Eigen Labs recently announced a major update to its EigenLayer protocol, launching permissionless token support. This update will allow any ERC-20 token to be added as a re-staking asset without permission, significantly expanding the range of assets that can be used for decentralized network security, unlocking unlimited ERC-20 tokens in the crypto economy on EigenLayer Security.
No permission token support? Extending Cryptoeconomic Security
This upcoming feature from EigenLayer will enable any ERC-20 token to be treated as a re-hypothecated asset, providing cryptoeconomic security to its Asset Verification Service (AVS). This feature will allow AVS to freely choose which tokens to accept, building partnerships across the ecosystem based on the token’s supply and utility, while ensuring the security and stability of its services. This update marks a step closer to the goal of open innovation.
Re-staking diversification: a richer selection of tokens
With this update, any ERC-20 token can be used for cryptoeconomic security, bringing richer and more diverse security options to the network. This will enhance overall security options within the network and allow AVS to work with community-owned tokens. Potential ERC-20 asset classes include AVS native tokens, stablecoins, and tokens denominated in BTC, among others.
Customizable security configurations: Flexible distribution of work and rewards
AVS will be able to fully customize its cryptoeconomic security configuration. They can choose to allocate work and rewards to various tokens supported by EigenLayer operating nodes, further increasing flexibility and security.
New uses for AVS tokens: Unlocking token value
With this update, AVS will be able to use its native token to provide cryptoeconomic security, which unlocks new uses for the AVS token, including access to basic security features and use to reward restakers and operating nodes.
How to implement: The role of smart contracts and factory contracts
At the protocol level, new policies (smart contracts that define which tokens can be staked on EigenLayer) can be created for any ERC-20 token through factory contracts. These tokens can then be included in the AVS decision-making system, used as cryptoeconomic security, and earn AVS rewards through task distribution.
When will it go online? Testing and Mainnet Deployment Plan
Currently, this feature is in the permissioned testing phase on the testnet. EigenDA will be the first AVS to test and use permissionless token support. Mainnet deployment is planned for next week, and user interface support for restakers will be added to EigenLayer’s web application later in Q3.
This upcoming update will undoubtedly provide more choices and flexibility in the security of decentralized networks, driving the further development of the crypto economy.
This article re-pledges all things! EigenLayer will launch permissionless token support to expand the security of the crypto-economics. The post appeared first on Chain News ABMedia.
