Coin overview
EIGEN
Ended--
Last price (USDT)
171.76K
24h total (USDT)
739.77K
Total vol (USDT)
2024-04-30 09:00:00 ~ 2024-10-01 03:30:00
Trading time (UTC+0)
2024-10-01 09:00:00
Delivery time (UTC+0)
Total supply1.68B
Resources
Introduction
EigenLayer is a protocol built on Ethereum that introduces re-staking, allowing users who have staked $ETH to join the EigenLayer smart contract to re-stake their $ETH and extend cryptoeconomic security to other applications on the network. As a platform, EigenLayer, on the one hand, raises assets from LSD asset holders, and on the other hand, uses the raised LSD assets as collateral to provide middleware, side chains, and rollups with AVS (Active verification service) needs. The convenient and low-cost AVS service itself provides demand matching services between LSD providers and AVS demanders, and a specialized pledge service provider is responsible for specific pledge security services. EIGEN total supply: 1.67 billion tokens
A whale/institution redeemed about 1.27 million EIGEN from the EigenLayer staking contract since 7pm last night and sold it on the chain
blockchain analyst Yu Jin monitored that in October, whales/institutions purchased 8.917 million EIGEN at an average price of $3.64 for a total of $32.45 million USD through 21 addresses. Since last night, they have started to redeem and sell EIGEN on the chain. Since 7 pm last night, four addresses have redeemed 1,270,507 EIGEN ($5.02 million) from the EigenLayer staking contract and are currently selling them on the chain for ETH or USDC. A few days ago, when EIGEN reached a high of $5.6, their 8.917 million EIGEN had a floating profit of $17.65 million, but now it has fallen back to the cost line.
A certain whale/institution redeemed approximately 1.27 million EIGEN from the EigenLayer pledge contract since 7 o'clock last night and sold it on-chain
According to on-chain analyst Yu Jing's monitoring, in October, whales/institutions purchased 8.917 million EIGEN through 21 addresses at an average price of $3.64 per unit, spending a total of $32.45 million USDC. Since last night, they have started to gradually redeem EIGEN and sell it on the chain. Since 7 o'clock last night, four addresses have redeemed 1,270,507 EIGEN (worth $5.02 million) from EigenLayer's staking contract and are currently selling them on the chain for ETH or USDC. A few days ago when EIGEN peaked at $5.6 per unit, their holdings of 8.917 million EIGEN had made a floating profit of $17.65 million; however now it has fallen back near the cost line.
EigenLayer: Slashing test site is now live!
EigenLayer has announced in an X post that the Slashing Test Network is now live, a proposed protocol upgrade (ELIP-002) that introduces slashing, a key tool for AVS to enforce the promise of crypto-economics.
EigenLayer restaking protocol's slashing testnet now live
Restaking protocol EigenLayer’s slashing testnet went live on Dec. 20, with a mainnet launch pending approval of EigenLayer Improvement Protocol-002 (ELIP-002). The potential slashing upgrade will introduce Unique Stake Allocation for node operators and Operator Sets for Actively Validated Services (AVS) on EigenLayer. EigenLayer’s Actively Validated Services are projects that leverage the security of the Ethereum layer-1 network to validate offchain services. More specifically, staked Ether ( stETH ) on the Ethereum L1 acts as staking collateral across blockchain ecosystems without unstaking the asset on the L1. Unique Stake Allocation lets restaking operators, which are the restaking validators on EigenLayer, minimize slashing risks by designating portions of their staked funds as a “Unique Stake” subject to slashing from only one AVS. This protects the staked capital from unrelated tasks or Actively Validated Services. Operator Sets give Actively Validated Services the option to organize operators into groups, assign tasks, and define the parameters for slashing. Slashing promotes trust in blockchain ecosystems by penalizing validators or restaking operators by taking a portion of their staked funds for errors, service failures, or dishonest behavior. These slashing penalties are intended to ensure that validators maintain onchain integrity for the networks they serve. An illustration of an Operator delegating unique stakes. Source: ELIP-002 GitHub Related: Eigen Foundation commits 1% of EIGEN supply to ETH Protocol Guild EigenLayer’s AVS community grows RedStone became the first major oracle provider to establish an AVS on EigelLayer . The data validation service launched on EigenLayer in testnet mode with plans to grow the network over time. RPC node provider Infura also announced plans to launch as an AVS on EigenLayer as part of an expansion of its Decentralized Infrastructure Network (DIN). Infura’s DIN is a decentralized marketplace for APIs for Web3 developers. In a Dec. 6 blog post, EigenLayer announced it was upgrading restaking rewards . The upgrades, launching in January 2025, give Actively Validated Services the option of distributing rewards to operators based on performance. EigenLayer is currently focused on onboarding Actively Validated Services and consumer crypto applications to the restaking protocol. EigenLayer founder Sreeram Kannan recently told Cointelegraph that consumer-facing applications were the final piece of EigenLayer's 4-part market , which included node operators, Acrively Validated Services, and asset restakers. Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?
EigenLayer: The Slashing test network is officially online
On December 20, EigenLayer announced on the X platform that the Slashing test network has officially launched. The proposed protocol upgrade (ELIP-002) introduced slashing, which is a key tool for AVS to execute its cryptographic economic commitments.
EigenLayer: Slashing test network is now online
EigenLayer announced on the X platform that the Slashing testnet has officially launched. The protocol upgrade proposal (ELIP-002) introduces slashing, which is a key tool for AVS to fulfill its cryptographic economic commitments.
AltLayer: EIGEN token redemption site now open
according to official sources, the AltLayer's EIGEN token application website is now open. Application deadline: December 20, 2024 (3 AM GMT) - February 20, 2025 (3 AM GMT).
The Eigen Foundation has issued a grant of 1 million EIGEN tokens to AltLayer
According to the official announcement, the Eigen Foundation has issued a grant of 1 million EIGEN tokens to AltLayer. AltLayer stated that it will use the tokens directly to give back to the community, with the first batch of 500,000 EIGEN tokens starting to be distributed this week to reALT holders and stakers. The remaining 500,000 EIGEN tokens will be distributed when Eigen Layer's V2 reward mechanism goes live on its mainnet in 2025.
Swellchain Wave 1: Bridge and Hold
Bridge your assets to Swellchain and hold before 12 am UTC on December 31st to get your share of 31,250,000 SWELL. Simply check your Portfolio to see the yield for holding assets on Swellchain, and then bridge to start earning. This Wave of rewards is the first of several to come in Wavedrop 3 , and will be followed by a second Wave in which you can earn $SWELL and Ecosystem Tokens by exploring dApps on Swellchain. How to bridge The following assets can be bridged: Swell: swETH, rswETH, swBTC, SWELL, rSWELL, earnBTC, earnETH Etherfi: weETH Kelp: rsETH Renzo: ezETH, pzETH Ethena: USDe, sUSDe (Ethena assets will go live on Swellchain with the upcoming launch of Tempest Finance, expected before the end of the week). Lido: wstETH ETH All bridged assets continue earning their native points and rewards, with the exception of USDe and sUSDe which must be deposited in Tempest to continue earning Sats. Or bridge via earnETH Alternatively, you can bridge the following tokens via earnETH to automatically get the best yields from Swellchain. Simply deposit the asset and sit back and relax. The vault will unwind the assets and continually deploy the funds to the top yield-earning opportunities on Swellchain—removing the need for you to manually allocate. Pendle: PT-weETH-26DEC2024, PT-ezETH-26DEC2024, PT-rswETH-27JUN2024, PT-weETH-27JUN2024 Symbiotic: DC_swETH, DC_wstETH, DC_cbETH Eigenpie: mmETH, mswETH, mstETH Mellow Finance: amphrETH Dinero: apxETH Bridge now: app.swellnetwork.io/swellchain/launch Pre-Launch Deposit rewards Rewards stop flowing to the Pre-Launch on December 19th 2024 at 11:59pm UTC. During the Pre-Launch, the following rewards were earned by depositors: Ecosystem Points The following tokens, representing 25% of the total Ecosystem Rewards, were earned by Ecosystem Point holders during the Pre-Launch: 5,000,000 ION (~0.5%)* 7,500,000 AMBIENT (~0.75%)* 5,000,000 BUBBLY (~0.5%)* 7,500,000 JIGSAW (~0.75%)* 5,000,000 TEMPEST( ~0.5%)* 5,000,000 NEPTUNE (~0.5%)* 10,000,000 SWELL (0.1%) (to be claimed by Ecosystem Point holders with Wavedrop 2). *Where total supply is unknown it is assumed to be 1B. Pre-Launch depositors also earned token allocations from Brahma, Versatus, Ditto, Drosera, and other yet-to-be-announced protocols. These remaining token allocations will be revealed before the end of Wavedrop 3. Tokens from ecosystem dApps will be claimable at the airdrops of the respective protocols. The remaining 75% of Ecosystem Rewards will be distributed through Wavedrops in proportion with $SWELL for using the respective dApps on Swellchain. Eigenlayer Points 1M Points were promised to depositors in the first 4 weeks of the Swell L2 Pre-Launch who stayed until the L2 launch. If you're eligible, the amount of EigenLayer Tokens you receive will be derived from the amount that you deposited in the pre-launch deposit contract, and the duration of your deposit, as calculated based on a time-weighted average. The Eigenlayer Points were purchased by Swell during Eigenlayer Season 1, in which points were converted to tokens at a ratio of ~42.8 points per $EIGEN. Your EIGEN will be claimable on Swellchain via the Portfolio on the date of the Wavedrop 2 distribution, currently expected around January 10th. Mainnet rewards In addition to rewarding activity on Swellchain, Swell assets used in selected protocols on mainnet will still be rewarded with SWELL. These include: PancakeSwap: rswETH/ETH, swETH/ETH Ambient/Tempest: rswETH/ETH, rswETH/SWELL Morpho: rswETH deposit, ETH borrow Euler: rswETH deposit, ETH borrow Pendle: rswETH Dec 26, swETH Dec 26, rswETH June 26 (Swell will continue to vote with its EQB to optimize returns for Pendle LPs). Derive: rswETHC Karak: rswETH earnETH earnBTC Eigenlayer: swETH FAQ 1. How do I add Swellchain to my wallet? Swellchain is supported natively on Rabby and Zerion. For other wallets, you can add Swellchain address as a custom network using the following details: Chain Name: Swellchain Chain ID: 1923 RPC URL: https://swell-mainnet.alt.technology Block Explorer: https://explorer.swellnetwork.io Alternatively you can connect to the chain via ChainList . 3. How can I claim my Voyage airdrop on Swellchain? All unclaimed SWELL from Wavedrop 1 and the Voyage will be migrated to be claimed on Swellchain on the date of Wavedrop 2 distribution, currently expected before January 10th. Claims will temporarily close for around 48 hours before this as the migration takes place. 4. How can I claim my Wavedrop 1 on Swellchain? All unclaimed SWELL from Wavedrop 1 and the Voyage will be migrated to be claimed on Swellchain on the date of Wavedrop 2 distribution, currently expected before January 10th. Claims will temporarily close for around 48 hours before this as the migration takes place. 5. Will the loyalty multipliers continue from the previous Wavedrops? Yes, however the multipliers will not be restored in Wavedrop 3 (starting December 17th), and only from Wavedrop 4. 6. How long do I have to move assets out of the Pre-Launch? There is no time limit. Got questions? Ask the team in the Swell Discord server .
Data: $151bn TVL for network-wide DeFi deals
According to data, the total locked-in value (TVL) of DeFi agreements across the network reached $151 billion on 19 December, with: Lido had the highest TVL at $36.1bn, down 4.37% in the last 24 hours; AAVE was second at $21.3 billion, down 4.80 per cent over the past 24 hours; EigenLayer was third at $16.9 billion, down 4.39 per cent over the past 24 hours.
Repledge Platform Swell: Swellchain Officially Launched
The liquidity re-pledging platform Swell officially announced that the Optimistic Rollup Swellchain, based on the Optimism OP Stack, has officially launched. As a chain centered around re-pledged assets, it is built on the "Proof of Restake" mechanism and supported by Ethena Labs, EigenLayer and others. Users can share 31,250,000 $SWELL rewards by cross-chaining and holding assets before December 31st while exploring upcoming dApps like Euler Finance and Ambient Finance. Swellchain also builds an ecosystem around stablecoins $USDe and $sUSDe to provide liquidity rewards for DeFi users.
Swell announces that the re-staking chain Swellchain is now online
According to official sources, Swell has announced the launch of Swellchain, a re-staking chain that aims to build a scalable and decentralized rollup and protect infrastructure through re-staking. This vision will be achieved through Proof of Restake, which uses Swell's liquidity re-staking assets to protect Eigenlayer AVS and Symbiotic Networks, providing critical infrastructure and services to the network. Meanwhile, Swell has also launched two AVS: Ditto, which provides secure automation through its Keeper network, and Hyperlane, which provides interoperability for ezETH and pzETH. Prior to the launch of Swellchain, a pre-release deposit activity was initiated, accumulating over $1 billion in assets from Swell, Etherfi, Renzo, and other re-staking protocols. In addition, Swellchain is also part of Superchain, with other partners including Etherfi, Renzo, Kelp, Ethena, EigenLayer, and Symbiotic.
Wormhole and Nuffle Labs Collaborate to Expand EigenLayer Restaking Capabilities Beyond the Ethereum Ecosystem
On December 18th, Wormhole is collaborating with Nuffle Labs, the developer of the re-staking protocol, to develop a solution that extends the re-staking functionality of EigenLayer beyond the Ethereum ecosystem. This solution utilizes Wormhole's message passing architecture and Nuffle's NUFF protocol, allowing assets to be re-staked directly from any Layer 1 or Layer 2 blockchain without the need for asset bridging.
Wormhole and Nuffle Labs partner to revamp multichain restaking
Wormhole and restaking provider Nuffle Labs have partnered to bring multichain restaking to users on any chain. Nuffle Labs announced the integration on Dec. 17. Interoperability platform Wormhole and restaking provider Nuffle Labs are partnering to offer a multichain restaking solution that users can tap into to stake from any chain. The Wormhole (W) and Nuffle Labs teams announced the integration via a news release on Dec. 17. With its unveiling, users can stake their tokens on any chain without having to go for cross-chain bridging. Addressing liquidity fragmentation within the multi-chain staking ecosystem, the new solution leverages Wormhole’s message-passing architecture, Nuffle Labs’ NUFF Protocol and EigenLayer’s staking infrastructure. Firat Sertgoz, the co-founder and chief technology officer of Nuffle Labs, noted via X that the collaboration with Wormhole will bring ‘x from anywhere’ restaking to the multi-chain environment. While the current economic layout across layer-1 and 3 ecosystems is still fragmented, having the capacity to natively stake on any chain from anywhere comes to the market via Nuff Protocol. “In today’s world, economic zones (L1s/L2s/Lx) are fragmented and the assets that live in a specific economic zone cannot contribute or benefit from an application in another economic zone,” Sertgoz said. The solution is the first to offer native cross-chain restaking and launches with initial support for Eigenlayer, a restaking protocol on Ethereum that currently boasts a total value locked of over $18.4 billion. Other top restaking protocols by TVL are Babylon, Symbiotic and Karak. Users on the Nuff Protocol can restake tokens from any blockchain on EigenLayer, with the solution tapping into NEAR DA and Nuffle First Finality Layer. NEAR DA provides for data availability while the Nuffle Fast Finality Layer allows for multi-chain messaging. Flow Traders, Securitize, Agora and Infinex are some of the platforms and protocols to recently integrate Wormhole’s technology.
Aligned: Airdrop to major L2 token holders with a threshold of $50
On December 17th, according to the official website, Aligned Foundation will distribute a significant portion of ALIGN tokens to token holders of Mina, EigenLayer, and Ethereum zk L2s, especially those who continued to hold during the market downturn. Registration will end on December 23rd, 2024. The specific eligibility requirements are that the wallet address must hold at least $50 worth of the above tokens at their historical lowest price for the following projects: Mina (MINA), Starknet (STRK), Polygon (POL), EigenLayer (EIGEN), ZKsync (ZK), Scroll (SCROLL), and Taiko (TKO).
Justin Sun invests $37.3M in EIGEN and boosts market activity
Justin Sun has recently made a strategic move by depositing $37.3 million in EIGEN (CRYPTO:EIGEN), signaling his growing confidence in the cryptocurrency. Over the last 24 hours, EIGEN saw an 11.69% price increase, reaching $5.23. Despite fluctuations in price between $4.69 and $5.23, its market capitalisation grew by 6.72% to $1.08 billion. EIGEN also reached an all-time high of $5.38 on December 12, 2024. The cryptocurrency’s price chart shows a head and shoulders pattern, commonly seen as a sign of continued growth. If EIGEN breaks through the resistance level at $5.38, the price could rise to $7, a 37.13% increase from its current level. With solid support at $4.77, the market remains relatively stable. Despite the recent price surge, the Stochastic Oscillator reading of 70.46 indicates that EIGEN is in overbought territory, suggesting that a price correction may occur. However, the Awesome Oscillator, with a reading of 0.122, confirms a continued bullish sentiment, supporting the current upward trend. EIGEN has seen rising user engagement, with new addresses increasing significantly after a price spike in September 2024. Though new address growth slowed in December, active addresses rose by 13.92%, indicating that current users remain engaged. Meanwhile, transaction activity has also risen, particularly in smaller ranges like $1-$10 and $1-$10k, reflecting broader interest from retail traders and institutional investors. Justin Sun’s involvement has also played a role in EIGEN's market performance. Since October 2024, he has accumulated 9.378 million EIGEN, worth $37.3 million, continuing his pattern of strategic investment. His actions suggest that EIGEN may maintain its positive market momentum. At the time of reporting, the price of Eigenlayer (EIGEN) was $5.42.
3 Cryptocurrencies That Reached All-Time Highs Today — December 17
As the cryptocurrency market continues to gain momentum, several altcoins have reached new heights today. GateToken (GT), EigenLayer (EIGEN), and Bitget Token (BGB) are among the standout performers, each experiencing significant price appreciation. EigenLayer (EIGEN) EigenLayer is an Ethereum-based protocol that allows its users who have staked ETH to “restake” it to secure other applications and services on the network. Its native token EIGEN climbed to a new all-time high of $5.65 during Tuesday’s early Asian session, making it one of the altcoins that recorded new highs today. It currently trades at $5.28, a 7% drop from the price peak. An assessment of the EIGEN/USD one-day chart reveals that the uptrend has continued to strengthen. Its Aroon indicator confirms this with an Up Line value of 100%. This indicator measures the time since an asset’s price hit its highest or lowest point over a given period, typically 14 days, to identify trends and trend strength. When the Aroon Up line is 100%, the asset has recently reached a new high within the selected period, signaling strong upward momentum. This bullish indication suggests that the asset is in a strong uptrend and buyers are in control. EIGEN Price Analysis. Source: TradingView If EIGEN buyers remain in control, they could propel its price towards its all-time high and beyond it. Conversely, a decline in bullish pressure may cause the token’s price to drop to $4.82. GateToken (GT) GateToken powers GateChain, a public blockchain that facilitates digital asset transfers. GT’s price rocketed to an all-time high of $13.94 today before witnessing a slight correction. GT’s price surge is backed by actual demand for the altcoin, reflected in its rising Rising Strength Index (RSI), which is at 69.82 at press time. The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges from 0 to 100. Readings above 70 suggest the asset is overbought and may be due for a correction, while readings below 30 indicate oversold conditions, signaling a potential price rebound. GT Price Analysis. Source: TradingView With an RSI of 69.82, GT’s buying activity currently surpasses selling pressure among market participants. If this momentum persists, the altcoin could reclaim its all-time high of $13.94 and potentially push beyond it. On the other hand, if profit-taking activity commences, the coin’s price may dip to $11.98. Bitget Token (BGB) Bitget Token (BGB) is the native utility token of the Bitget cryptocurrency exchange. It is one of the altcoins that climbed to a new peak today. It recorded an 18% intra-day increase and hit an all-time high of $3.98. Over the past 24 hours, its trading volume has totaled $256 million, rocketing by 12%. When an asset’s price rises alongside increasing trading volume, it indicates strong market interest and active participation. This suggests that the price growth is backed by actual buying pressure and not fueled by speculation. BGB Price Analysis. Source: TradingView If this bullish momentum persists, BGB may reclaim its all-time high. However, a surge in selling activity could push its value down to $3.16.
Ethereum Foundation’s ETH Sales Continue with $4K in Sight
The Ethereum Foundation has sold 100 ETH. ETH has traded at $3,992 over the past 24 hours. The Ethereum Foundation sold another 100 ETH for 402,473 DAI on December 17, 2024. This transaction is part of their ongoing sell strategy for the year. Notably, in the last seven days, the foundation has sold a total of 200 ETH for around 776,800 DAI. This infers a diplomatic sell pattern to maintain liquidity and fund public projects. The Ethereum Foundation has sold a collective 4,466 ETH for approximately 12.62 million at an average price of $2,822 per ETH since the beginning of 2024. This transaction series of the foundation exhibits the management of its ETH reserves. Moreover, in November 2024, the Ethereum Foundation sold 100 ETH for 334,315.7 DAI. It marks the first sale since the release of the 2024 financial report on November 8. The report reveals that as of October 31, 2024, the foundation’s total asset reserves are likely recorded at around $970.2 million, with $788.7 million in crypto assets, 99.45% of which is ETH. The Ethereum Foundation states that they will sell ETH regularly to fund major projects and maintain operational reserves. This suggests the effort taken to liquidate parts of their ETH holdings. It will support the ecosystem development, ensure financial stability, and fund public goods. Ethereum Price Amid The Ethereum Foundation Sale Ethereum, the largest altcoin, has recorded a moderate gain of over 2%. At the time of writing, ETH trades at $3,992, with its trading volume resting at $42.08 billion, after surging over 31.77%. The current level shows the asset’s reachability toward the $4K mark. Only if the bulls maintain the momentum, ETH could hit and surpass the expected range. In the case of the emergence of bears, the price might plunge to its previous lows. Highlighted Crypto News New Peak for EigenLayer as Momentum Builds
New Peak for EigenLayer as Momentum Builds
EigenLayer trades at $5.37 after a 7.75% jump. EIGEN’s daily trading volume has surged by a remarkable 84.25%. Following a short bullish correction, the crypto market cap has bounced to $3.75 trillion, with assets reflecting both profits and setbacks. In the face of mixed sentiment, EigenLayer (EIGEN) has hit a new all-time high at $5.65. The prolonged 117% rally of EIGEN over the past thirty days fueled the asset to hit new highs. In the early trading hours, a series of crucial resistances were broken, particularly at $5.14 and $5.30. Over the last 24 hours, EigenLayer has visited its low at $4.92 and eventually jumped to the ATH. As of now, EIGEN trades at $5.37, registering a gain of over 7.75%. The asset’s market cap has reached $1.13 billion. In the meantime, the daily trading volume of the asset is resting at $406 million. EIGEN price chart (Source: CMC ) Zooming in on the weekly price chart, EIGEN has recorded an 11.27% gain. The asset opened the week trading at $4.79, and the price momentum was highly volatile. The midweek trading level is observed between $4.99 and $4.55, respectively. Does EIGEN Have More Potential? The four-hour price graph of EIGEN has reported an active upside correction, inferring market interest. If the bullish momentum continues, the asset could surpass the current ATH with ease, hitting $5.77. This signals a mighty continuation of the uptrend, and the altcoin can reach a high of $5.85. If the bullish sentiment turns around, EIGEN might encounter sturdy downside pressure. The price could fall back and stabilize at $5.33. Failure to hold ground at this level could wipe the gains, causing the asset to backpedal toward the $5.27 mark or even lower. EigenLayer’s daily trading window displays the short-term 9-day moving average upon the long-term 21-day moving average. Moreover, the daily Relative Strength Index (RSI) stands at 61.14, within the neutral range. It reflects a dominant buying pressure in a healthy uptrend. Additionally, the Moving Average Convergence Divergence of the EIGEN/USDT trading pair illustrates the MACD line has crossed upon the signal line. This crossover likely highlights the positive movement of EigenLayer. There could be more buying interest, and the price may ascend. EIGEN chart (Source: TradingView ) The technical indicator, Chaikin Money Flow (CMF), is positioned at -0.01, inferring the negative money flow. It signals a weak distribution but not an absolute bearish signal. If it declines further, strong selling pressure is confirmed. Concurrently, EigenLayer’s daily trading volume has surged by over 84.25%. Disclaimer: The opinion expressed in the article is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing. Highlighted Crypto News Could the RLUSD Launch Ignite an XRP Bull Run?
Wormhole, EigenLayer and NEAR-focused Nuffle Labs partner to bring restaking beyond Ethereum
Wormhole is working with restaking protocol developers Nuffle Labs on a solution to expand EigenLayer’s restaking functionality beyond the Ethereum ecosystem, according to an announcement on Tuesday. The move represents a serious development for one of the buzziest areas of crypto R&D: sharing the security generated by staking to secure multiple protocols and applications simultaneously. The solution, which leverages Wormhole’s message-passing architecture and Nuffle’s NUFF protocol, will enable restaking assets directly from any Layer 1 or Layer 2 blockchain without the need for asset bridging, the teams wrote in a statement. Restaking has become an area of intense focus and interest for many crypto-industry participants. In short, protocols like EigenLayer enable apps to pool the security of already staked assets and avoid establishing their own separate security infrastructure. The sector improves the efficiency of proof-of-stake platforms while also possibly enabling new forms of blockchain use cases. Applications and protocols that share restaked assets are known as “actively validated services,” or AVSs, which can set up bespoke validation tasks or rules. Some experts think restaking will play an essential role in oracles providing off-chain data to onchain smart contracts, in Layer 2 rollups tapping in for additional security and ensuring data availability. Nuffle Labs, a spin-off venture from the NEAR Foundation, is developing modular blockchain technology to scale the ecosystem, including the NEAR Data Availability Layer and NEAR Fast Finality Layer. The partnership with Wormhole will make all the tokens provided through Nuffle’s infrastructure available to AVSs built on EigenLayer’s shared security framework. "Over time, as every asset gets restaked and the industry becomes more interconnected, our vision is to create an ecosystem where you can do anything from anywhere,” Nuffle CEO Altan Tutar said in a statement. “Whether it be lending, borrowing or restaking, we aim to create a global marketplace for all."
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