Is the newly shaped Protocol Council the important thing to strengthening EigenLayer’s protocol safety and supporting community-driven development?
On Jan. 14, EigenLayer (EIGEN) introduced the formation of the Protocol Council to make sure protocol safety and consider EigenLayer Enchancment Proposals. The information was shared by way of a tweet from the Eigen Basis.
EIGEN is a protocol constructed on Ethereum (ETH) that introduces restaking, a function permitting already staked ETH (ETH locked as much as safe the community) to additionally safe numerous different purposes.
In less complicated phrases, if in case you have ETH staked to assist shield the Ethereum community, you should use that very same staked ETH to supply safety for decentralized providers like sequencers (which assist order transactions), oracles (which provide real-world knowledge to the blockchain), and knowledge availability layers (which guarantee knowledge is accessible and verifiable), opening up new prospects throughout decentralized purposes.
The newly shaped Protocol Council will likely be instrumental in directing and overseeing the introduction of the above-mentioned options, guaranteeing that each one enhancements are well-vetted and help the protocol’s long-term goals, fostering broader ecosystem growth and empowering community-driven contributions.
Along with the formation of the council, EIGEN has launched the Eigen Council Telegram group, providing the neighborhood a possibility to actively take part in governance, vote on proposals, and submit concepts. Lively voters will obtain EIGEN tokens as rewards, making the method extra participating.
EigenLayer additionally helps restaking with any ERC-20 token, a function launched in August 2024 with the launch of permissionless token help on its mainnet, permitting stakers to make use of numerous ERC-20 tokens, together with AVS tokens, stablecoins, and Bitcoin(BTC) denominated property, to safe further networks and earn rewards.
Moreover, EigenDA, a service on EigenLayer offering low-cost knowledge availability for rollups, helps customized quorums secured by restaked ERC-20 tokens, providing further flexibility for rollup-specific safety wants.
With a 24-hour buying and selling quantity of over $137.35 million, the EIGEN token is buying and selling at about $2.98 as of Jan. 14. There are over 210.8 million EIGEN tokens in circulation, and the token’s market cap is $630 million, on the time of writing.
