EigenLayer Deploys Its Reststaking Protocol on the Ethereum Mainnet

Seattle-based decentralized finance (DeFi) platform EigenLayer has deployed its restaking protocol on the Ethereum mainnet, according to a press release.

Decentralized finance (DeFi) platform EigenLayer has deployed its restaking protocol on the Ethereum mainnet, allowing users to restake their staked ETH on EigenLayer.

The protocol currently supports Lido stETH (stETH), Rocket Pool ETH (rETH) and Coinbase Wrapped Staked ETH (cbETH). Users can restake their liquid staking tokens on EigenLayer to earn additional ETH rewards and participate in the EigenLayer network.

EigenLabs, the developer of EigenLayer, has raised a total of $64.5 million at a valuation of $500 million in a series of investment rounds, including a $50 million Series A in March.

The protocol has set participation parameters for both liquid restaking and native restaking. A maximum of 3,200 of each liquid staking token can be accepted for restaking by a single address, with a maximum 32 token deposit per address. Native restaking will be paused once 9,600 ETH has been added.

Liquid staking has been an emerging narrative since Ethereum switched from proof-of-work to proof-of-stake in September. A total of $16.92 billion is currently staked on the top five liquid staking protocols on Ethereum, according to data by DefiLlama.

Restaking is a concept that allows staked ETH to be used on other protocols in exchange for protocol fees and rewards.

News source：https://www.kdj.com/cryptocurrencies-news/articles/eigenlayer-deploys-reststaking-protocol-ethereum-mainnet.html

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