The development of the industry is inseparable from the long-term builders. PANews and PANONY have launched the English Twitter Space series "Buidlers' Voice", which focuses on outstanding leaders in the field of cryptocurrency. In this dynamic and fast-growing industry, there are countless innovators and pioneers who are shaping the landscape of Web3. "Buidlers' Voice" will be committed to digging deep into the stories and perspectives of these industry builders.
From the technological innovation of mainstream cryptocurrencies such as Bitcoin and Ethereum to the application of other emerging technologies, we will explore how these innovations are changing the global economic system and the crypto market. In addition, we will also focus on regulatory challenges, market trends, and how to deal with volatility. "Buidlers' Voice" is not only a sharing platform for builders in the cryptocurrency industry to speak out, but also a bridge connecting ordinary users with industry insiders to help everyone better understand this complex and fascinating field.
The conversation was hosted by PANews and industry frontline observer Karen Tang, shared in English on PANONY's Twitter @PANONYGroup, and will be provided to readers in Chinese later.
In this event, we invited Su Yang, Head of Asia Pacific at Eigen Foundation. The following is part of the Q&A session with Su Yang.
Moderator: In this episode, we mainly discuss the evolution of the Ethereum staking landscape and the technical progress of the AVS ecosystem. Su, can you first introduce to us the most important milestones that Eigenlayer has achieved this year?
Su Yang: Of course. This year is a crucial year for Eigenlayer. I think there are three major milestones worth mentioning. First, we received $100 million in Series A funding led by a16z, which not only validated our strategy but also enabled us to scale operations on a large scale.
Secondly, we successfully launched the mainnet in April. This was a huge step forward as it gave stakers a full view of how Eigenlayer actually works, rather than just being in the testnet phase. Finally, we launched the EIGEN token, which has received a lot of attention. We initially designed it to be a non-transferable token to ensure it is safe to use in our ecosystem.
Host: Can you explain what the AVS ecosystem is and why it is critical to the development of the Ethereum staking landscape?
Su Yang: Of course. AVS, or Active Verification Service, is a concept proposed by the founder of Eigenlayer. It allows protocols that need economic security guarantees to use our network, especially those based on proof of stake. This means that any protocol that needs such security guarantees can become part of our AVS ecosystem, making it very diverse. For example, we have partners like AltLayer that provide support for rollup services, and there are other partners working on key features such as data availability. The AVS ecosystem essentially creates a more secure and scalable environment for various projects.
Moderator: What is permissionless staking and how is it different from the traditional Ethereum staking model?
Su Yang: Permissionless staking is a major innovation for us. Permissionless staking allows more projects to leverage their native tokens for staking, creating a more dynamic and secure environment. Initially, we focused on ETH as the main staking asset, but as the project grew, we realized the need for greater flexibility. Now that ERC-20 tokens have been introduced as re-staking assets, we are expanding participation and enhancing the security of the AVS ecosystem.
Moderator: What challenges did Eigenlayer face this year, and how did community and developer feedback influence Eigenlayer's roadmap?
Su Yang: Like any major project in the crypto space, we faced some challenges. One of the biggest challenges was managing community expectations and demands during the mainnet launch. We pushed the schedule ahead of schedule, which added pressure, but we managed to overcome these difficulties with the strong support of our ecosystem partners. The community's feedback was invaluable to us and emphasized the importance of maintaining a close and supportive ecosystem.
Moderator: What major updates, strategic collaborations or development plans does Eigenlayer have in the next 6 to 12 months?
Su Yang: We have a number of big plans! We plan to introduce programmatic incentives, expand token governance, and launch a slashing mechanism to enhance protocol security. In addition, we are also preparing some exciting partnerships that will be announced soon. Our goal is to continue to move forward on a strong foundation, drive innovation, and expand our ecosystem.
User Q&A Session
Audience 1: Can you talk about the role of the Eigenlayer token in the ecosystem and what benefits long-term holders will receive?
Su Yang: Our tokens play a vital role in providing economic security and driving incentives within the ecosystem. Long-term holders can earn rewards by staking tokens and participate in governance decisions. We design our tokens to ensure that holders are not only investors, but also active contributors to the ecosystem.
Audience 2: What measures has Eigenlayer taken in terms of the security of Ethereum staked assets?
Su Yang: In terms of securing the staked assets, we focus on smart contract risks and slashing mechanisms. Currently, Eigenlayer’s slashing mechanism is not live yet, but will be launched in future updates. The staked assets are locked through smart contracts to ensure their security.
Audience 3: Do you have plans to launch an ambassador program? If so, how can I participate and become an ambassador of Eigenlayer?
Su Yang: Yes, that’s a great question. We are indeed planning to launch an ambassador program, and we expect to announce the details in the next one to two months. This program will provide opportunities for those who want to actively participate in our ecosystem and help promote Eigenlayer. Please follow our blog and Twitter announcements for more information!
Audience 3: How does Eigenlayer view the potential of the Asian market? Are there plans to expand to other countries with huge crypto market potential?
Su Yang: The Asian market is very important to us, and we are designing a plan that is more tailored to this region. We hope to see more developers, ecosystem supporters, and Eigenlayer advocates emerge from this region. The Ambassador Program will be part of ours, but we are also considering more ways to work more closely with the APAC community.
Moderator: Thank you Su for sharing. Clearly, Eigenlayer is at the forefront of innovation in the Ethereum staking space. We look forward to these developments to come.
Su Yang: Thank you! It’s been a pleasure to share our journey and I’m excited for the future. Thank you to everyone who joined us today.