Recently, on April 9, the EigenLayer team made a significant announcement regarding the launch of EigenDA, the first Available Validator Service, on the Ethereum mainnet. This marks a crucial milestone for the platform and showcases its commitment to innovation and progress within the blockchain space.
According to the team, there has been a substantial amount of ETH restaked on EigenLayer, totaling over 4.1 million. Additionally, a notable trend observed over the past few weeks is that 70% of all new Ethereum validators have chosen to restake on the platform. Restakers now have the option to delegate their entire stake to an operator who has opted in to run available validator services like EigenDA. This feature provides users with the flexibility to stake their ETH on multiple protocols simultaneously.
Platforms like EigenLayer play a crucial role in the blockchain ecosystem by leveraging Ethereum’s validators and staked tokens to enhance the security and trust systems of smaller and newer blockchains. By providing access to these resources, EigenLayer enables smaller blockchains to benefit from the established infrastructure of Ethereum, thereby fostering growth and innovation in the industry.
EigenLayer faces a delicate balance between maintaining neutrality to allow for free market behavior and ensuring decentralization to prevent the dominance of a single staking provider. This tradeoff is essential for creating a fair and competitive environment within the ecosystem. Furthermore, EigenDA offers hyper scalability, cost flexibility, and ease of integration for rollups, positioning itself as a comprehensive solution for data availability on Ethereum.
Looking ahead, EigenLayer anticipates a period of high operator turnover as new operators, delegations, and Available Validator Services (AVSs) come online within the top 200 active set. Although in-protocol payments from AVSs to operators and slashing mechanisms are not yet implemented, they are planned for inclusion in 2023. These features will further enhance the functionality and security of the platform, solidifying EigenLayer’s position as a leading player in the blockchain space.
The Ethereum staking ecosystem is currently in a healthy state, with approximately 27% of the total circulating supply staked, equivalent to 32.2 million ETH. This represents a significant value of around $112 billion at current prices. Moreover, Ethereum boasts over a million validators, underscoring its status as one of the most secure blockchains in the cryptocurrency market. Lido remains a dominant player in the liquid staking space, with 29% of the total staked amount, valued at $33.2 billion.