random

ARPA

EigenLayer

Bitcoin

RedStone

EigenLayer, Ethereum’s largest restaking platform, is adding more restaking options, including wrapped Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) yield and payouts from node operator P2P.org, according to separate announcements on Nov. 4.
ARPA Network, a protocol built on EigenLayer, will start paying rewards to depositors of uniBTC, a restaked BTC wrapper, the protocol <a data-ct-non-breakable="null" href="https://arpa.medium.com/arpa-avs-welcomes-unibtc-partnership-with-bedrock-brings-liquid-restaked-bitcoin-to-eigenlayer-41663e47c7d7" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://arpa.medium.com/arpa-avs-welcomes-unibtc-partnership-with-bedrock-brings-liquid-restaked-bitcoin-to-eigenlayer-41663e47c7d7">said</a> in a blog post.
“By adding uniBTC as a supported asset, ARPA opens up new liquidity pathways and reward opportunities for BTC holders,” ARPA said.
Meanwhile, P2P.org — EigenLayer’s largest professional validator, or “operator” — distributed $2.2 million in Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) to restakers on Nov. 4, it <a data-ct-non-breakable="null" href="https://p2p.org/economy/p2p-org-distributes-largest-operator-revenue-to-delegators-our-commitment-to-the-community/?_gl=1*1a3d9v1*_up*MQ..*_ga*NTIzNDI3Njc3LjE3MzA3Mzc5ODA.*_ga_KGHZN80HE4*MTczMDczNzk3OC4xLjEuMTczMDczNzk4NC4wLjAuMTkxMzczNjEzOQ.." rel="noopener noreferrer nofollow" target="null" text="null" title="https://p2p.org/economy/p2p-org-distributes-largest-operator-revenue-to-delegators-our-commitment-to-the-community/?_gl=1*1a3d9v1*_up*MQ..*_ga*NTIzNDI3Njc3LjE3MzA3Mzc5ODA.*_ga_KGHZN80HE4*MTczMDczNzk3OC4xLjEuMTczMDczNzk4NC4wLjAuMTkxMzczNjEzOQ..">said</a>.
<figure><img alt="EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts" src="https://s3.cointelegraph.com/uploads/2024-11/0192f81e-bb61-74ee-b24c-d8bd82e54360" title="">
 <figcaption style="text-align: center;">
 Source; P2P.org
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-eyes-consumer-adoption-post-unlock" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/eigenlayer-eyes-consumer-adoption-post-unlock">EigenLayer eyes consumer adoption post EIGEN unlock, founder says</a>
Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously.&nbsp;
EigenLayer secures dozens of third-party protocols — dubbed actively validated services (AVSs) — with more than $10 billion of restaked collateral, <a data-ct-non-breakable="null" href="https://defillama.com/protocol/eigenlayer#information" rel="noopener noreferrer nofollow" target="null" text="null" title="null">according</a> to DefiLlama.&nbsp;
In October, EigenLayer launched a rewards program in EIGEN, the protocol’s native token, in a bid to accelerate restaking adoption.
“Stakers will get programmatic rewards depending on how many AVSs they serve, and AVSs will pay fees to stakers and operators. The more AVSs pay, the more value gets allocated,” EigenLayer founder Sreeram Kannan <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-eyes-consumer-adoption-post-unlock" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/eigenlayer-eyes-consumer-adoption-post-unlock">told Cointelegraph in October</a>.
ARPA uses EigenLayer to securely generate random numbers for applications ranging from gaming to lotteries to onchain governance and more.&nbsp;It was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-avs-arpa-launch-native-restaking-rewards-september" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/eigenlayer-avs-arpa-launch-native-restaking-rewards-september">among the first AVSs</a> to start paying restakers.
P2P.org is responsible for upward of $540 million worth of restaked collateral as of Nov. 5, according to the developer’s website.
It competes with dozens of other operators, including staking-as-a-service providers such as Figment, Blockdaemon and Ankr.&nbsp;
<figure><img alt="EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts" src="https://s3.cointelegraph.com/uploads/2024-11/0192f823-b3aa-75bd-8641-8d8e2f4b0765" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/eigenlayer/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://coinmarketcap.com/currencies/eigenlayer/">CoinMarketCap</a>
 </figcaption>
</figure>
EigenLayer is prioritizing onboarding consumer Web3 applications after EIGEN’s Oct. 1 unlock, Kannan said.
On Oct. 23, RedStone — one of the largest oracle providers — <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/redstone-launch-first-defi-oracle-avs-eigen-layer" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/redstone-launch-first-defi-oracle-avs-eigen-layer">launched a data-validation service</a> on EigenLayer.
The EIGEN unlock was among the most <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-eigen-cracks-top-100-trading-debut" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/eigenlayer-eigen-cracks-top-100-trading-debut">highly-anticipated in 2024 </a>and puts pressure on EigenLayer to scale protocol revenues from AVSs.
The token trades at a fully diluted market capitalization of approximately $4 billion, according to <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/eigenlayer/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://coinmarketcap.com/currencies/eigenlayer/">data</a> from CoinMarketCap.
EIGEN is designed to secure protocols against a broader set of faults than are addressable using existing proof-of-stake tokens, such as ETH, <a data-ct-non-breakable="null" href="https://www.blog.eigenlayer.xyz/eigen/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.blog.eigenlayer.xyz/eigen/">according</a> to EigenLayer.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>

EigenLayer bolsters restaking with Bitcoin yield, P2P.org payouts

Cointelegraph

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