EigenLayer: Updates Protocol to Allow Integration of ERC-20 Tokens for Restaking
EigenLayer, the team behind the Ethereum restaking protocol EigenLayer, has announced a major update to its protocol. In a recent X post, the company revealed its intention to introduce support for permissionless tokens, thus allowing the integration of any ERC-20 token as an eligible restaking asset.
The EigenLayer protocol offers users the ability to reallocate their staked assets on Ethereum validators, whether native staking or through liquid staking tokens. These funds can then be directed towards third-party protocols, bolstering their economic security.
Expanding the Scope of Restaking
This strategic evolution aims to broaden the range of assets that can enhance the security of decentralized networks. By allowing the restaking of ERC-20 tokens, EigenLayer paves the way for leveraging the crypto-economic potential of a multitude of tokens that were previously inaccessible in this context.
This update comes as a significant competitor could enter the restaking market. Symbiotic, a restaking protocol currently under development, could capture market share from EigenLayer’s $12 billion in assets, as the founding team of titan Lido works tirelessly to offer a permissionless version of the leader.
Deployment Timeline
Prior to launching this feature on the mainnet, Eigen Labs plans to undergo thorough testing on the testnet. This evaluation period will ensure the system’s robustness and reliability. Mainnet deployment is scheduled for next week, with user interface support for restakers to be introduced later in the third quarter.
