Andreessen Horowitz (a16z), a prominent venture capital firm, has invested $100 million in EigenLayer, the largest restaking protocol on Ethereum in terms of total value locked (TVL).

This significant funding round occurs amidst a resurgence in cryptocurrency-related venture capital investments, notably following the recent approval of spot Bitcoin exchange-traded funds (ETFs).

The investment in EigenLayer places a16z as the sole investor in this round, building on EigenLayer's previously secured $50 million in March, led by Blockchain Capital.

The infusion of capital into crypto projects saw a noticeable increase in the last quarter of 2023, marking the first rise in venture capital flow into the sector since March 2022.

This uptick, as reported by PitchBook, amounted to a 2.5% increase, totaling $1.9 billion.