What is EigenLayer?
EigenLayer is a middleware protocol based on Ethereum. It introduces the concept of re-staking, allowing Ethereum nodes to re-stake their staked ETH or LSD tokens to other protocols or services that require security and trust, thereby obtaining double benefits and governance rights. At the same time, the utility of the Ethereum consensus layer can also be passed outward to various middleware, data availability layers, side chains and other protocols, allowing them to enjoy Ethereum-level security at a lower cost.
With EigenLayer, Ethereum stakers can help secure multiple services by re-staking their staked ETH, choosing from a wide range of services at once and providing pooled security. This not only reduces the capital cost of staker participation, but also significantly increases the trust guarantee of a single service.
EigenLayer aims to solve the fragmented security problem of decentralized applications built on Ethereum. It enables any service, regardless of its composition, to leverage the collective security provided by Ethereum stakeholders, thereby fostering an environment of permissionless innovation and free market governance.
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Why is EigenLayer worth participating in?
1. Team: EigenLayer has a blockchain team focused on technological innovation, with 30 members, more than 80% of whom are engineers. Although the team is young, they have rich blockchain technology background and research experience.
2. Financing: EigenLayer has received high recognition and support from the capital market in the early stages of the project. EigenLayer has completed three rounds of financing, with a total amount of more than 64 million US dollars, including the latest round A financing, with a valuation of up to 500 million US dollars. These data fully demonstrate EigenLayer's leading position and huge potential in blockchain security and scalability. At the same time, sufficient funds also provide strong guarantees for its subsequent development and growth, allowing it to better serve the Ethereum ecosystem and other protocols.
3. Technical aspects: EigenLayer is a disruptive technological innovation protocol. The technical pain points it solves are in strong real demand. It lowers the development threshold for other project parties and will bring higher security and scalability to the Ethereum ecosystem. At the same time, it enhances Ethereum's trust network, allowing any system to leverage the security of the Ethereum pool, thereby increasing the value and influence of Ethereum.
EigenLayer utilizes the stakers of the Ethereum consensus layer as validators, providing a high degree of decentralization and security, avoiding the trust risks of centralized service providers or their own tokens.
4. Track: EigenLayer is the first project to propose Restaking. There is no obvious competitor in its restaking track. As an innovative concept, it has not been completely copied or imitated by other protocols. The market is still in its infancy and there are few participants. EigenLayer introduces a new cryptoeconomic security primitive called restaking, which allows stakers of the Ethereum consensus layer to choose to verify other modules and gain additional income and influence. This mechanism is unprecedented in the blockchain field and is also the trend and direction of future development.
5. Financing: Renzo, the EigenLayer ecosystem liquidity re-pledge protocol, announced the completion of a $3.2 million seed round of financing, led by Maven11, with participation from SevenX Ventures, IOSG Ventures, Figment Capital, Bodhi Ventures, OKX Ventures, Mantle Ecosystem, Robot Ventures, Paper Ventures, etc. It is worth noting that this is the first project that OKX Ventures officially announced its investment in the EigenLayer ecosystem.
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EigenLayer Core Highlights
1: As ETH switched from POW to POS, many public chains followed suit. POS is an inevitable trend, and the staking track will inevitably become one of the narratives of this bull market.
Second: Supported by the Ethereum Foundation, the purpose is obvious to benchmark TIA. Cosmos' TIA poses a great threat to Ethereum. Ethereum needs its own DA, and EigenLayer just meets this demand while ensuring security.
Three: EigenLayer has the advantage of occupying three tracks at the same time. The most important one is DeFi. Friends who have experienced the last bull market know the importance of DeFi. This is an indispensable rule for finance. EigenLayer will become the engine of this bull market.
What are the competitive advantages of EigenLayer?
When we talk about re-staking platforms like EigenLayer, it is easy to think of the liquidity guidance protocol Tokemak, because they both have the nature of "intermediary". Tokemak attracts users to stake assets on its platform to create a comprehensive token pool, and then guides the liquidity of the comprehensive token pool to other applications and protocols. The logic here is somewhat similar, but the difference is that EigenLayer is to do ETH re-staking, and the purpose is also different. EigenLayer distributes the re-staking assets to other applications for node verification services.
The attractiveness to stakers is also different. In EigenLayer, re-staking provides users with additional income, while Tokemak needs to attract stakers by distributing reward tokens or LP income. In addition, many DeFi protocols are also providing liquidity rewards, which leads to fierce competition for liquidity. At present, the secondary staking track is still a blue ocean.
Summarize:
EigenLayer is a revolutionary protocol that introduces stakers to the world of "re-staking", adding an extra level of security to the existing staking infrastructure. Its approach means a lot to the Ethereum ecosystem and private stakeholders. It still faces some challenges but has already attracted attention and funding, showing how much promise it holds for the Ethereum ecosystem.
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