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EigenLayer kicked off programmatic EIGEN token incentives for restakers in October.
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EigenLayer, Ethereum’s largest restaking platform, is adding more restaking options, including wrapped Bitcoin (BTC) yield and payouts from node operator P2P.org, according to separate announcements on Nov. 4.
ARPA Network, a protocol built on EigenLayer, will start paying rewards to depositors of uniBTC, a restaked BTC wrapper, the protocol said in a blog post.
“By adding uniBTC as a supported asset, ARPA opens up new liquidity pathways and reward opportunities for BTC holders,” ARPA said.
Meanwhile, P2P.org — EigenLayer’s largest professional validator, or “operator” — distributed $2.2 million in Ether (ETH) to restakers on Nov. 4, it said.
Source; P2P.org
Related: EigenLayer eyes consumer adoption post EIGEN unlock, founder says
Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously.
EigenLayer secures dozens of third-party protocols — dubbed actively validated services (AVSs) — with more than $10 billion of restaked collateral, according to DefiLlama.
In October, EigenLayer launched a rewards program in EIGEN, the protocol’s native token, in a bid to accelerate restaking adoption.
“Stakers will get programmatic rewards depending on how many AVSs they serve, and AVSs will pay fees to stakers and operators. The more AVSs pay, the more value gets allocated,” EigenLayer founder Sreeram Kannan told Cointelegraph in October.
ARPA uses EigenLayer to securely generate random numbers for applications ranging from gaming to lotteries to onchain governance and more. It was among the first AVSs to start paying restakers.
P2P.org is responsible for upward of $540 million worth of restaked collateral as of Nov. 5, according to the developer’s website.
It competes with dozens of other operators, including staking-as-a-service providers such as Figment, Blockdaemon and Ankr.
Source: CoinMarketCap
EigenLayer is prioritizing onboarding consumer Web3 applications after EIGEN’s Oct. 1 unlock, Kannan said.
On Oct. 23, RedStone — one of the largest oracle providers — launched a data-validation service on EigenLayer.
The EIGEN unlock was among the most highly-anticipated in 2024 and puts pressure on EigenLayer to scale protocol revenues from AVSs.
The token trades at a fully diluted market capitalization of approximately $4 billion, according to data from CoinMarketCap.
EIGEN is designed to secure protocols against a broader set of faults than are addressable using existing proof-of-stake tokens, such as ETH, according to EigenLayer.
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This article first appeared at Cointelegraph.com News
