Staking Platform Kiln Brings LST Restaking on EigenLayer via Ledger Live

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As a seasoned crypto investor with experience using both hardware wallets and decentralized finance (DeFi) platforms, I’m thrilled about the recent announcement from Kiln regarding the introduction of Liquid Staking Tokens (LST) on EigenLayer via their Ledger Live dApp. This integration brings numerous benefits for users like me who value security and convenience.

Expert: A leading crypto staking platform named Kiln has unveiled the integration of Liquid Staking Tokens (LST) on EigenLayer through its Linked Live dApp. This marks a significant first as over 1.5 million users of hardware wallet manufacturer Ledger gain the ability to stake directly on blockchain protocol EigenLayer via this dedicated interface.

Ledger Customers Enjoy Perks of Integration

With this integration, you’ll enjoy several advantages, among them being the ability to use Kiln’s Ledger Nano plugin for clear-signing, which has been approved by Ledger’s security team. Clear-signing is a technique that enables users to sign blockchain messages or transactions in a manner that allows humans to read and authenticate the signed content.

As a crypto investor, I can tell you that setting up an account with Kiln is quick and easy. In fact, it only takes me a mere minute to complete the process and start earning rewards.

Jean-Francois Rochet, Vice President of Consumer Services at Ledger, articulated a clear and compelling vision for the company. He characterized it as an open platform, where top-tier third-party service providers thrive within its ecosystem. Moreover, he acknowledged that the integration of LST staking via Kiln offers Ledger users additional opportunities to engage with their digital assets.

Those who contribute LST tokens to EigenLayer have the ability to earn EigenLayer staking points and AVS incentives.

EigenLayer is a decentralized finance (DeFi) platform specializing in staking services for Ethereum (ETH). By depositing Ethereum from multiple Liquidity Service Tokens (LSTs), users enable EigenLayer to utilize these funds for securing third-party networks or Automated Verifiable Systems (AVSs). According to DeFiLlama, since the initiation of deposits in 2023, a grand total of $18 billion worth of Ethereum has been amassed through this platform.

As a protocol analyst, I’ve observed that consensus protocols, oracle networks, and data availability platforms have all experienced enhanced security through their integration with the restaking protocol. This significant milestone in the AVS project occurred when we launched the mainnet on April 9. Ever since then, I’ve had the privilege of serving as an operator for EigenLayer and currently manage all mainnet AVSs. The initial claim periods for EigenLayer’s native tokens commenced on May 10.

Users began assigning EigenDA AVS operators the responsibility of managing their tokens, but these tokens could not be transferred until the conclusion of the third quarter.

Multiple Projects Utilize EigenLayer Protocol

Notable occurrence: Since its launch on the Ethereum mainnet last month, several protocols have embraced its solution. BIT Exchange, a leading cryptocurrency trading platform, introduced EigenLayer Points (ELP)/USDT trading on its Spot Market within the Points Program system. This action generated excitement in the ecosystem as BIT Exchange became the first centralized exchange to provide an avenue for purchasing EigenLayer Points before the Token Generation Event.

Coinbase Cloud equally announced its participation as one of the initial operators on EigenLayer and declared its readiness to partner with users interested in restaking their ETH or LSTs. Similarly, Sam Padilla, product manager at Google Cloud, shared the news that the Google Cloud EigenLayer mainnet operator is up and running.

Given the significant level of interaction the blockchain restaking protocol has seen in a short timeframe, EigenLayer is likely to experience increased cooperation and usage of its offerings in the days ahead.

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2024-05-23 12:54