Kraken integrates EigenLayer to simplify Ethereum restaking for broader audience

Crypto speech Kraken announced its palmy integration with EigenLayer, enabling its users to restake Ethereum (ETH) straight from the platform, according to an Oct. 15 property release.

The concern aims to simplify restaking, making it much accessible to a broader scope of users. Access to the work is presently constricted to verified Kraken Pro users astatine the Intermediate level oregon above. Additionally, US residents are not permitted to enactment owed to regulatory reasons.

Restaking accessibility

Mark Greenberg, Kraken’s Global Head of Asset Growth & Management, noted that restaking has been 1 of the astir important developments successful the crypto abstraction this year. However, it has chiefly been utilized by much tech-savvy crypto users.

Greenberg added that since the bulk of crypto users prosecute with centralized exchanges (CEXs), this integration aims to bring restaking to a wider audience, making it easier for mundane users to participate.

Restaking allows validators and stakers to unafraid decentralized applications (dApps) connected Ethereum utilizing assets they person already staked.

EigenLayer, a protocol built connected Ethereum, has been pivotal successful this process arsenic it enables users to repurpose staked ETH to unafraid further networks oregon protocols portion offering opportunities for higher yields.

This caller integration would let Kraken users to restake immoderate ETH they’ve already staked connected the level and gain further rewards.

Kraken’s subsidiary, Staked, serves arsenic the validator for ETH restaked done the exchange. Staked is simply a salient relation connected EigenLayer and typically provides services to organization clients.

EigenLayer TVL trends

This improvement comes arsenic EigenLayer has seen a diminution successful full worth locked (TVL) successful caller months. According to DeFiLlama, EigenLayer’s TVL has dropped to $11.45 cardinal from an all-time precocious of implicit $20 cardinal recorded successful June.

Market observers property this diminution to respective factors, including the protocol’s decision of its airdrop campaigns that ignited important assemblage interest.

However, they judge the accrued accessibility done centralized exchanges similar Kraken could perchance reverse this trend, driving much information and boosting EigenLayer’s TVL successful the future.

The station Kraken integrates EigenLayer to simplify Ethereum restaking for broader audience appeared archetypal connected CryptoSlate.