SharpLink Gaming announced plans to deploy $200 million worth of Ethereum (ETH) from its corporate treasury to Consensys' Linea network.
The company stated that this multi-year initiative will utilize Linea's zkEVM layer two infrastructure to generate on-chain yields and enhance the efficiency of its ETH holdings. According to a press release on Tuesday, the strategy aims to achieve "highly competitive, differentiated, risk-adjusted ETH-denominated returns."
SharpLink plans to generate yields through staking, re-staking rewards obtained by helping to secure EigenCloud's decentralized validation service (AVS), and incentives from Linea and ether.fi—ether.fi is a decentralized liquid staking and re-staking protocol.
Staking refers to locking up cryptocurrency to help secure a blockchain network in exchange for rewards. Re-staking builds on this concept, allowing users to reuse or "re-stake" their staked assets to support additional decentralized services and earn extra rewards.
This $200 million deployment will be managed under institutional safeguards through SharpLink's qualified custodian, Anchorage Digital Bank.
According to CoinGecko data, SharpLink is currently the second-largest corporate ETH holder, with 859,853 ETH valued at approximately $3.57 billion, accounting for 0.71% of the total supply. The funds planned for deployment represent about 5.6% of its treasury.
SharpLink is not the only company turning to decentralized finance to enhance on-chain returns.
On September 2, ETHZilla (ETHZ) announced it would deploy $100 million of ETH to ether.fi to improve the yields on its treasury holdings. ETHZilla is currently the fifth-largest Ethereum digital asset treasury (DAT), holding 102,326 ETH as of the time of writing.
In February, the Ethereum Foundation, a nonprofit supporting Ethereum core development and ecosystem, deployed 45,000 ETH into DeFi protocols, including Spark and Compound. The foundation's treasury policy disclosed in June outlined plans to surpass passive holding by staking and deploying ETH in DeFi protocols.
Centralized exchanges are also beginning to integrate DeFi yield strategies. In September, Coinbase partnered with the DeFi lending protocol Morpho, allowing users to lend USDC stablecoins and earn up to 10.8% yields.
Less than a month later, Crypto.com announced plans to integrate Morpho into its Cronos blockchain, allowing users to deposit wrapped ETH and other assets to earn stablecoin yields through a new lending vault, expected to launch later this year.
Related: MegaETH token sale oversubscribed by 8.9 times, securing $450 million in commitments
Original article: “SharpLink to deploy $200M of Ethereum (ETH) on Linea to unlock DeFi yields”
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