Eigenlayer, which is the talk of many crypto investors and the industry, is a matter of curiosity. So what exactly is Eigenlayer (Eigen), how does it work, is it listed on the Binance exchange? Here are the answers to all your questions in this article.
What is Eigenlayer?
EigenLayer is a protocol built on #Ethereum✅ that introduces revaluation, a new primitive in cryptoeconomic security. This primitive enables ETH to be reused in the consensus layer.
Users who stake ETH locally or with a liquid staking token (LST) can sign up for EigenLayer smart contracts to reclaim their $ETH or LST and extend cryptoeconomic security to additional applications on the network to earn additional rewards.
Why Build with EigenLayer?
With EigenLayer, Ethereum stakers can help secure many services by restaking their staked ETH and providing pooled security by participating in many services simultaneously. Repurposing ETH to provide security across many services reduces staker participation capital costs and significantly increases trust guarantees for individual services.
Anyone building a new decentralized service for Ethereum needs to create a new trust network to secure their systems and break down security. EigenLayer solves this problem by enabling any service, regardless of its composition (e.g. EVM compatibility), to benefit from the pooled security of Ethereum's stakers, creating an environment for permissionless innovation and free market governance.
EigenLayer Architecture Overview
Repurchase allows stakers to repurchase Native ETH or Liquid Staking Tokens (LST) to provide greater security for services in the EigenLayer ecosystem, known as Actively Verified Services (AVSs).
Operators are entities that help run the AVS software built on EigenLayer. They register with EigenLayer and allow stakers to authorize them, then choose to provide various services (AVSs) built on top of EigenLayer.
Authorization is the process by which stakers transfer their staked ETH to operators or run verification services themselves, effectively becoming operators. This process involves double participation, ensuring mutual understanding between both parties. Re-sharers retain agency over their shares and choose which AVSs they choose to validate.
Actively Authenticated Services (AVSs) are services built on the EigenLayer protocol that leverage Ethereum's shared security.
Operators contribute to the security and integrity of the network by performing verification tasks for AVSs.
AVSs provide services to users (AVS Consumers) and the broader Web3 ecosystem.
What is EIGEN Token?
The #EIGEN token is a universal intersubjective working token. First of all, by business token we mean a token that can be staked to perform some work on a blockchain platform. This work can be an execution task or a verification task. Current working markers generally have the following limitations:
Special purpose: Current business tokens are designed to provide cryptoeconomic security to only one sanctified specific digital task. For example, before ETH was repurchased on EigenLayer, ETH was specialized only in securing consensus Ethereum.
Purpose: ETH restocking expanded the scope of ETH. By restocking ETH, ETH stakes can now be used to secure services that have objectively attributable errors and can be proven on-chain through an optimistic dispute resolution mechanism.
Resolving faults is done through mathematics and cryptography. However, there is a much broader class of digital tasks where errors in their execution cannot be proven on-chain in a smart contract, but can be observed by any observer off-chain, and broad agreement can be reached among honest observers.
We call this category of errors intersubjectively attributable errors. By staking with EIGEN, the goal is to secure AVSs with any subjectively attributable errors and penalize the EIGEN stake of operators participating in these errors. This gives the EIGEN token a universal nature.
Is Eigenlayer (EIGEN) Listed on Binance Exchange?
By receiving an investment of over 100 million dollars, Eigenlayer manages to surpass many projects in the market. Binance exchange usually lists native tokens of platforms such as restaking.
In this context, Eigenlayer's token can be listed on the Binance exchange. Although this possibility is high, Binance has the final say.
