Emily Walker
Holonym Foundation has teamed up with Kelp DAO, a Liquid Restaking Protocol utilizing Ethereum’s EigenLayer, to enhance the security of the Mishti Network and to advance digital identity solutions utilizing blockchain technology.
Kelp DAO Collaborates with Holonym for $670 Million ETH Restaking
The Holonym Foundation recently announced its partnership with Kelp DAO, a Liquid Restaking Protocol based on Ethereum’s EigenLayer, aimed at enhancing the security of its Mishti Network. Founded by Amitej G and Dheeraj B, Kelp DAO specializes in creating Liquid Restaking solutions for public blockchains.
Kelp DAO is developing a Liquid Restaking Token (LTR) called rsETH, designed to provide liquidity for illiquid assets in restaking platforms such as EigenLayer. The initiative seeks to mitigate the “risks and challenges” currently associated with restaking.
The announcement highlights that this collaboration has brought in $677.27 million in restaked Ethereum to the Mishti Network, raising the overall restaked ETH total on the chain to $1.4 billion.
This initiative follows Holonym’s earlier partnership with another Ethereum liquid restaking protocol, Renzo Protocol, resulting in an additional $800 million in restaked ezETH to further secure the Mishti Network.
This recent collaboration was aimed at enhancing the accessibility of Human Keys, Holonym’s digital identity solutions, by leveraging Ethereum and EigenLayer’s infrastructure alongside node operators, facilitating the secure generation of Human Keys for the Mishti Network.
Holonym emphasized the notable growth in restaked ETH, reinforcing its commitment to secure solutions:
This strategic partnership reflects the increasing trust in Holonym’s infrastructure and its dedication to improving blockchain reliability and efficiency. The significant rise in restaked ETH indicates that leading protocols believe in Holonym’s robust and scalable offerings.
Expanding Digital Identity Solutions
The Holonym Foundation focuses on digital identity solutions, providing a decentralized approach for securely creating, recovering, and managing cryptographic keys without relying on centralized authorities, thus ensuring user data protection.
The announcement noted that governments are beginning to adopt improved digital identity management processes, with the crypto sector offering practical applications for the wider community.
To facilitate this, Holonym has established a framework allowing users globally to create Human Keys via the Mishti Network, aiming to simplify the cryptocurrency wallet experience. The foundation is also committed to making its digital identity solutions user-friendly for both newcomers and experienced blockchain users.
The keys are designed to function within a decentralized network with zero trust security, safeguarding users’ personal data. Additionally, they aim to support universal accounts across devices secured by zero-knowledge proofs and Ethereum’s security, eliminating the need for third-party applications.
Shady El Damaty, co-founder of the Holonym Foundation, stated, “All standard human-centric authentication methods like passwords, security questions, accounts, and faceID can transition to a decentralized model without any reliance on third parties such as Apple or Google (…) This opens up new possibilities that were previously unattainable.”