Demex Daily #134: EigenLayer Removes Caps and Expands ETH Staking as Competition Grows

What’s Interesting Today:

EigenLayer, an Ethereum restaking protocol, has completed its rollout phase by removing deposit caps on all ETH liquid staking tokens (LST) and resuming restaking deposits, signaling a new growth phase for its ecosystem. This move provides uncapped access to its eleven LST pools. The protocol previously considered capping LSTs at 33% to promote neutrality and decentralization. Despite some market volatility, EigenLayer has been successful since its launch in late 2023, holding a dominant position with a TVL of $12.4 billion. Recently, EigenLayer launched six new services aimed at enhancing functionalities like rollups and data integration. It faces competition from Karak Network, which has recently rebranded but is controversial due to past associations with a failed project. Despite this, Karak has seen a significant increase in TVL.

Adidas and the Web3 application STEPN have collaborated to release a limited NFT sneaker series called the STEPN x adidas Genesis Sneakers. This collection will be available on the MOOAR marketplace and includes 1,000 unique NFTs, which offer both digital and physical rewards. Early access is granted to 200 STEPN users, while 790 NFTs will be available to the general public through a raffle, and 10 are reserved for marketing. Each NFT is priced at 10,000 GMT, approximately US$2,500, and will be sold in two phases to ensure fair distribution. STEPN's move-to-earn model rewards users with GST, its in-game currency, for walking and running.

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