EigenLayer, valued at over $13 billion, has launched its mainnet along with its EigenDA AVS. However, several essential features such as slashing and in-protocol payments are still under development for a later release in 2024.
With a TVL (Total Value Locked) of $33.56 billion, EigenLayer is close to surpassing Lido ($33.58 billion) to become the leader in DeFi.
Launch of EigenLayer Mainnet with Future Features
EigenLayer has announced its mainnet launch, but certain key features, including in-protocol payments to operators for actively validated services (AVS) such as applications and inter-chain bridges, are not yet available.
Similarly, the slashing mechanism, which penalizes validators for failure by confiscating their staked cryptocurrency, is also pending. These additions are planned for “later in the year” after the EigenLayer market has had time to grow and stabilize without a specific date provided.
The Promise of EigenLayer Restaking
Restaking, as offered by protocols like EigenLayer, promises users rewards for restaking their liquid staking ETH tokens, which are representative tokens tied to ether staked in protocols like Lido or Rocket Pool.
However, many analysts believe that restaking may increase gains but also “increase risks” as the same funds could be moved between multiple protocols, creating complex security and financial issues.
Launch of EigenDA AVS
Alongside the mainnet launch, EigenLayer has also introduced a data availability service, EigenDA, the first AVS to be launched on the protocol, aiming to assist other blockchain applications in storing transaction data.
However, other AVSs will need to register with EigenLayer and cannot be fully deployed at present.
