The EigenLayer Rewards Revolution: You Won’t Believe What’s New!

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In a move that can only be described as audacious, EigenLayer has triumphantly unveiled its Rewards v2 upgrade, which, if you can believe it, went live on Mainnet on January 21 at the rather precise hour of 12:49 PM PST. This is not just any update; it is a veritable renaissance for the EigenLayer ecosystem, boasting new features that promise to make reward distribution as flexible as a gymnast at the Olympics. 🎉

Among the delightful advancements is the thrilling news that AVSs can now assign rewards to operators based on performance or some arbitrary set of rules. Imagine that! Operators can finally bask in the limelight of recognition and compensation for their contributions—because who doesn’t love a pat on the back, or in this case, a digital coin? 💰

But wait, there’s more! Operators are now bestowed with the divine right to determine their own compensation rates for each AVS. Yes, you heard it right! EigenLayer is practically rolling out the red carpet for broader participation, allowing operators to adjust fees like a barista tweaking the sweetness of your overpriced latte. ☕

And if you thought that was the cherry on top, think again! The upgrade rolls out the red carpet for batch rewards claiming, which means operators and stakers can now combine multiple reward claims into a single transaction. It’s like a two-for-one sale at your favorite store, but without the crowds and the smell of desperation. This nifty feature significantly reduces gas costs, leaving more room in your digital wallet for… well, more digital currency. 💸

EigenGov and Protocol Council: The Dynamic Duo

Rewards v2 is not just a whimsical upgrade; it is the first to emerge from the EigenLayer Improvement Proposal (ELIP). The team, in their infinite wisdom, has decided to utilize the EigenLayer Governance process (EigenGov), recently announced by the Eigen Foundation. And let’s not forget, this is the first Mainnet upgrade proposed and executed by the illustrious Protocol Council. EigenLayer took to X to announce:

“This upgrade is the first EigenLayer Improvement Proposal (ELIP). ELIP-001: Rewards v2 uses the EigenLayer Governance process (EigenGov) recently announced by the Eigen Foundation! It is also the first Mainnet upgrade to be proposed and executed by the Protocol Council.”

Fear not, dear participants! The update ensures that existing AVS and operator codes or contracts remain blissfully unaffected. While the new features expand functionality, they do not disrupt the current system. However, if you’re one of the lucky few using the Eigen Sidecar tool to manage and audit rewards data, you’ll need to upgrade to version 2.0.0 to unlock the latest and greatest. Because who doesn’t love a good upgrade? 🎈

“These upgrades enable AVSs to incentivize operators dynamically, allowing for tailored reward mechanisms that better align with their specific needs. There are no breaking changes for existing AVS and Operator code or contracts. The functionality in Rewards v2 is additive of the existing rewards functionality. If you are running the Eigen Sidecar to view, audit, or verify rewards data, you will need to update to v2.0.0.”

As the inaugural proposal under EigenGov, Rewards v2 signals a thrilling leap toward greater decentralization and community involvement in the grand tapestry that is EigenLayer’s future. The team has previously released Sidecar v2.0.0, designed to support the Rewards v2 protocol upgrade. EigenSidecar is an open-source, permissionless indexer that allows anyone to access EigenLayer’s protocol rewards in real time. One of its main functions is to calculate the rewards distributed to stakers and operators by AVSs. So, grab your digital magnifying glass and dive in! 🕵️‍♂️

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2025-01-22 13:23