The new Permissionless Token Support feature is a direct response to competitor Symbiotic's feature set.

EigenLayer announced it will introduce Permissionless Token Support, an upcoming update that will allow any ERC-20 token to be added as a restakable asset.

What's the scoop?

  • AVS Flexibility: Application-specific validators (AVSs) will be able to accept any ERC-20 token as a restaked asset, enhancing their ability to form cross-ecosystem partnerships and further personalize their security profiles.

  • New Utility for AVS Tokens: This update means AVSs can now use their native tokens for security, expanding the functionality and utility of their native tokens.

  • Testnet and Mainnet Timeline: This feature is currently being tested. A mainnet deployment is scheduled for next week, and EigenDA will be the first to use Permissionless Token Support. The full rollout on the EigenLayer web app is expected later in Q3.

MY TAKE

EigenLayer's move to enable permissionless restaking potentially zeroes out Symbiotic’s edge in restaking, especially given EigenLayer already has amassed such a large TVL. With all this development slated for this quarter, Symbiotic, which just announced their devnet earlier this week, could launch at a significant disadvantage depending on their timeline. Further, this inadvertently confirms many AVSs may launch tokens given the role their native tokens could play in securing their protocols

Coming Soon: Permissionless Token Support

What

Eigen Labs is proud to introduce Permissionless Token Support, an upcoming update, to the EigenLayer protocol. This feature will enable any ERC-20 token to be added as a restakable asset, significantly broadening the scope of assets that can contribute to the security of decentralized networks, and unlocking the cryptoeconomic security of unlimited ERC20 tokens on Eigenlayer.

Why

Expanded Cryptoeconomic Security

Any ERC-20 asset will be able to be utilized for cryptoeconomic security. Categories of potential new ERC-20 assets include native AVS tokens, stablecoins, and BTC-denominated tokens.

Customized Security Profiles

AVSs will have the ability to fully customize their cryptoeconomic security profiles. They can choose to distribute work and rewards to a broad array of tokens supported by EigenLayer operators.

AVS Token Utility

The ability for AVSs to use their native token for cryptoeconomic security unlocks new utility for AVS tokens including gaining essential security functionality and being used for rewarding restakers and operators.

When

Currently this feature is on testnet for a short permissioned testing phase. @eigen_da will be the first AVS to test and use permissionless token support.

Mainnet deployment, a protocol-level update, is scheduled for next week. User Interface support for restakers will be added later in Q3

#LowestCPI2021 #BinanceLaunchpoolTON #SahmRule #MarketDownturn