Holonym Foundation has teamed up with Kelp DAO, a Liquid Restaking Protocol established on Ethereum’s EigenLayer, to enhance the security of the Mishti Network and continue delivering digital identity solutions for the application of blockchain technology.
Ethereum Protocol Kelp DAO Collaborates with Holonym To Restake $670 Million ETH
The Holonym Foundation revealed its recent partnership with Liquid Restaking Protocol Kelp DAO, developed on Ethereum’s EigenLayer, to further enhance the security of its Mishti Network. Founded by Amitej G and Dheeraj B, the protocol is dedicated to creating Liquid Restaking Solutions for public blockchain networks.
Kelp DAO is in the process of creating a Liquid Restaking Token (LTR), rsETH, designed to “provide liquidity to illiquid assets deposited into restaking platforms” such as EigenLayer. The protocol seeks to tackle the “risks and challenges associated with the current offerings of restaking.”
According to the announcement, the collaboration has resulted in a surge of $677.27 million in restaked Ethereum on the Mishti Network, elevating the chain’s total restaked ETH to $1.4 billion.
This initiative follows Holonym’s alliance with another Ethereum liquid restaking protocol, Renzo Protocol, to boost the Mishti Network’s security with $800 million restaked ezETH.
The partnership from last month aimed to enhance accessibility to the company’s digital identity solutions, Human Keys, by utilizing Ethereum and EigenLayer’s infrastructure and node operators to aid the secure development of Human Keys on the Mishti Network.
Holonym emphasized the recent growth in restaked ETH, showcasing the organization’s expansion and progress toward its aim of creating secure solutions:
This strategic decision underscores the mounting trust and acknowledgement of Holonym’s infrastructure and their dedication to improving blockchain reliability and efficiency. The considerable rise in restaked ETH reflects the confidence that leading protocols have in Holonym’s secure and scalable offerings.
Digital Identity Solutions Continue to Develop
With a focus on Digital Identity Solutions, the Holonym Foundation strives to provide a decentralized method for the creation, recovery, and management of secure cryptographic keys that do not depend on a central authority, ensuring the safety of users’ data.
As reported in the announcement, governments have begun to acknowledge these solutions and “implement better practices for digital identity management,” as the crypto sector provides “real-world applications that the general public can utilize.”
As a result, Holonym Foundation has crafted its infrastructure to enable users globally to generate Human Keys via its Mishti Network, with the intent to “simplify the crypto wallet experience.” The organization also aims to make its digital identity solution attainable for both newcomers and experienced blockchain users by “prioritizing ease of use for all.”
For this purpose, the keys are designed with zero trust security within the decentralized network, ensuring users’ personal information is not compromised. Furthermore, they aim to facilitate universal, cross-device accounts secured by zero-knowledge technology and Ethereum’s safety without the requirement for third-party applications.
As Shady El Damaty, co-founder of the Holonym Foundation, highlighted, “All standard human-centric authentication methods like passwords, security questions, accounts, and faceID can be decentralized without reliance on any third party like Apple or Google (…) This opens the door for new applications that were previously unattainable.”
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
