EigenLayer

EigenDA, EigenLayer’s data availability protocol, now supports native token restaking for layer-2 scaling networks, in addition to Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null">ETH</a>) and EigenLayer’s native EIGEN token, according to an Aug. 26 post by EigenDA on the X platform.&nbsp;
“Teams can now restake their ERC-20 token to secure a custom quorum for their rollup, unlocking stronger security for rollup users and token yield for token holders,” according to the <a data-ct-non-breakable="null" href="https://x.com/eigen_da/status/1828089973968453690" rel="nofollow noopener" target="_blank" text="null">post</a>.&nbsp;
EigenDA is a “data availability layer” operating on EigenLayer’s ETH restaking platform designed to reduce the costs of storing and accessing onchain data for Ethereum’s layer-2 scaling solutions. Its mission is to make “reliable, scalable, and secure data availability (‘DA’) abundant,” according to a <a data-ct-non-breakable="null" href="https://www.blog.eigenlayer.xyz/eigenda-updated-pricing/" rel="nofollow noopener" target="_blank" text="null">blog</a> post.
The cost of securely storing and accessing transaction data has been a serious bottleneck for layer-2 scaling chains. Ethereum’s Dencun upgrade in March sought to address this issue with temporary offchain data stores called “blobs.” Other protocols, such as Celestia, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/celestia-surpass-ethereum-data-storage-research" rel="" target="_self" text="null">offer competing solutions</a>.&nbsp;
<figure>
 <img alt="EigenLayer’s EigenDA to support layer-2 native token restaking" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01918f85-abaa-76f6-839f-1fdbb7f83d8d">
 <figcaption style="text-align: center;">
 EigenLayer has bootstrapped almost .75 billion in TVL. Source: DefiLlama
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-eigenda-touts-10x-cut-data-prices" rel="null" target="null" text="null">EigenLayer’s EigenDA touts 10x cut in data prices</a>
Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously. EigenLayer currently commands almost $12.75 billion in total value locked (TVL), according to DefiLlama.
EigenDA was the first “actively validated service” (AVS) launched on EigenLayer and also the largest. It is secured by some 3.6 million restaked ETH and 71.5 million EIGEN contributed by more than 128,000 stakers, according to EigenLayer’s <a data-ct-non-breakable="null" href="https://app.eigenlayer.xyz/avs" rel="nofollow noopener" target="_blank" text="null">website</a>.
Native token restaking on EigenDA lets a layer 2 create custom consensus mechanisms — or “quorums” — for securely storing and accessing data. It also expands the array of tokens that earn yield from restaking.&nbsp;
“As custom ERC20 token quorums are added to EigenDA, you will soon be able to opt in to support staking other tokens in the same way you staked ETH and EIGEN tokens,” according to the post.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethereum-defi-cryptocurrency-tokens-narrative-bull-market-michael-van-de-poppe-cointelegraph-magazine/" rel="null" target="null" text="null">DeFi and Ethereum are the ‘new narrative’: Michaël van de Poppe, X Hall of Flame</a>

EigenLayer’s EigenDA to support layer-2 native token restaking

Cointelegraph

Other articles published on Aug 26, 2024

Former TON Foundation Leaders Introduce $40M Fund TON Blockchain Growth

Panic over Telegram’s Pavel Durov’s arrest: $DOGS team assure of launch today

Hong Kong’s SFC Finds Unsatisfactory Practices at Some Crypto Exchanges Seeking Full License

Boost Your Core Ignition Sparks With IceCreamSwap

Brazil Approves Second Solana ETF While U.S. Approval Remains Uncertain

New “Cthulhu Stealer” Malware Targets Apple Mac Users: Details

Join our free newsletter for daily crypto updates!