Ethereum re-staking breakthrough
Testnet launch, mainnet Q3
$50 million Series A funding
EigenLayer, a groundbreaking protocol that enables Ethereum validators and stakers to re-stake their assets on emerging networks, has initiated its testnet phase. The mainnet launch is slated for Q3, with a phased, three-stage testing process to integrate diverse ecosystem participants. The initial testing stage utilizes Ethereum's Goerli network.
This revolutionary project garnered an impressive $50 million during a Series A funding round in late March. Industry leaders, including Blockchain Capital, Coinbase Ventures, Polychain Capital, Electric Capital, and Finality Capital Partner, led the funding round, demonstrating strong support.
EigenLayer envisions creating a decentralized marketplace where Ethereum node operators and validators can earn fees through additional services. The protocol enables re-staking of assets obtained in exchange for staking Ether on platforms like Lido (stETH) and RocketPool (rETH). Validators can then use these assets to secure and validate other networks, including sidechains or non-EVM blockchains.
The white paper reveals ambitious plans for EigenLayer, including facilitating re-staking for ETH withdrawn from the Beacon Chain after the Shapella upgrade. Ethereum validators can assign their Beacon Chain withdrawal credentials to EigenLayer smart contracts and opt into new modules built on the protocol.
EigenLayer's primary goal is to address existing issues surrounding validator economic incentives. Founder Sreeram Kannan believes that enabling the transfer and re-staking of ETH [mcrypto coin="ETH"] [mcrypto coin="ETH" info="change"] on other networks will provide validators and stakers with additional yields, fostering secure growth for smaller networks.
In other news, Bitcoin (BTC) may have entirely emerged from their winter slumber, as its consolidation phase persists despite a stellar performance over the past month.
According to Santiment, bullish BTC merchants are currently trading at a loss. As depicted in the graph below, the rate of loss is twice the rate of profit, indicating that some traders are abandoning the bull case in the short term.
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