Ethereum Protocol Joins Holonym To Boost Restaking By $670M
Source: Bitcoinist
Holonym Foundation partnered with Kelp DAO, a Liquid Restaking Protocol built on Ethereum’s EigenLayer, to strengthen the Mishti Network’s security and continue bringing digital identity solutions for the application of blockchain technology.
Ethereum Protocol Kelp DAO Joins Holonym To Restake $670 Million ETH
The Holonym Foundation announced its latest parentship with Liquid Restaking Procotol Kelp DAO, built on Ethereum’s EigenLayer, to continue securing its Mishti Network. The protocol, founded by Amitej G and Dheeraj B, is focused on building Liquid Restaking Solutions for public blockchain networks.
Kelp DAO is working on a Liquid Restaking Token (LTR), rsETH, to “offer liquidity to illiquid assets deposited into restaking platforms” like EigenLayer. The protocol aims to address the “risks and challenges posed by the current offering of restaking.”
Per the announcement, the partnership has resulted in an influx of $677.27 million in restaked Ethereum on the Mishti Network, bringing the chain’s total restaked ETH to $1.4 billion.
The move follows the Holonym’s collaboration with another Ethereum liquid restaking protocol, Renzo Protocol, to strengthen the Mishti Network’s security with $800 million restaked ezETH.
Last month’s partnership aimed to make the company’s digital identity solutions, Human Keys, more accessible using Ethereum and EigenLayer’s infrastructure and node operators to support Mitshti Network’s secure creation of Human Keys.
Holonym underscored the recent increase in restaked ETH, highlighting the company’s growth and advancement toward its goal to develop secure solutions:
This strategic move highlights the growing trust and recognition of Holonym’s infrastructure and their commitment to enhancing blockchain reliability and efficiency. The substantial increase in restaked ETH signifies the confidence leading protocols have in Holonym’s secure and scalable offerings.
Digital Identity Solutions Continue Expanding
Focused on Digital Identity Solutions, the Holonym Foundation aims to offer a decentralized solution that enables the creation, recovery, and management of secure cryptographic keys that don’t rely on a centralized party and keep users’ data safe.
According to the announcement, governments have started recognizing these solutions and “adopting better processes for digital identity management,” with the crypto industry offering “real-life use cases that the general community can tap into.”
Consequently, Holonym Foundation developed its infrastructure to allow users worldwide to create Human Keys with its Mishti Network, aiming to “streamline the crypto wallet experience.” The company also seeks to make its digital identity solution accessible to newcomers and seasoned blockchain users “by prioritizing ease of use for everyone.”
For this, the keys assume zero trust security in the decentralized network, protecting users’ personal information from being exposed. Moreover, they seek to support universal, cross-device accounts secured by zero-knowledge technology and Ethereum’s security without needing third-party apps.
As Shady El Damaty, co-founder of the Holonym Foundation, emphasized, “All the standard human-centric authentication styles like passwords, security questions, accounts, and faceID can become decentralized without the dependence on any third party like Apple or Google (…) This ushers in new use cases that were never possible before.”
Ethereum (ETH) is trading at $3,322 in the three-day chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
