Holonym Foundation partnered with Kelp DAO, a Liquid Restaking Protocol built on Ethereum’s EigenLayer, to strengthen the Mishti Network’s security and proceed bringing digital identity solutions for the appliance 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 proceed securing its Mishti Network. The protocol, founded by Amitej G and Dheeraj B, is concentrated on constructing 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 goals to deal with the “risks and challenges posed by the present 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 one other 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 corporate’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 corporate’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 boldness leading protocols have in Holonym’s secure and scalable offerings.
Digital Identity Solutions Proceed Expanding
Focused on Digital Identity Solutions, the Holonym Foundation goals to supply a decentralized solution that allows the creation, recovery, and management of secure cryptographic keys that don’t depend on a centralized party and keep users’ data secure.
Based on the announcement, governments have began recognizing these solutions and “adopting higher processes for digital identity management,” with the crypto industry offering “real-life use cases that the final community can tap into.”
Consequently, Holonym Foundation developed its infrastructure to permit users worldwide to create Human Keys with its Mishti Network, aiming to “streamline the crypto wallet experience.” The corporate also seeks to make its digital identity solution accessible to newcomers and seasoned blockchain users “by prioritizing ease of use for everybody.”
For this, the keys assume zero trust security within the decentralized network, protecting users’ personal information from being exposed. Furthermore, they seek to support universal, cross-device accounts secured by zero-knowledge technology and Ethereum’s security without having third-party apps.
As Shady El Damaty, co-founder of the Holonym Foundation, emphasized, “All the usual human-centric authentication styles like passwords, security questions, accounts, and faceID can change into decentralized without the dependence on any third party like Apple or Google (…) This ushers in latest use cases that were never possible before.”
Ethereum (ETH) is trading at $3,322 within the three-day chart. Source: ETHUSDT on TradingView
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