What is EigenLayer (EIGEN)
EigenLayer is a protocol that operates on the Ethereum blockchain, introducing the concept of "restaking collective." This allows ETH stakers to enhance and support various applications within the Ethereum ecosystem.
By establishing a dynamic marketplace for decentralized trust, EigenLayer enables developers to leverage the collective security offered by a pool of stakers. In turn, stakers can play a role in fostering the growth of these projects.
EigenLayer employs a modular security framework that permits stakers to allocate their staked ETH to secure specific network functionalities, known as modules.
Ethereum stakers can restake their ETH through EigenLayer smart contracts, which provide a fresh array of security and validation services tailored to particular modules. This is accomplished by enabling EigenLayer contracts to impose specific conditions on the staked assets.
Restaking within EigenLayer can be approached in two distinct ways:
Solo Staking: Users have the option to manage their own nodes, actively validating transactions for the designated modules. This approach is typically more suited for experienced users.
Delegation: Alternatively, EigenLayer allows users to delegate node operations to others within the network. This option is ideal for those who wish to contribute to EigenLayer without delving into the technical complexities involved.
The native token, EIGEN, is designed to enhance the EigenLayer ecosystem by supporting ETH restocking. It introduces a unique mechanism for addressing "intersubjective" faults—issues that may not be visible on-chain but still require penalties. This mechanism enables EIGEN to facilitate a token fork without necessitating a fork of the Ethereum main net's consensus.
EIGEN is listed on Binance for trade and purchase. The current price of EIGEN is updated in real-time on Binance.