EigenLayer Stage 1 positioned on Ethereum mainnet

EigenLayer Stage 1 has been positioned on the Ethereum mainnet, through which Ethereum stakers can take part in EigenLayer, control their liquid staking tokens, and shift their funds. This is made possible with the help of EigenLayer contracts. Another option is building an EigenPod and shifting the funds to the EigenPod addresses.

In the next stage, Eigenlayer will be bringing in operators who will carry out the confirmation activities related to Actively Validated Services (AVSs) that have been duly created on the EigenLayer protocol. The third stage will witness the protocol setting off the deliverance of various AVSs by utilizing the strong EigenLayer base. 

Following the delivery of restakers, operators, and AVSs on EigenLayer, the ecosystem will provide the option for stakers to allocate their staked ETH to operators. The control will remain with the stakeholder, and they will be able to select the AVSs of their choice. Operators and AVSs need to work in tandem. 

Initially, the EigenLayer will have some limitations for reasons of safety. Thereafter, the restrictions will slowly be lifted until they reach an absolute no-limit situation, all for the benefit of ether holders. At this point, the protocol will be fully backing liquid staking with regards to Lido stETH (stETH), as well as Rocket Pool ETH (rETH) and Coinbase Wrapped Staked ETH (cbETH). 

As for the staking limits, deposits will be accepted for 3,200 tokens against every backed asset. In the case of a user transaction, 32 tokens will be allowed. There will also be no further building of EigenPods the minute the conventional restaking reaches roughly 9,600 ETH. There will be the introduction of a seven-day withdrawal period for safety reasons. 

In order to ensure further safety, EigenLayer has gone through several external safety audits, along with $2,000,000 bug bounties accessible through Immunefi. EigenLayer has the vision of decentralizing the protocol and bringing together the attached community to participate in a complete trustless staking protocol. 

Smart contracts that are scalable and have the ability to pause operations were used to construct EigenLayer. Three prime governance multisigs have been assigned oversight over issues relating to contract scaling and the pause feature. There is the community multisig, the operations multisig, and the pauser multisig. All things considered, the launch of EigenLayer on Ethereum marks a significant milestone and moves open innovation into a more favorable environment.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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