Business News Report
March 04, 2024

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.

Omni Network and Ether.Fi Sign $600M Agreement to Protect 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.

Keep track of cryptocurrency distributions in our Airdrops Calendar.

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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