Venture capital firm Andreessen Horowitz (a16z) has invested $100 million in Ethereum staking protocol EigenLayer, demonstrating that despite a sharp decline in crypto venture capital, some of the industry’s top backers are still betting on blockchain.

The companies plan to announce the investment Thursday. EigenLayer founder Sreeram Kannan said Andreessen Horowitz was the sole backer of this round of financing. The startup raised $50 million in a funding round led by Blockchain Capital in March. Kannan declined to provide a current valuation for the company.

DefiLlama data shows that the total lock-in value (TVL) of EigenLayer currently reaches US$7.918 billion.