Omni Network and Ether.Fi Sign $600M Agreement to Protect Omni and EigenLayer Ecosystem
In Brief
Omni Network signed a $600 million agreement with Ether.Fi to fortify the security of Omni Network and EigenLayer ecosystem.
Rollup aggregation protocol Omni Network signed a $600 million agreement with the liquid restaking protocol Ether.Fi (eETH). According to the announcement, Ether.fi will invest $600 million worth of Ethereum (ETH) in the delegation agreement, thereby fortifying the security infrastructure of Omni Network.
Omni Network subsequently will whitelist Ether.Fi’s liquid token, eETH, and select Ether.Fi’s node operators to manage its Actively Validated Service (AVS). The staked ETH will serve as a security measure, safeguarding against potential security breaches and asset depegs.
Omni Network is a blockchain facilitating communication among various Ethereum rollups or scaling products with low latency and heightened security. Omni Network and Ether.Fi have committed to EigenLayer’s pooled security model, and the ETH will be subsequently restaked on EigenLayer–a project at the core of the Ethereum restaking ecosystem.
Ether.Fi, among other platforms, streamlines the restaking process built on top of EigenLayer, providing supplementary incentives in the form of “loyalty points,” with EigenLayer serving as the driving force behind its operations.
Ether.fi Solidifies Position as Leading Ethereum Restaking Protocol
Founded in 2022, Ether.fi is an un-custodial staking protocol that empowers stakers to independently manage their keys. Ether.fi currently holds nearly $1.8 billion in total value locked (TVL), making it the leading Ethereum liquid restaking platform, as per data from DeFi Llama.
Recently, Ether.fi concluded a $27 million funding round, led by venture firms Bullish and CoinFund, among other investors, with plans to allocate the capital for project development. The protocol currently provides a yield of 3.92% and loyalty points within the EigenLayer ecosystem. These loyalty points are anticipated to be convertible into token airdrops in the future.
With the new agreement, Omni Network and Ether.Fi are enhancing security and collaboration, marking a significant stride in the realm of Ethereum restaking.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
