Kraken has recently integrated EigenLayer to make Ethereum restaking easier for a wider audience. This move is seen as a way to increase the platform’s total value locked (TVL), which has been declining. The integration allows Kraken Pro users at the Intermediate level or above to restake their Ethereum directly on the platform.
Restaking has become a significant trend in the crypto space, but it has mostly been limited to more tech-savvy users. By partnering with EigenLayer, Kraken aims to bring restaking to everyday users who prefer using centralized exchanges. This integration enables users to repurpose their staked Ethereum to secure additional networks or protocols, potentially earning higher yields in the process.
One key aspect of this integration is that Kraken’s subsidiary, Staked, will serve as the validator for ETH restaked through the exchange. Staked is a trusted operator on EigenLayer, especially for institutional clients. This partnership not only simplifies the restaking process but also offers users the opportunity to earn additional rewards on their staked assets.
EigenLayer has experienced a decrease in its total value locked (TVL) in recent months, dropping from over $20 billion to $11.45 billion. This decline is attributed to the conclusion of airdrop campaigns that initially sparked community interest. However, industry experts believe that by making restaking more accessible through platforms like Kraken, EigenLayer’s TVL could see a reversal in this trend and attract more participants in the future.
Overall, the integration of EigenLayer with Kraken is a significant development in the crypto space, offering users a more straightforward way to participate in Ethereum restaking. With the potential to increase EigenLayer’s TVL and drive more engagement from users, this partnership marks a positive step towards mainstream adoption of staking services in the cryptocurrency market.
