Holonym Foundation partnered with Kelp DAO, a liquid restoration protocol based on ethereum's EigenLayer, to strengthen the security of Mishti Network and continue to provide digital identity solutions for the application of blockchain technology.
ethereum Kelp DAO Protocol Teams Up with Holonym to Reclaim $670 Million of eth
The Holonym Foundation announced its latest partnership with Liquid Restating Procotol Kelp DAO, built on top of ethereum's EigenLayer, to continue securing its Mishti network. The protocol, founded by Amitej G and Dheeraj B, focuses on creating liquid restoration solutions for public blockchain networks.
Kelp DAO is working on a liquid recovery token (LTR), rsETH, to “provide liquidity to illiquid assets deposited on recovery platforms” like EigenLayer. The protocol aims to address the “risks and challenges posed by the current recovery offer”.
According to the announcement, the partnership has resulted in an influx of $677.27 million in re-staked ethereum on the Mishti Network, bringing the chain's total re-staked eth to $1.4 billion.
The move follows Holonym's collaboration with another ethereum liquid recovery protocol, the Renzo Protocol, to strengthen the security of the Mishti Network with $800 million of ezETH recovery.
Last month's partnership aimed to make the company'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 underlined the recent increase in eth repurchased, highlighting 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 its commitment to improving blockchain reliability and efficiency. The substantial increase in repurchased eth signifies the confidence leading protocols have in Holonym's secure and scalable offerings.
Digital identity solutions continue to expand
Focused on digital identity solutions, the Holonym Foundation aims to offer a decentralized solution that allows the creation, recovery and management of secure cryptographic keys that do not depend on a centralized party and keeps user data safe.
According to the announcement, governments have begun to recognize these solutions and “adopt better processes for digital identity management,” and the crypto industry offers “real-life use cases that the broader community can leverage.”
Consequently, the Holonym Foundation developed its infrastructure to allow users around the world to create human keys with its Mishti network, with the goal of “simplifying the crypto wallet experience.” The company is also looking to make its digital identity solution accessible to newcomers and experienced blockchain users by “prioritizing ease of use for everyone.”
To do this, the keys assume zero trust security in the decentralized network, protecting users' personal information from being exposed. Additionally, they seek to support universal accounts across devices protected by zero-knowledge technology and ethereum security without the need for third-party applications.
As Shady El Damaty, co-founder of the Holonym Foundation, emphasized, “All standard human-centered authentication styles, such as passwords, security questions, accounts, and faceID, can be decentralized without relying on third parties like Apple or Google (…) This “It marks the beginning of new use cases that were never possible before.”
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ethereum (eth) is trading at $3,322 in the three-day chart. Source: ETHUSDT on <a target="_blank" href="https://www.tradingview.com/x/WQNEjsQa/" target="_blank" rel="noopener nofollow">TradingView
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