EigenDA, the data availability protocol developed by EigenLayer, has announced an expansion of its services to support native token restaking for layer-2 scaling networks.
EigenDA, the data availability protocol developed by EigenLayer, has announced an expansion of its services to support native token restaking for layer-2 scaling networks. This adds to the existing support for Ethereum (ETH) and EigenLayer’s native EIGEN token.
The post stated, “Teams can now restake their ERC-20 token to secure a custom quorum for their rollup, unlocking stronger security for rollup users and token yield for token holders.” This marks a significant step forward in enhancing the security and utility of layer-2 solutions while offering additional earning opportunities for token holders.
EigenDA operates as a “data availability layer” within EigenLayer’s ETH restaking platform. Its primary function is to lower the costs associated with storing and accessing on-chain data, a crucial requirement for Ethereum’s layer-2 networks. According to EigenDA, their goal is to make “reliable, scalable, and secure data availability (‘DA’) abundant,” addressing one of the most pressing challenges for scaling solutions on Ethereum.
The challenge of securely storing and accessing transaction data has long been a bottleneck for layer-2 chains. Ethereum’s Dencun upgrade, which was implemented in March, attempted to alleviate this issue by introducing temporary off-chain data storage solutions known as “blobs.” However, other protocols like Celestia are also competing to provide effective data availability solutions.
EigenLayer has grown rapidly, attracting nearly $12.75 billion in total value locked (TVL), according to DefiLlama. EigenDA was the first and remains the largest “actively validated service” (AVS) launched on EigenLayer. It is secured by a substantial pool of assets, including approximately 3.6 million restaked ETH and 71.5 million EIGEN tokens contributed by over 128,000 stakers, as noted on EigenLayer’s website.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
