Restaking platform EigenLayer and data availability layer EigenDA launched on the Ethereum mainnet on Tuesday.
According to an official statement from EigenLayer developers, this move will allow returning users to delegate their entire stake to their preferred operator, and the operator will then be able to decide whether or not to run actively verified services (AVS) on EigenLayer. It also allows AVS to register for the beta version of EigenDA.
EigenLayer allows users to stake Ethereum and earn Liquid Staking Tokens (LST), which can then be staked again for more rewards. Basic re-staking is done through EigenPod, a user-managed smart contract that monitors balances and helps withdraw status.
“Until now, re-staking on EigenLayer simply meant depositing LST or setting up validator withdrawal credentials on an EigenPod,” EigenLayer said in a release. “Now that the operator and AVS (EigenDA) are active, becoming an active restaker means delegating to one of the top 200 operators running AVS. As a new operator in the top 200 active set in the coming weeks, becoming a high operator “Turnover is expected. Delegates and AVS will be online.”
However, the mainnet launch will not entail any payments or cuts within the AVS protocol to operators. “We are allowing the EigenLayer market to develop and stabilize before introducing intra-protocol payments and scaling to mainnet,” the protocol added in a statement.
“Slashing” refers to a punitive measure where a validator can lose a portion of their staked ETH as punishment for bad behavior or failure to comply with protocol rules.
According to cryptocurrency data tracker DeFiLlama, EigenLayer maintains a total value locked (TVL) of approximately $13.4 billion. EigenLayer surpassed the $10 billion TVL threshold on March 3, 2024, as previously reported by The Block.
Announced in September 2023, EigenDA aims to lower data storage costs for Ethereum Layer 2 rollups. This can help scale all forms of decentralized applications, especially gaming and social media projects.
EigenLayer’s native re-staking daily TVL hit $9.46 billion as of April 8, according to The Block’s data dashboard.
Andreessen Horowitz, a cryptocurrency-focused venture firm, invested $100 million in EigenLabs, the developer of EigenLayer, in February this year.
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