The total value locked on restaking protocol EigenLayer has reached $20.09 billion, marking it as the second-largest DeFi protocol behind Lido. Since the beginning of the year, the protocol's TVL has grown from $1.4 billion to $20 billion (or 5.21 million ether), The Block data shows.

At the beginning of March, EigenLayer’s TVL was 2.93 million ether — valued at $10 billion. The latest spike in TVL has been fueled by an uptick in inflows and a rise in the price of ether.

EigenLayer is a restaking protocol that aims to allow users to deposit ether and various liquid staking tokens to help secure third-party networks. Its mainnet was rolled out in April.

A notable increase in deposits followed its token distribution plan. However, there was also a brief period of notable outflows …