Recently, the EigenLayer team made waves in the crypto community by announcing the launch of EigenDA, the first Available Validator Service, on the Ethereum mainnet. With over 4.1 million ETH already restaked on EigenLayer, the platform has been gaining traction rapidly. In fact, 70% of all new Ethereum validators have chosen to restake on EigenDA in the past few weeks. This shift towards EigenDA signals a significant change in how users engage with staking services and delegate their stakes.
The Benefits of Restaking on EigenDA
Restaking on EigenDA allows users to delegate their entire stake to an operator who has opted in to run available validator services. This not only streamlines the staking process but also enables users to stake the same ETH on both Ethereum and other protocols. By leveraging Ethereum’s validators and staked tokens, EigenLayer opens up opportunities for smaller blockchains to tap into Ethereum’s security and trust system. However, EigenLayer must navigate a fine line between neutrality and decentralization to prevent the dominance of a single staking provider.
EigenDA offers hyper scalability, cost flexibility, and ease of integration for rollups. It aims to be the ultimate solution for data availability on Ethereum, allowing rollups to onboard the EigenDA mainnet once operators and delegations stabilize. While in-protocol payments from AVSs to operators and slashing mechanisms are not yet included, they are planned for implementation in 2023. AVSs act as a vital layer between Ethereum’s execution layer and various rollups, blockchains, and networks built on top of the L1 network, enhancing the overall functionality of the ecosystem.
EigenLayer’s total value locked has surged to $13.3 billion, marking a remarkable 1,100% growth since the beginning of the year. This growth is reflective of the overall health of Ethereum’s staking ecosystem, with approximately 27% of the total circulating supply currently staked. This amounts to 32.2 million ETH, valued at around $112 billion at current prices. With over a million validators, Ethereum stands as one of the most secure blockchains in the crypto space. Despite the competition, Lido remains a dominant player in the liquid staking space, holding 29% of the total amount staked, equivalent to $33.2 billion worth of ETH.
EigenDA’s emergence on the Ethereum mainnet represents a significant milestone in the evolution of staking services. Its innovative approach and commitment to scalability and decentralization position it as a game changer in the Ethereum ecosystem. As the platform continues to grow and evolve, it is poised to reshape the landscape of staking and data availability on Ethereum, offering users new opportunities and efficiencies in their staking strategies.
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