Note: This article is from @0xNing0x Twitter, and MarsBit organizes it as follows:
1 written in front
EigenLayer is a top encryption start-up project managed by the top VC in Silicon Valley, the management method is highly similar to LayerZero and Celestia
They will first invent a logically self-consistent new concept based on the technology stack of the encrypted world (industry slang is called a new primitive), such as LayerZero's L0, Celestia's modularization and EigenLayer's Re-Staking
2 continue to write in front
Then they assembled a team of dizzying technical backgrounds in Silicon Valley to develop the first implementation of this new primitive
At the same time, open a round of secret Pre-Seed round financing for small circles, and then buy a large number of research reports from professional institutions to stun VC and first-level investors, and then use resources to open a round of high-amount seed round financing for top VC institutions
A typical feature of this type of project is To VC, disdain to operate the community
3 Why is EigenLayer called EigenLayer
Into the title
The official documentation does not explain why it is called this, I asked ChatGPT and got 3 possible explanations
--Eigen means "own" in German, expressing the vision of realizing the autonomy of blockchain property
--Eigen mathematically refers to the eigenvectors and eigenvalues in the line generation, using this concept to shape the brand of geeks
--Eigen is a C++ line generation library with the same function as above
4Financing~$65 million new primitive Re-Staking What's new?
EigenLayer's new primitive Re-Staking is very similar to the Re-Staking of the existing LSD track project at first glance. They are both ETH2.0 Staking Token's re-Staking, and the play is still the same set of Lego nesting
But actually they are not the same thing
First of all, the purpose of Re-Staking is different from that of Re-Staking. The purpose of Re-Staking is to achieve shared security between the service layer and the protocol layer. We know that for protocols that adopt the POS consensus mechanism (public chain, L2, oracle, Cross-chain bridge), the larger the scale of funds locked in the verification node and consensus node, the higher the cost of attacking the protocol and the stronger the security. EigenLayer guides the Liquidity of Ethereum into the service layer through Re-Staking, thereby greatly improving the security of the corresponding service layer and reducing capital costs
The purpose of ReStaking is relatively simple and rude, which is to thicken APY
Second, the methods used by the two are different. Re-Staking supports LST re-pledging and original staking. Re-pledgers will get the Proof-of-stake Token issued by EigenLayer. With this Token, re-pledgers can join the consensus and verification network of services accessed by EigenLayer, so as to provide security for these services while obtaining service-native Token rewards
The implementation of ReStaking is also relatively simple. Taking YFI’s yETH as an example, after repackaging stETH, the massive VeCRV votes accumulated in its protocol will increase the Yield mining rewards for yETH trading pairs.
5 Status of EigenLayer: Online re-staking on the testnet has no shared security
EigenLayer consists of two modules: Re-staking module and shared security module
At present, EigenLayer's test network has launched the re-pledging function, which supports LST re-pledging and original pledge. LST re-pledge supports stETH and rETH re-pledge, native pledge supports Ethereum client node operation re-pledge
This part is because it only involves the development of smart contracts, so the progress is relatively fast
The shared security module involves the negotiation, docking, and access of the service layer, staking service providers, and Cross-chain infrastructure modules, so the launch schedule is later
6What investment opportunities does EigenLayer have for us?
--Rolling hair. The re-staking function of the EigenLayer test network has been launched. It is recommended to take Goerli’s test network token to test and participate as soon as the main network is launched.
--Pay attention to the investment opportunities of cooperation projects. EigenLayer's first-level investment threshold is very high, we can pay attention to the investment opportunities of its cooperation projects, such as its Cross-chain basic module @Hyperlane_xyz
7 summary
EigenLayer is the first instance of the new primitive Re-Staking. Different from YFI’s yETH’s Re-Staking, it is a complex system engineering involving the protocol layer and service layer, with the purpose of sharing security and reducing capital costs
The participation threshold of EigenLayer is too high for retail investors, we can participate in masturbation or pay attention to the investment opportunities of cooperation projects
Above, thank you.
