EigenLayer Crypto Restaking: Vad är EigenLayer?

EigenLayer is an Ethereum crypto-restaking protocol designed around the concept of “pooled security.” In simple terms, users can restake their already staked ETH with EigenLayer, and the protocol then allows external services like bridges, liquid staking protocols, and others to connect to EigenLayer and use its pooled funds.

As of April 9, 2024, EigenLayer launched the blockchain’s mainnet and EigenDA, a data availability service that allows external networks to base their own security on Ethereum via EigenLayer’s smart contracts.

In this article, we are going to explain how EigenLayer works, which crypto assets it supports, and its current state of development.

Vad är staking i krypto?

Kryptosatsning i ett Proof-of-Stake-system (PoS) är som att sätta pengar på ett sparkonto. Istället för att använda mycket datorkraft för att säkra nätverket och bearbeta transaktioner som i Bitcoin och andra Proof-of-Work (PoW) system, deltagarna spel några av deras egna krypto. Genom att göra detta får de en chans att bli utvalda att validera transaktioner och lägga till nya block i blockkedjan. I utbyte mot att de hjälper till att säkra nätverket tjänar de belöningar, liknande att tjäna ränta på ett sparkonto.

Läs mer: Ethereum-satsning förklaras: Är ETH-insats värt det?

What is EigenLayer crypto restaking, and how does it work?

EigenLayer enables Ethereum stakers to basically reuse their staked funds and restake them for the purpose of pooled security provided by the EigenLayer protocol. This has two benefits:

1. Services leveraging EigenLayer’s infrastructure can tap into the protocol’s pooled security and drastically reduce the viability of protocol attacks. For example, if a project has $1 billion staked for security, an attacker could gain control of the controlling share of staked assets (in the case of many PoS blockchains, that’s 67% or $670 million in our example) and validate invalid transactions and make other blockchain changes. Meanwhile, let’s say that there’s $10 billion in pooled security funds deposited via EigenLayer. If that same project used EigenLayer’s pooled security, it would become 10 times as difficult for an attacker to gain access to a controlling share of funds. Keep in mind that the figures used in this example are purely hypothetical.
    
2. Users who stake their ETH provide security to actively validated services (services connecting to EigenLayer) and earn staking rewards for their efforts. Contributing ETH for native restaking or liquid staking tokens for liquid restaking allows users to reuse their funds and earn double rewards. For example, if you participate in a liquid staking solution like Lido and receive stETH in return, you can reuse your stETH and restake it through EigenLayer. 

The EigenLayer protocol allows new services and products built atop Etheum to bootstrap their security to Ethereum, which reduces the fragmentation of funds and simultaneously increases the security of each service thanks to the concept of pooled security. In other words, EigenLayer repurposes Ethereum’s blockchain security to cover other protocols built on the same network.

A graphic showing how EigenLayer’s blockchain architecture is built atop the Ethereum network. Image source: EigenLayer

EigenLayer’s core architecture can be split into four main parts: restaking, operators, delegation, and actively validated services (AVSs). Here’s how EigenLayer describes each one:

• Omtagning enables stakers to restake their Native ETH or Liquid Staking Tokens (LST) to provide greater security for services in the EigenLayer ecosystem, known as Actively Validated Services.
• Operatörer are entities that help run AVS software built on EigenLayer. They register in EigenLayer and allow stakers to delegate to them, then opt-in to provide various services (AVSs) built on top of EigenLayer.
• Delegation is the process where stakers delegate their staked ETH to operators or run validation services themselves, effectively becoming an operator. This process involves a double opt-in between both parties, ensuring mutual agreement. Restakers retain agency over their stake and choose which AVSs they opt-in to validate for.
• Actively Validated Services are services built on the EigenLayer protocol that leverage Ethereum’s shared security.
  • Operators perform validation tasks for AVSs, contributing to the security and integrity of the network.
  • AVSs deliver services to users (AVS Consumers) and the broader Web3 ecosystem.

EigenLayer restaking types

The restaking process can be split into two main categories: liquid restaking and native restaking. We’ll explore each in more detail in the following sections.

Users can connect with MetaMask or other Ethereum wallets and use native or liquid restaking via EigenLayer’s dashboard. Image source: EigenLayer

Flytande återupptagning

Liquid restaking refers to the process of depositing liquid staking tokens into smart contracts belonging to EigenLayer. As of this writing, the protocol supports 12 different liquid staking tokens, which are as follows:

Native restaking

In addition to liquid staking tokens, EigenLayer can be used by native Ethereum stakers as well, which are users who operate an Ethereum Validator node. It’s worth noting that in order to run a node, 32 ETH must be locked up.

Ethereum validator’s credentials must be changed to EigenLayer’s smart contracts if you want to take advantage of the restaking process. Here’s how EigenLayer’s documentation describes the process of enabling native restaking:

1. Create New EigenPod, Set Withdrawal Credentials, Enable Restaking
2. Upgrade Existing EigenPod
3. Withdraw from EigenLayer

For additional information, we suggest you consult the official documentation.

EigenLayer restaking rewards

One of EigenLayer’s key selling points is the ability to earn additional rewards on tokens that have already been staked. Let’s say you are using a liquid staking service like Lido, which allows you to earn about 4% APY on staked ETH. In addition to earning that 4%, you get stETH, which can be traded freely. EigenLayer allows you to stake stETH (essentially restaking ETH). Once staked with EigenLayer, stETH can earn you additional staking rewards.

At the moment, staking rewards are not being paid out to users who have deposited their funds through EigenLayer. According to the team, the functionality is expected to roll out later in 2024, along with slashing features (the ability to punish validators who misbehave by burning their stake).

Users and services connected to EigenLayer currently do not earn any restaking rewards since the functionality has not yet been launched. However, users do earn points, which are assumed will be convertible to crypto tokens once the functionality goes live later this year. Also, there’s no information about EigenLayer restaking yield.

Current status and latest news

Despite the lack of core functionality like restaking reward distribution and slashing, EigenLayer has attracted considerable attention from both individual and institutional investors. As of this writing, more than $15 billion worth of crypto assets have been deposited into EigenLayer’s smart contracts, with the lion’s share belonging to WETH and stETH.

EigenLayer Total Value Locked (TVL). Source: DeFi Llama

According to recent comments made by EigenLayer founder Sreeram Kannan when speaking to CoinDesk, they are “allowing the EigenLayer marketplace to develop and stabilize before introducing in-protocol payments and slashing to mainnet later this year.” 

Meanwhile, several services have already tapped into EigenLayer’s architecture to boost their security and attract new users. For example, Ethena, a synthetic dollar protocol launched via Binance Launchpool last month, connects with EigenLayer with a focus on providing higher returns for its users.

Summan av kardemumman

EigenLayer introduces a new paradigm to the blockchain space, allowing users to stake assets that they’ve already staked to earn additional staking rewards and an extra layer of security. In addition, it allows protocols to leverage pooled savings, which makes it more difficult for malicious actors to gain a controlling share of assets in a Proof-of-Stake network.

Ethereum is certainly among the most popular and best-developed staking ecosystems in the crypto industry. To learn more about other top networks, check out our list of the best cryptocurrencies to stake in 2024.