EigenLayer recently revealed its presence on the Ethereum mainnet, bringing a significant development to the Ethereum ecosystem. One of the main ways to participate in EigenLayer is to contribute to the security of Ethereum and amplify interest in staking activities. As discussed in a recent discussion, Ethereum staking has been gaining significant momentum, especially with the surge in popularity of re-staking methods.
In a notable update, EigenLayer debuted on the Ethereum mainnet with the introduction of the EigenDA data availability layer. Notable operators such as Coinbase Cloud and Google Cloud joined as early participants in the protocol. EigenLayer has also strengthened its position in the ecosystem by releasing six actively verified services that will benefit from the re-staking mechanism.
This launch allows reinvestors on the platform to earn additional returns on their staked ETH, a feature that was not previously possible. Many users initially deposited ETH into the protocol in hopes of higher returns and speculated about a potential airdrop as EigenLayer allocates re-staking points.
To access EigenLayer, you will need to stake ETH by setting up a validator or acquiring staking derivative tokens utilizing the liquid staking protocol. Liquid Stake Token (LST) provides liquidity to holders and can be obtained through deposits into designated protocols or through direct purchases.
The surge in new validators highlights the growing interest in contributing to the security of Ethereum through EigenLayer. Notably, Ethereum will transition to proof-of-stake with The Merge in September 2022, allowing individuals to run validators on the Beaconchain alongside the mainnet. Staking gained significant traction following the Shapella upgrade in April 2023. This upgrade introduces the ability to withdraw staked ETH, increasing user confidence in the security of their funds.
At its peak in June 2023, the validator queue reached 96,000, triggering measures to maintain network stability. But the queue gradually thinned, remaining below 10,000 from October 2023 until March of the following year. The renewed interest in re-staking has increased the validator input queue to 20,000, reflecting strong demand to power the Ethereum network.
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