Coinbase and Google Cloud Join EigenLayer as Operators after Mainnet Launch

by

Coinbase Cloud is now part of the founding group working with EigenLayer, and they’re eager to collaborate with users looking to stake their Ethereum or Liquid Staking Tokens (LSTs). To add to this development, Sam Padilla from Google Cloud announced that their mainnet operator for EigenLayer is now active.

Alongside tech giants, there are now several other companies that have signed up as operators with EigenLayer. These include Deutsche Telekom MMS, HashKey Cloud, P2P, Nethermind, Figment, Everstake, Kiln, and AltLayer. The presence of this varied group of participants underscores the increasing excitement around decentralized technologies and the potential for Decentralized Finance (DeFi) protocols to shape the future of the industry.

Through this partnership, EigenLayer significantly boosts its standing in the DeFi market and enhances its reputation. According to a report by Coinspeaker, EigenLayer is currently the second-largest DeFi protocol, with millions of users and an impressive total value locked (TVL) of billions of dollars. This collaboration provides EigenLayer with unmatched industry expertise, resources, and recognition. Furthermore, the participation of these industry leaders underscores their belief in EigenLayer’s mission to strengthen decentralized services using Ethereum‘s security.

Understanding EigenLayer’s Restaking Model

With more than 31 million ETH already staked for security on the Ethereum network, EigenLayer aims to expand this protection to a wider selection of services. The protocol enables stakers to reinvest their assets, granting them an opportunity to secure other networks besides Ethereum as well.

For individuals looking to reinvest their holdings, consider employing a service like EigenDA’s Automated Validation Service (AVS). To utilize this, you need to transfer your entire stake to an operator who is registered with that particular AVS. If an operator registers with several AVSs, the stake assigned to them guarantees security for all the AVSs they have selected.

The text goes on to explain that operators play a significant part in EigenDA’s system, specifically mentioning that the current collection of active operators at any given moment consists of approximately 200 operators with the highest delegated stakes. This group will grow over time as gas cost restrictions and the necessity for a stable and secure launch are the reasons behind the initial limit. Eigen Labs is continuously exploring ways to significantly increase the number of operators in the future.

Transaction Volumes Spike Launch Announcement

According to analytics platform IntoTheBlock on X, the initiation of these projects has caused a significant surge in transaction activity for LRTs (Liquid Restaking Tokens). This surge is mainly due to anticipation of an EigenDA airdrop and potential future income from AVS fees. Notably, prominent LRTs such as EtherFi and RenzoProtocol have experienced a remarkable upswing. The reason being, only the top 200 operators will initially be recognized as active participants in EigenDA.

LRT Transaction Volume is Spiking, Here’s Why👇

After the unveiling of the mainnet launch for @eigenlayer and the debut of @eigen_da, there has been a noticeable increase in transaction activity within the LRT community.

➖This uptick is primarily driven by anticipation around the potential…

— IntoTheBlock (@intotheblock) April 10, 2024

Large investors are increasingly pouring money into the project due to its growing user base and significant increase in activity, as stated by Elias Simos, the CEO and Co-founder of Rated.

“Great job on the mainnet launch, EigenLayer! The major Ethereum stakeholders are eager to re-stake now.”

Read More

2024-04-10 15:55