Ether.Fi, a liquid restaking protocol, has announced delegating $600 million of Ether (ETH) to bolster the security of the Omni Network. This network connects all Ethereum rollups through the use of restaking.
This amount represents a significant portion of Ether.Fi's assets, allocating a third of its $1.8 billion total value locked (TVL) to the endeavor.
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The Ether will be restaked on the EigenLayer protocol, adopting its pooled security model, where different Actively Validated Services (AVS) share a common economic security base.
EigenLayer stands at the core of the Ethereum restaking domain, supporting platforms (such as Ether.Fi) that streamline the restaking process and offer rewards, including "loyalty points," for participation. These points can ultimately be exchanged for token airdrops.
Sreeram Kannan, EigenLayer's founder, expressed enthusiasm about this project:
We are excited to see Omni gearing up to launch as an AVS on EigenLayer to provide super fast interoperability with the high cryptoeconomic integrity that the Ethereum ecosystem cares deeply about.
This strategy will integrate Ether.Fi's liquid token, eETH, into the Omni Network and appoint Ether.Fi's node operators to manage its AVS, with the restaked Ether serving as a foundational security measure.
Ether.Fi has also launched the "final countdown" campaign, potentially paving the way for a governance token airdrop that rewards active participants in the restaking ecosystem.
This initiative not only demonstrates commitment to blockchain security but also offers promising rewards for the community, setting a new standard for collaboration in the Ethereum ecosystem.
In other news, EigenLayer has recently secured a $100 million funding from Andreessen Horowitz (a16z), a venture capital firm in Silicon Valley.
