EigenLayer’s decision to ban U.S. and Canada-based airdrop participants could lead to a mass exodus to other restaking protocols. So will Karak become the next EigenLayer?
Emerging Ethereum restaking protocol Karak’s total value locked (TVL) rose over 25% in the past week to over $440 million and industry experts believe it could start eating into EigenLayer’s market share.
Following the disappointment around the EigenLayer airdrop, Karak has a “good chance” of become the next big restaking protocol, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. He told Cointelegraph:
At the beginning of April, Karak closed a $48 million Series A funding round giving it a valuation of over $1 billion, which means more upside potential. By comparison, EigenLayer has a $15.7 billion valuation, making it the largest restaking protocol on Ethereum.