- The Eigen Labs team said on X on Aug. 26 that the permissionless token support is now live on the mainnet, allowing any ERC-20 token to be used as a restakable asset on EigenLayer.
EigenLayer has announced the mainnet launch of its permissionless token support, significantly expanding the protocol’s restaking feature.
Introducing Permissionless Token Support Mainnet Launch
What
This feature enables any ERC-20 token to be added as a restakable asset, significantly broadening the scope of assets that can contribute to the security of decentralized networks, and unlocking the cryptoeconomic… pic.twitter.com/tXS5AGSXNs
— EigenLayer (@eigenlayer) August 26, 2024
The Eigen Labs team said on X on Aug. 26 that the permissionless token support is now live on the mainnet, allowing any ERC-20 token to be used as a restakable asset on EigenLayer.
Restaking enables participants in the proof-of-stake ecosystem to reuse staked assets to secure additional PoS networks, earning rewards in the process.
“Any ERC-20 asset can now be utilized for cryptoeconomic security. Categories of new ERC-20 assets include native AVS tokens, stablecoins, and BTC-denominated tokens.”
EigenLayer provides for Ethereum (ETH) restaking and has supported the Ether token as well as its native EIGEN.
Per data from DeFiLlama, the total value locked on the protocol currently stands at over $12.76 billion. EigenLayer’s restaking market competitor Symbiotic has a TVL of $1.73 billion.
Support For Custom Quorums
In addition to the permissionless token support, EigenDA, an actively validated service on EigenLayer that offers low-cost data availability for rollups, has also introduced EigenDA Custom Quorums.
This feature allows teams to restake their ERC-20 tokens to secure custom quorums for their rollups, enhancing security for rollup users and providing token yield for token holders.
Rollups will initially collaborate with the EigenDA team as they look to add tokens to their custom quorums, with the process later becoming permissionless.
EigenLayer also expects stakers to leverage the new feature to stake any ERC20 tokens that EigenDA decides to use.
Stakers will be able to delegate the supported tokens to operators helping to secure EigenDA.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.