EigenLayer and EigenDA Launch on Ethereum Mainnet

Published on: Apr 10, 2024|3 min read

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London: 10 April 2024 (TraderMade): EigenLayer, a groundbreaking "restaking" service for Ethereum, has officially launched on the Ethereum mainnet. This launch is accompanied by the introduction of EigenDA, a data-availability (DA) service from the same team behind EigenLayer.

EigenLayer has already garnered $12 billion in user deposits, establishing itself as a popular destination for crypto inflows.

Key Takeaways

EigenLayer and EigenDA Launch: EigenLayer, an Ethereum restaking service, has launched on the Ethereum mainnet, accompanied by EigenDA, a data-availability service.
$12 Billion in User Deposits: EigenLayer has already attracted $12 billion in user deposits, making it a popular destination for crypto inflows.
Restaking for Security: EigenLayer allows users to restake ETH they've staked with Ethereum into a larger pool, which is used to collectively secure auxiliary networks called actively validated services (AVSs).
EigenDA's Role: EigenDA is the first AVS launched by Eigen Labs, designed to help other blockchain protocols store transaction data and other information, competing with protocols like Celestia.
Restricted Features at Launch: EigenLayer's initial launch will have a restricted feature set, with in-protocol payments and slashing mechanisms to be introduced later.
Google Cloud as Node Operator: Google Cloud has launched its EigenLayer mainnet node operator, marking a milestone for the restaking protocol and its ecosystem.
Controversy Over Decentralization: Google Cloud's involvement has raised concerns about decentralization, but EigenLayer's permissionless operator registration allows for a diverse range of participants.
Future Development: EigenLayer aims to develop and stabilize its marketplace before introducing in-protocol payments and slashing to the mainnet later this year.

What is EigenLayer?

EigenLayer allows upstart blockchain protocols to borrow Ethereum's security. Users can restake the ETH they've staked with Ethereum into a larger pool of ETH from other users, earning extra interest.

This restaked ETH is used to collectively secure auxiliary networks, known as actively validated services (AVSs), which can include blockchain bridges, exchanges, or oracles.

Introducing EigenDA

EigenDA, the first AVS to launch, is developed by Eigen Labs to assist other blockchain protocols in storing transaction data and other information.

It will compete with similar protocols like Celestia, which have become critical pieces of blockchain infrastructure as the industry has grown.

Restricted Features and Future Plans

EigenLayer's initial launch will feature a restricted set of features, with Eigen Labs CEO Sreeram Kannan referring to it as a "beta" version. AVSs outside of Eigen Labs' EigenDA will be able to register with the protocol, but full deployment is yet to be possible.

The mainnet launch does not include in-protocol payments from AVSs to operators or slashing mechanisms. "Slashing" refers to the method EigenLayer will use to maintain the honesty of AVS operators, relying on a proof-of-stake system similar to Ethereum's.

The successful launch of Google Cloud's mainnet operator marks an important milestone, paving the way for further adoption and growth of the EigenLayer ecosystem.