As a seasoned analyst with years of experience in the blockchain industry, I find the recent developments at EigenLayer particularly intriguing. The launch of permissionless token support on their mainnet is a significant step forward, not just for EigenLayer, but for the entire DeFi and PoS ecosystem.
EigenLayer has unveiled the launch of its mainnet for universal token compatibility, thereby broadening the scope of its restaking functionality.
On August 26th, the Eigen Labs team announced that the feature for using any ERC-20 token as a reusable asset on EigenLayer is now active on the main network. This means that permissionless token support is now live.
Restaking facilitates individuals within the Proof-of-Stake system to recycle their staked funds towards securing other Proof-of-Stake networks, thus earning rewards simultaneously.
“Now, any token based on the Ethereum standard ERC-20 can be employed in maintaining the security of cryptocurrency systems. Some newly developed ERC-20 tokens are the native AVS coins, stable digital currencies, and tokens pegged to Bitcoin.”
Eigen Labs.
EigenLayer facilitates the process of restaking for Ethereum (ETH), supporting not only the Ether token but also its indigenous EIGEN.
According to DeFiLlama’s statistics, the current total value locked within the protocol is more than 12.76 billion dollars. On the other hand, Symbiotic, a rival in EigenLayer’s restaking market, has a Total Value Locked (TVL) of approximately 1.73 billion dollars.
Support for custom quorums
Besides the feature that allows any token usage, EigenDA – a trusted service on EigenLayer which provides affordable data storage for rollups – has recently introduced EigenDA Custom Quorums. This new functionality enables teams to deposit their ERC-20 tokens to ensure security for custom quorums within their rollups. This boosts the security for rollup users and generates token income for token holders.
Initially, Rollups will work together with the EigenDA team to incorporate tokens into their specialized groups (custom quorums). Later on, this process is expected to become open for anyone (permissionless). Additionally, EigenLayer anticipates users to utilize the new feature to stake any ERC20 tokens that EigenDA chooses to adopt.
Stakers will be able to delegate the supported tokens to operators helping to secure EigenDA.
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2024-08-26 22:06