April 9 marked the debut of EigenDA, the inaugural Available Validator Service offered by EigenLayer, on the live Ethereum network.
Approximately 4.1 million Ethereum tokens have been staked on EigenLayer by the team, with around 70% of recently activated Ethereum validators also choosing this platform for their staking needs over the past few weeks.
Additionally, stakeholders have the option to transfer all their staking responsibility to a chosen operator who has registered to manage validator services such as EigenDA.
Announcing: EigenLayer EigenDA Mainnet Launch
— EigenLayer (@eigenlayer) April 9, 2024
Restaking Narrative Grows
With Restaking, users can put the same ETH they have into staking on both Ethereum and other protocols. For instance, platforms like EigenLayer make use of Ethereum’s validators and pledged tokens, thereby extending the advantages of its robust security and trusted system to smaller or newer blockchains.
EigenLayer needs to strike a balance between maintaining a neutral platform for free market activities and ensuring decentralization to prevent control by a single staking authority.
Additionally, EigenDA offers hyper scalability, affordable costs, and seamless integration for rollups. Its goal is to serve as the ultimate answer for data accessibility in Ethereum.
Rollups can onboard to EigenDA mainnet after the operator set and delegations stabilize, it said.
In the coming three weeks, we anticipate a significant number of changes among the top 200 active operators as new individuals take over their roles, delegations get appointed, and Automated Voice Response Systems (AVSs) become operational.
The announcement mentioned that in-protocol payments from AVSs (Authorized Value Stores) to operators and the slashing mechanism are currently absent, but they will be implemented in late 2023.
An AVS (Application-Specific Sidechain) functions as a bridge or additional service that operates above the EigenLayer protocol, offering particular features. Acting as an intermediary between Ethereum’s main execution layer and the diverse rollups, blockchains, and networks developed on top of the L1 network, AVSs facilitate seamless communication and interaction between them.
The EigenLayer platform now holds a total of $13.3 billion in value, marking a staggering 1,100% increase from the start of this year, as reported by DeFiLlama.
Ethereum Staking Outlook
Approximately 27% of Ethereum’s current circulating supply is being held in staking contracts, indicating a robust and thriving staking environment.
According to Dune Analytics, this amounts to approximately 32.2 million ETH, which translates to around $112 billion based on current market prices. Ethereum boasts over a million validators, making it one of the most secure blockchains in the crypto industry.
Lido continues to lead as the go-to platform for staking liquid Ethereum, holding approximately one third (30%) of the total value, equal to around $33.2 billion.
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2024-04-14 02:14