Kraken Withdraws 50,600 ETH From EigenCloud Restaking, Valued at $107M

Kraken has redeemed 50,600 ETH—worth about $107 million—from the restaking protocol EigenCloud (formerly EigenLayer), on-chain analyst Yujin said, according to ChainCatcher. The restaking sector's total value locked (TVL) has fallen to roughly $11 billion from $31 billion in August last year. EigenCloud, the market leader, has seen its TVL shrink from about $22 billion to $5.5 billion.