Claim BonusEthereum’s EigenLayer Gears Up for Mainnet Phase Two in 2024
EigenLayer, a player in the Ethereum re-staking arena, is gearing up to launch its mainnet’s second phase in the first half of 2024. This pivotal update stands to reshape the landscape by allowing users to delegate their staked Ethereum (ETH) to operators of EigenDA.
Consequently, this move will facilitate rollups, a form of secondary scaling solutions, to efficiently integrate with it. EigenLayer’s initiative is to leverage staked ether and other liquid staking tokens, bolstering blockchain and data scaling services, including EigenDA.
EigenLayer’s Advancements
Following the limited utility phase that marked EigenLayer’s initial foray into the Ethereum mainnet, the upcoming phase promises significant enhancements. The test network activation of this phase has already started, laying the groundwork for operator registration and the commencement of EigenDA verification.
EigenDA, as the first service actively validated (AVS) on EigenLayer, is expected to reduce transaction fees for rollups. This development could greatly benefit decentralized applications, particularly in gaming and social media, where high transaction costs have been a hurdle.
The Rise of Liquid Restaked Tokens (LRT)
The landscape is further enriched by the emergence of Liquid Restaked Tokens (LRT), designed to simplify the staking process. By depositing in an LRT protocol, users can bypass the complexities of direct staking via Eigenlayer, albeit at a fee. However, this also necessitates governance to select operators and manage risks, thereby creating new governance tokens and potential airdrops.
The growth in LRT protocols, such as Ether Fi, Stader Labs, Genesis LRT, and others, heralds a new era in Ethereum staking. With LRTs, users may anticipate earning from Ethereum staking yield, Eigenlayer restaking rewards, and LRT protocol token emissions, cumulatively amounting to a potential 25% APY on ETH.
Read Also: Ethereum’s New Staking Solution Aims to Improve Security and Scalability
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Will Bitcoin Crash Again as ‘Trump Insider’ Whale Dumps 6,599 BTC
- XRP News: Ripple’s RLUSD Gets Boost as CFTC Expands Approved Tokenized Collateral
- Crypto Markets Brace as Another Partial U.S. Government Shutdown Looms Next Week
- $40B Bitcoin Airdrop Error: Bithumb to Reimburse Customer Losses After BTC Crash To $55k
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- Cardano Price Prediction as Midnight Token Soars 15%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
