Liquid restaking platform EigenLayer has become the fifth largest protocol in decentralized finance (DeFi) following $4.3 billion worth of fresh inflows over the past 10 days.

The uptick in inflows comes after EigenLayer removed its staking cap on Feb. 5, a decision that was designed to "invite organic demand," according to a recent blog post. The window for liquid restaking was closed on Feb. 10, since then the further $600 million rise in TVL can be attributed to increasing asset prices.

Data from DefiLlama shows that there is now 469,870 wrapped ether {{WETH}} tokens worth $1.9 billion locked on the protocol, with a further $2.7 billion worth of staked ether {{stETH}}.

The rise is EigenLayer's total value locked (TVL) is mirrored in a wider surge across the DeFi sector, with the total amount of capital locked on DeFi protocols standing at $71.2 billion, which is the highest point since June 2022 and around double the total during October's low of $36.8 billion.

Restaking has played a major part in the rise; capital on liquid restaking platform ether.fi has increased by 406% to $1.19 billion in the past 30-days, while Puffer Finance has experienced a 79% hike in the past week alone. TVL across liquid restaking protocols including EigenLayer is now at $10 billion, in December it was just $350 million, according to DefiLlama.

Restaking is a method of earning an additional yield on ETH that is already "staked" on the main Ethereum blockchain. Investors staking ether on Lido can currently generate an annual yield of 3.7%. EigenLayer allows those investors to "restake" that ether for more rewards. Staking also helps secure Ethereum's "proof of stake" blockchain.