EigenDA, the EigenLayer data availability protocol, now supports restaking of layer 2 native tokens, in addition to ETH and EIGEN.
EigenDA, the first “actively validated service” (AVS) launched on EigenLayer and also the largest, is secured by approximately 3.6 million restaked ETH and 71.5 million contributed EIGEN from over 128,000 stakers.
Restaking native tokens on EigenDA allows layer 2 to create custom consensus mechanisms, or “quorums”, to securely store and access data.
Introducing EigenDA: A Pillar for Data Availability
EigenDA is a data availability protocol designed to reduce the costs associated with on-chain storage and access, a crucial problem for layer 2 scaling solutions on Ethereum.
These layer 2 solutions, designed to improve Ethereum’s scalability, have often been hindered by high costs of managing transactional data. EigenDA steps in by providing a more reliable, scalable, and secure solution for managing this data, aiming to make data availability abundant and accessible.
Restaking: A New Economic Model for Native Tokens
Restaking is an innovative technique that allows users to reuse tokens already staked to secure other protocols in parallel while continuing to generate returns. Until now, EigenLayer allowed restaking of ETH and its native token, EIGEN. However, with the August 26 announcement, EigenDA opens the door to restaking native ERC-20 tokens from layer 2 networks, offering new economic opportunities for token holders.
This new feature allows teams of these networks to create custom consensus mechanisms, or “quorums”, to secure storage and access to their rollups. This not only enhances the security of rollup users but also provides additional returns for token holders.
An Ecosystem in Rapid Growth
Since its launch, EigenLayer has managed to accumulate nearly $12.75 billion in total value locked (TVL), demonstrating the appeal and trust users place in this platform. EigenDA, being the first and largest actively validated service (AVS) on EigenLayer, is secured by approximately 3.6 million restaked ETH and 71.5 million EIGEN tokens, involving over 128,000 stakers.
Enhancing Support for Layer 2 Solutions
The expansion of restaking to native ERC-20 tokens represents a strategic turning point for layer 2 on Ethereum. While Ethereum’s DenCun update in March introduced temporary solutions for off-chain data storage, such as “blobs,” competing protocols like Celestia continue to offer alternative solutions. EigenDA positions itself as a key player in this space, offering a robust infrastructure for data management that is both flexible and secure.
