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Apr 7, 2023
Eigenlayer, A Ethereum Restaking Protocol, Is Now Live On Testnet
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The testnet recently saw the launch of a brand-new protocol that enables Ethereum validators and stakers to "re-stake" their assets onto other upcoming networks. The EigenLayer protocol's mainnet launch is not expected until Q3, and testing will be phased in three stages to integrate various ecosystem participants. Utilising Ethereum's Goerli testing network is the first step. Blockchain Capital, a crypto venture firm, Coinbase Ventures, Polychain Capital, Electric Capital, and Finality Capital Partner led the project's $50 million Series A funding round.
EigenLayer seeks to develop a Blockchain marketplace where Ethereum nodes can profit
EigenLayer aspires to develop into a decentralised marketplace where Ethereum node operators and validators can sell additional services and collect fees. They are able to reclaim the assets they received in exchange for staking Ether on Lido (stETH) and RocketPool (rETH) platforms. The assets can be used again to validate and protect other networks, like side chains or blockchains that aren't EVM.
EigenLayer to support validators and stakers as ETH merges
The protocol aims to address issues with financial incentives for validators. EigenLayer organiser Sreeram Kannan said that working with the moving and yet again marking of ETH onto different organisations would boost validators and stakers with unexpected yields and permit more modest organisations to safely develop.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.