Omni Network and Ether.Fi have signed a $600 million deal to secure the Omni and EigenLayer ecosystems.
Posted: March 4, 2024 11:11 AM Updated: March 4, 2024 11:12 AM
Correction and fact check date: March 4, 2024, 11:11 AM
briefly
Omni Network has signed a $600 million deal with Ether.Fi to strengthen the security of the Omni Network and EigenLayer ecosystem.
Omni Network, a roll-up aggregation protocol, has signed a $600 million deal with Ether.Fi (eETH), a liquid re-staking protocol. According to the announcement, Ether.fi will invest $600 million worth of Ethereum (ETH) in delegation contracts to strengthen the security infrastructure of the Omni Network.
Omni Network will then whitelist Ether.Fi’s liquid token, eETH, and select Ether.Fi’s node operators to manage the Actively Validated Service (AVS). Staked ETH acts as a security measure, protecting against potential security breaches and asset depegs.
Omni Network is a blockchain that facilitates low-latency, highly secure communication between various Ethereum rollups or extensions. Omni Network and Ether.Fi have adopted EigenLayer’s joint security model, after which ETH will be re-staked to EigenLayer, a core project in the Ethereum re-staking ecosystem.
Built on top of EigenLayer, among other platforms, Ether.Fi simplifies the re-staking process, providing additional incentives in the form of “loyalty points”, with EigenLayer being the driving force behind its operations.
Ether.fi solidifies its position as the leading Ethereum Restake protocol
Founded in 2022, Ether.fi is a non-custodial staking protocol that allows stakers to manage their keys independently. Ether.fi currently has a total value locked (TVL) of approximately $1.8 billion, making it the leading Ethereum liquid resale platform, according to data from DeFi Llama.
Recently, Ether.fi closed a $27 million funding round led by venture firms Bullish and CoinFund, with plans to allocate capital for project development. The protocol currently offers a 3.92% yield and loyalty points within the EigenLayer ecosystem. It is expected that these loyalty points can be converted into token airdrops in the future.
With the new agreement, Omni Network and Ether.Fi have made significant progress in the area of Ethereum re-staking by strengthening security and collaboration.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles