protocol has seen a significant decrease in total value locked (TVL) since June, with a drop of over 50%. The decrease is attributed to heightened competition in the staking sector and a broader market downturn.
Despite the decline, EigenLayer still boasts an impressive $10 billion in TVL. The platform remains a popular choice for those looking to stake their ETH and participate in securing various networks.
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