Ethereum-based restaking protocols EigenLayer and EigenDA are now officially live on the mainnet. Up to this point, restaking in EigenLayer required depositing LSTs or setting validator withdrawal credentials to an EigenPod. With operators and an AVS [EigenDA] now operational, active restaking involves delegating to one of the top 200 operators running AVSs. The team therefore urged network participants to brace for upcoming changes in the operator landscape.
Over the next few weeks, we expect high operator turnover in the top 200 active sets as new operators, delegations, and AVSs come online. Please make an informed decision when delegating. You can always redelegate to a different operator later but will have to wait seven days to complete the redelegation.
According to the official blog post, the mainnet launch will not have in-protocol payments from AVSs to operators and slashing. The team is focusing on developing and stabilizing the EigenLayer marketplace first before adding in-protocol payments and slashing to the mainnet later this year.
The launch is significant, as Ethereum, a programmable blockchain, unleashed a new era of modular development but scattered security across applications. EigenLayer addresses this by introducing a unified security model for various AVSs, promoting a decentralized trust marketplace, wrote InToTheBlock the other day.
Additionally, EigenDA is the first platform to offer actively validated services [AVS] for data validation and verification. It competes with protocols like Celestia in providing data storage services. Last year, Eigen Labs secured $100 million from A16Z.
The EigenLayer Effect On Ethereum
Since its introduction in June 2023, EigenLayer’s popularity is evident from its Total Value Locked Count [TVL]. Demand for EigenLayer reached an all-time high on February 6th, with over $1 billion in deposits in a single day. This indicates the community’s enthusiasm to participate in EigenLayer and the robust demand for restaking activities among Ethereum holders.
Today, over 4.1 million ETH are restaked on EigenLayer.This milestone emphasizes the Ethereum community’s continued investment in its network’s infrastructure through massive restaking within the EigenLayer framework.
Analysis of the TVL composition reveals a preference for WETH and stETH, highlighting a cautious approach by ETH holders towards LTSs, preferring EigenLayer’s alternative mechanisms for exposure to staking rewards.