EigenLayer’s $100M haul ignites series of adjacent investments

Plus, funds go to a platform making development on Solana easier

article-image

AlexLMX/Shutterstock modified by Blockworks

share

The company behind Ethereum restaking protocol EigenLayer announced a $100 million investment this week from the coveted venture firm Andreessen Horowitz. The raise puts EigenLayer in a small group to clear nine figures in a venture round over the past several months, joining the likes of Hong Kong exchange HashKey and interoperability platform Wormhole. 

EigenLayer allows ether that has been staked to secure the Ethereum blockchain to be “restaked,” or used to secure other chains and services. A16z general partner Ali Yahya said this vision to add revenue streams to Ethereum’s consensus mechanism has the “potential to change everything.”

Read more: A16z injects $100M into EigenLayer

Interestingly, the protocols hoping to help build the network of other chains and services secured with EigenLayer have drawn funding interest too.

AltLayer, for instance, announced a $14.4 million funding round this week co-led by Polychain and Hack VC. AltLayer creates restaked rollups which apply EigenLayer’s mechanism to the layer-2s used to batch transactions on top of the Ethereum blockchain. 

AltLayer has also helped EigenLayer offer its EigenDA data availability service to Arbitrum. 

Also this week, Binance Labs made an investment in Renzo, which aims to become a hub for EigenLayer security and risk management. It also offers a liquid restaking token — kind of like Lido’s stETH but for EigenLayer. 

Reboot World, Polymer Labs, and Puffer are other examples of EigenLayer-adjacent projects to secure funding in the past few weeks, as EigenLayer’s rising tide appears to be lifting several boats. 

Helius raises $9.5 million for Solana developer platform

Solana developer platform Helius announced a $9.5 million Series A led by Foundation Capital this week. 

The startup aims to make things like RPC node costs, data streaming and on-chain indexing easier for developers, according to a press release. Last week, Blockworks reported that the job market has been heating up for developers literate in Solana, which uses a different coding language than Ethereum.

Read more: Crypto Hiring Q&A: Crypto firms are looking for Solana-literate devs

Helius will use the funding to hire low-level systems and backend engineers, the release said, adding that it will also spend the new capital to enhance its technical stack. 

“[It] was (and still is) too hard to build fast, cheap and scalable apps as a crypto developer…Solana was the first real answer to this with its scale and performance, but it was hard to build on while everyone ruled it out due to vast information asymmetry — we doubled down on it, exclusively,” Helius co-founder Mert Mumtaz wrote on X. 

Other notable fundraises

  • Gambling platform Monkey Tilt raised $21 million from investors including Polychain and Hack VC.
  • Hack VC announced it had raised a $150 million fund for crypto startups.
  • Meso Network announced a $9.5 million seed round to grow its platform making money transfers between banks and crypto wallets easier.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.

article-image

StarkWare takes a step towards making StarkNet for Bitcoin

article-image

The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year