The Holonym Foundation has 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 reclaim $670 million worth of ETH
Holonym Foundation announced its latest partnership with Liquid Restaking Procotol Kelp DAO, built on the EigenLayer Ethereum platform, to further secure the Mishti network. Founded by Amitej G and Dheeraj B, the protocol focuses on building Liquid Restaking Solutions for public blockchain networks.
Kelp DAO is working on a Liquid Restaking Token (LTR), rsETH, to “provide liquidity to illiquid assets deposited on retaking platforms” such as EigenLayer. The protocol aims to address “the risks and challenges posed by the current retake offer.”
According to the announcement, the partnership resulted in an inflow of $677.27 million in re-staking Ethereum on the Mishti Network, bringing the network’s total re-staking ETH value to $1.4 billion.
The move follows Holonym’s collaboration with another Ethereum liquidity replenishment protocol, the Renzo protocol, to strengthen the security of the Mishti Network with $800 million worth of re-staking ezETH.
The partnership launched last month aimed to expand the availability of the company’s digital identity solution, Human Keys, using Ethereum and EigenLayer infrastructure and nodes to support the secure creation of Human Keys by the Mitshti Network.
Holonym highlighted the recent boost in ETH re-staking, highlighting the company’s growth and progress towards achieving its goal of developing secure solutions:
This strategic move highlights the growing trust and recognition of Holonym’s infrastructure and its commitment to increasing blockchain reliability and performance. The significant boost in ETH re-staking signifies the confidence that leading protocols have in Holonym’s secure and scalable offering.
Digital identity solutions are constantly evolving
With a focus on digital identity solutions, the Holonym Foundation aims to offer a decentralized solution that enables the creation, recovery and management of secure cryptographic keys that do not rely on a centralized party and ensure the security of user data.
According to the announcement, governments have begun to take notice of these solutions and “adopt better digital identity management processes,” and the cryptocurrency industry offers “real use cases that the general community can benefit from.”
As a result, the Holonym Foundation has expanded its infrastructure to allow users around the world to create human keys using the Mishti network, with the goal of “streamlining the cryptocurrency wallet experience.” The company is also seeking to make its digital identity solution accessible to novices and experienced blockchain users “by prioritizing ease of use for everyone.”
To this end, the keys assume zero-trust security on a decentralized network, protecting users’ personal data from disclosure. Moreover, they strive to support universal accounts across multiple devices secured by the zero-knowledge technology and security of Ethereum without the need for third-party applications.
As Shady El Damaty, co-founder of the Holonym Foundation, emphasized: “All standard human-centric authentication styles such as passwords, security questions, accounts and faceID can be decentralized without being dependent on any third party such as Apple or Google (…) This introduces new use cases that were never possible before.”
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
