Thiel-backed ETHZilla to deploy $100 million in ETH with liquid restaking protocol EtherFi
Quick Take Ethereum treasury firm ETHZilla plans to deploy $100 million worth of ETH with liquid restaking protocol EtherFi in order to generate a higher yield. ETHZilla’s supply recently rose to over 100,000 ETH.
ETHZilla Corporation, the Ethereum digital asset treasury (DAT) backed by Peter Thiel, said on Tuesday it plans to deploy $100 million worth of ETH with liquid restaking protocol EtherFi in order to pursue higher yield returns.
"By deploying $100 million into liquid restaking, we're reinforcing Ethereum's security while unlocking incremental yield opportunities to enhance returns on our treasury holdings," ETHZilla Executive Chairman McAndrew Rudisill said in a statement . "Partnering with EtherFi marks a pivotal step in our engagement with DeFi, aligning innovation with prudent asset stewardship."
Ethereum liquid restaking protocols have recently experienced significant growth, with total value locked (TVL) across platforms hitting $30 billion . This surge comes as native ETH staking has seen increased withdrawal activity, with validators exiting the traditional staking mechanism in favor of other opportunities.
EtherFi enables users to access restaking yields via EigenLayer. When ranked by TVL, EtherFi is the top liquid staking protocol ahead of Eigenpie.
ETHZilla's supply of Ethereum recently rose to over 100,000 tokens. The DAT trades on the Nasdaq under the ticker.
Last month, ETHZilla closed a $425 million private placement, which had over 60 participants , including Electric Capital, Polychain Capital, GSR, Konstantin Lomashuk (co-founder of Lido and p2p.org), and Sreeram Kannan (founder of Eigenlayer).
ETHZilla, previously 180 Life Sciences Corp., saw its shares jump more than 90% last month after it was announced Thiel had become a shareholder.
Tom Lee's BitMine and Joe Lubin's SharpLink rank one and two among DATs dedicated to buying Ethereum, according to data from SER. BitMine holds approximately 1.8 million ETH, and SharpLink holds 837,000 ETH.
ETHZ traded down 1% to $2.78 per share at publication time, giving the company a market capitalization of around $480 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Powell: Employment is weakening, inflation remains high, and no one is talking about rate hikes now
Powell pointed out that the U.S. labor market is cooling, with hiring and layoffs slowing down and the unemployment rate rising to 4.4%. Core PCE inflation remains above the 2% target, but service inflation is slowing. The Federal Reserve has cut interest rates by 25 basis points and started purchasing short-term Treasury bonds, emphasizing that the policy path needs to balance risks between employment and inflation. Future policies will be adjusted based on data. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its generated content are still in the process of iterative improvement.
$RAVE TGE Countdown: When Clubbing Becomes an On-Chain Economic Activity, the True Web3 Breakthrough Moment Arrives
RaveDAO is rapidly growing into an open cultural ecosystem driven by entertainment, becoming a key infrastructure for Web3 to achieve real-world adoption and mainstream breakthrough.
A "hawkish rate cut" that's not so "hawkish," and balance sheet expansion that's "not QE"
The Federal Reserve has cut interest rates by another 25 basis points as expected, still projecting one rate cut next year, and has launched an RMP to purchase $40 billion in short-term bonds.
Trending news
MoreCrypto prices
More
