The new protocol of Ethereum that allows validators and stakers to “re-stake” the assets into other emerging networks has recently been launched on Testnet. The mainnet launch of the Eigen Layer protocol will be phased in three stages for onboarding various participants in the ecosystem. In the first stage of the launch, the mainnet is using Ethereum’s Goerli testing network.
This re-staking collective protocol is aimed at addressing the economic incentives of Ethereum validators. Furthermore, the Eigen Layer is heading toward being a decentralized marketplace for Ethereum node operators and validators and ensures earning fees on additional services.
Alongside, Ethereum would facilitate restaking assets received in exchange for staking Ether on platforms like Lido and RocketPool. Moreover, the assets would be reused to validate and secure other networks like sidechains or non –EVM blockchains too. As per the white paper, Eigen Layer also plans to enable restaking for ETH that is withdrawn from Beacon Chain following the Shapella upgrade.
The Ethereum Co–founder Joseph Lubin also stated that the Eigen Labs team is playing at the forefront in introducing some exciting work on Ethereum. As a result, the Eigen layer is a new paradigm for fostering protocol-centric innovation via a programmatic, decentralized trust marketplace. Although this is high praise, it is worth mentioning that Lubin’s Ethereal Ventures fund has made an investment in Eigen Layer.
According to the Ultrasound Money tracker, there are presently 17.9 million ETH staked on the Beacon Chain. This is worth roughly $33.6 billion at current prices, which is more than USDC’s whole market capitalization. It accounts for around 15% of the total Ethereum supply.
