Recently, there’s been a lot of buzz around EigenLayer, an Ethereum-based restaking protocol, with its total value locked reaching an impressive $12.4 billion and leading Ethereum‘s DeFi market. On April 9, 2023, EigenLayer officially launched on the Ethereum mainnet.
EigenLayer Makes Way to Ethereum Mainnet
According to the recent update, EigenLayer and EigenDA, Ethereum’s new staking protocols, have been successfully launched on the Ethereum mainnet. Notably, EigenDA is the first Autonomous Vault System (AVS) to be introduced, making it a contender against platforms such as Celestia in offering data storage solutions.
The latest features comprise:
- Restakers now have the option to delegate their full stake to a chosen Operator.
- Operators can officially join EigenLayer and choose to operate AVSs.
- AVSs can register with the protocol, beginning with EigenDA (currently undergoing beta testing).
Before the latest update in EigenLayer, restaking meant depositing LSTs or setting up validator withdrawal credentials for an EigenPod. Now, with the introduction of operators and an AVS (EigenDA), active restaking is simplified to delegating your tokens to one of the top 200 operators managing AVSs.
More Details for the Restakers
In a recent blog entry, EigenLayer explained that in order to reinvest in an Automated Validator System (AVS) like EigenDA, users need to transfer their entire stake to an operator who has elected to take part in that particular AVS. If an operator participates in multiple AVSs, the staked amount covers all of those systems. Although delegation is non-custodial and operators do not possess the stake, EigenLayer’s protocol does not guarantee the competence of any operator to efficiently manage AVS software.
For now, EigenLayer doesn’t pose an imminent danger of penalties for operators as they settle into the system and strengthen their practices. Later on, though, operators could face consequences if they neglect to run AVSs effectively.
When people request to reinvest in EigenLayer using an LRT (Liquidity Transformation Request), the responsibility of managing delegation lies with the LRT DAO. Each LRT functions independently and may not be equally prepared to manage restaker delegations. It is important to note that these LRTs are not connected to Eigen Labs. Therefore, individuals must reach out to each LRT individually for information on their plans regarding restaker delegation management.
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2024-04-10 09:24