EigenLayer Recent Events Overview
Recently, EigenLayer evolved from concept to reality with its restaking feature on the Ethereum mainnet in June 2023. The crypto community has shown robust enthusiasm for the initiative. Currently, over 4.1 million ETH are restaked with EigenLayer and in recent weeks, 70% of new Ethereum validators have opted to restake there. The LRT ecosystem is expanding and the EigenLayer and EigenDA testnets on Goerli and Holesky have been successful, with active participation from numerous operators and rollups. The community's support for EigenLayer as depicted by the evolution of the protocol’s TVL below:
Mainnet Launch
On April 10th, EigenLayer and EigenDA were launched on the mainnet, with support from restakers, operators, AVSs, and rollups. The new capabilities introduced included:
- Restakers being enabled to delegate their entire stake to an operator of their choice.
- Operators having the opportunity to register to run AVSs with EigenLayer.
- The availability for AVSs, starting with EigenDA (currently in beta), to join the protocol. These AVSs include middleware, services, chains, networks and PoS systems, secured by restakers and operated by operators.
- Restaking now necessitates active delegation to selected operators, especially with the availability of an AVS like EigenDA.
The subsequent weeks may witness significant changes among the top 200 operators as the system evolves. Stakeholders are advised to make informed delegation decisions, with the possibility of redelegating after a seven-day waiting period.
The mainnet launch does not currently include in-protocol payments and slashing mechanisms, which are planned for future implementation as the marketplace matures.
Specific Details:
- For Restakers: In order to support an AVS such as EigenDA, restakers must delegate their stakes to a registered operator. Although this delegation is non-custodial, the protocol does not guarantee the suitability of any operator to effectively run AVS software. Initially, there is no risk of slashing to allow operators time to establish reliable processes.
- For Operators: Operators are required to register and opt to run specific AVSs, starting with EigenDA. The current active operator set includes the top 200 by stake, with plans to expand this number.
- For Rollups: The integration of rollups with EigenDA on the mainnet will proceed following the stabilisation of the operator set and delegations. In the interim, testing continues on the Holesky testnet.
- For AVSs: Several AVSs are currently undergoing tests on the Holesky testnet, with more expected to launch on the mainnet soon.
Restaking deposits to be unpaused today ( April 16th )
EigenLabs has announced the final stage of its phased rollout, which involves removing all Liquid Staking Token caps and resuming deposits, effective from April 16th, 2024, at 9:00 AM PST. This step marks an important advancement in EigenLayer's development, aimed at creating a more open and dynamic staking environment.
A Phased Approach for a Robust Ecosystem
EigenLayer's development has followed a carefully structured approach, prioritising stability and growth. The successful implementation of Stages 1, 2, and 3 has provided a strong foundation for a thriving ecosystem comprising restakers, operators, AVSs and rollups. With these structures in place, the network is set to fully unlock its potential by removing the LST caps.
A Look Ahead: Protocol Award Discussions and Beyond
Discussions are ongoing within the EigenLayer community regarding the implementation of future protocol awards. One proposal being considered would limit these awards to a maximum of 33% for any single LST (or user), in an effort to maintain a balanced and decentralized ecosystem.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
EigenLayer Recent Events Overview
Recently, EigenLayer evolved from concept to reality with its restaking feature on the Ethereum mainnet in June 2023. The crypto community has shown robust enthusiasm for the initiative. Currently, over 4.1 million ETH are restaked with EigenLayer and in recent weeks, 70% of new Ethereum validators have opted to restake there. The LRT ecosystem is expanding and the EigenLayer and EigenDA testnets on Goerli and Holesky have been successful, with active participation from numerous operators and rollups. The community's support for EigenLayer as depicted by the evolution of the protocol’s TVL below:
Mainnet Launch
On April 10th, EigenLayer and EigenDA were launched on the mainnet, with support from restakers, operators, AVSs, and rollups. The new capabilities introduced included:
- Restakers being enabled to delegate their entire stake to an operator of their choice.
- Operators having the opportunity to register to run AVSs with EigenLayer.
- The availability for AVSs, starting with EigenDA (currently in beta), to join the protocol. These AVSs include middleware, services, chains, networks and PoS systems, secured by restakers and operated by operators.
- Restaking now necessitates active delegation to selected operators, especially with the availability of an AVS like EigenDA.
The subsequent weeks may witness significant changes among the top 200 operators as the system evolves. Stakeholders are advised to make informed delegation decisions, with the possibility of redelegating after a seven-day waiting period.
The mainnet launch does not currently include in-protocol payments and slashing mechanisms, which are planned for future implementation as the marketplace matures.
Specific Details:
- For Restakers: In order to support an AVS such as EigenDA, restakers must delegate their stakes to a registered operator. Although this delegation is non-custodial, the protocol does not guarantee the suitability of any operator to effectively run AVS software. Initially, there is no risk of slashing to allow operators time to establish reliable processes.
- For Operators: Operators are required to register and opt to run specific AVSs, starting with EigenDA. The current active operator set includes the top 200 by stake, with plans to expand this number.
- For Rollups: The integration of rollups with EigenDA on the mainnet will proceed following the stabilisation of the operator set and delegations. In the interim, testing continues on the Holesky testnet.
- For AVSs: Several AVSs are currently undergoing tests on the Holesky testnet, with more expected to launch on the mainnet soon.
Restaking deposits to be unpaused today ( April 16th )
EigenLabs has announced the final stage of its phased rollout, which involves removing all Liquid Staking Token caps and resuming deposits, effective from April 16th, 2024, at 9:00 AM PST. This step marks an important advancement in EigenLayer's development, aimed at creating a more open and dynamic staking environment.
A Phased Approach for a Robust Ecosystem
EigenLayer's development has followed a carefully structured approach, prioritising stability and growth. The successful implementation of Stages 1, 2, and 3 has provided a strong foundation for a thriving ecosystem comprising restakers, operators, AVSs and rollups. With these structures in place, the network is set to fully unlock its potential by removing the LST caps.
A Look Ahead: Protocol Award Discussions and Beyond
Discussions are ongoing within the EigenLayer community regarding the implementation of future protocol awards. One proposal being considered would limit these awards to a maximum of 33% for any single LST (or user), in an effort to maintain a balanced and decentralized ecosystem.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
EigenLayer Recent Events Overview
Recently, EigenLayer evolved from concept to reality with its restaking feature on the Ethereum mainnet in June 2023. The crypto community has shown robust enthusiasm for the initiative. Currently, over 4.1 million ETH are restaked with EigenLayer and in recent weeks, 70% of new Ethereum validators have opted to restake there. The LRT ecosystem is expanding and the EigenLayer and EigenDA testnets on Goerli and Holesky have been successful, with active participation from numerous operators and rollups. The community's support for EigenLayer as depicted by the evolution of the protocol’s TVL below:
Mainnet Launch
On April 10th, EigenLayer and EigenDA were launched on the mainnet, with support from restakers, operators, AVSs, and rollups. The new capabilities introduced included:
- Restakers being enabled to delegate their entire stake to an operator of their choice.
- Operators having the opportunity to register to run AVSs with EigenLayer.
- The availability for AVSs, starting with EigenDA (currently in beta), to join the protocol. These AVSs include middleware, services, chains, networks and PoS systems, secured by restakers and operated by operators.
- Restaking now necessitates active delegation to selected operators, especially with the availability of an AVS like EigenDA.
The subsequent weeks may witness significant changes among the top 200 operators as the system evolves. Stakeholders are advised to make informed delegation decisions, with the possibility of redelegating after a seven-day waiting period.
The mainnet launch does not currently include in-protocol payments and slashing mechanisms, which are planned for future implementation as the marketplace matures.
Specific Details:
- For Restakers: In order to support an AVS such as EigenDA, restakers must delegate their stakes to a registered operator. Although this delegation is non-custodial, the protocol does not guarantee the suitability of any operator to effectively run AVS software. Initially, there is no risk of slashing to allow operators time to establish reliable processes.
- For Operators: Operators are required to register and opt to run specific AVSs, starting with EigenDA. The current active operator set includes the top 200 by stake, with plans to expand this number.
- For Rollups: The integration of rollups with EigenDA on the mainnet will proceed following the stabilisation of the operator set and delegations. In the interim, testing continues on the Holesky testnet.
- For AVSs: Several AVSs are currently undergoing tests on the Holesky testnet, with more expected to launch on the mainnet soon.
Restaking deposits to be unpaused today ( April 16th )
EigenLabs has announced the final stage of its phased rollout, which involves removing all Liquid Staking Token caps and resuming deposits, effective from April 16th, 2024, at 9:00 AM PST. This step marks an important advancement in EigenLayer's development, aimed at creating a more open and dynamic staking environment.
A Phased Approach for a Robust Ecosystem
EigenLayer's development has followed a carefully structured approach, prioritising stability and growth. The successful implementation of Stages 1, 2, and 3 has provided a strong foundation for a thriving ecosystem comprising restakers, operators, AVSs and rollups. With these structures in place, the network is set to fully unlock its potential by removing the LST caps.
A Look Ahead: Protocol Award Discussions and Beyond
Discussions are ongoing within the EigenLayer community regarding the implementation of future protocol awards. One proposal being considered would limit these awards to a maximum of 33% for any single LST (or user), in an effort to maintain a balanced and decentralized ecosystem.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
