Holonym Foundation partnered with Kelp DAO, a Liquid Restaking Protocol built on Ethereum’s EigenLayer, to strengthen the security of the Mishti network and continue to provide digital identity solutions for the application of blockchain technology.
Ethereum Protocol Kelp DAO Joins Holonym to Regain $670 Million ETH
Holonym Foundation announced its latest parentage with Liquid Restaking Procotol Kelp DAO, built on Ethereum’s EigenLayer, to continue securing its Mishti network. Founded by Amitej G and Dheeraj B, the protocol aims to build Liquid Restaking Solutions for public blockchain networks.
Kelp DAO is working on a Liquid Restaking Token (LTR), rsETH, to provide “liquid assets deposited on withdrawal platforms” such as EigenLayer. The protocol aims to address the ‘risks and challenges of the current offer of revivals’.
According to the announcement, the partnership has resulted in an inflow of $677.27 million in staked Ethereum on the Mishti network, bringing the chain’s total staked ETH to $1.4 billion.
The move follows the Holonym’s cooperation with another Ethereum liquid replenishment protocol, the Renzo Protocol, to strengthen the security of the Mishti network with $800 million in repossessed ezETH.
Last month’s partnership aimed to make the company’s digital identity solutions, Human Keys, more accessible using Ethereum and EigenLayer infrastructure and node operators, supporting Mitshti Network’s secure creation of Human Keys.
Holonym highlighted the recent increase in the number of reused ETH and highlighted the company’s growth and progress towards its goal of developing secure solutions:
This strategic move highlights the growing trust and recognition of Holonym’s infrastructure and their commitment to improving the reliability and efficiency of blockchain. The substantial increase in redeployed ETH signals the confidence that leading protocols have in Holonym’s secure and scalable offering.
Digital identity solutions continue to expand
The Holonym Foundation focuses on digital identity solutions and aims to provide a decentralized solution that enables the creation, recovery and management of secure cryptographic keys that do not rely on a centralized party and keep users’ data safe.
According to the announcement, governments have begun to recognize these solutions and “apply better digital identity management processes,” with the crypto industry offering “real-life use cases that the general community can leverage.”
That’s why the Holonym Foundation has developed its infrastructure to allow users around the world to create Human Keys with its Mishti Network, with the aim of “streamlining the crypto wallet experience.” The company is also trying to make its digital identity solution accessible to newcomers and seasoned blockchain users “by prioritizing ease of use for everyone.”
For this, the keys assume zero trust security in the decentralized network, protecting users’ personal data exposed. Furthermore, they aim to support universal multi-device accounts secured by zero-knowledge technology and Ethereum security without the need for third-party apps.
As Shady El Damaty, co-founder of the Holonym Foundation, highlighted: “All standard human-centric authentication styles such as passwords, security questions, accounts and faceID can be decentralized without the dependency on a third party such as Apple or Google (…) This heralds new use cases that were never possible before.”
Ethereum (ETH) is trading at $3,322 in the three-day chart. Source: ETHUSDT on TradingView
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