Big Upgrade EigenLayer Rewards v2
2024-12-09Bittime - EigenLayer, as the largest restaking protocol on Ethereum, announced a major update to their rewards program to provide more flexibility to restaking protocols and users.
This update was announced in a blog post on December 6 and is designed to improve efficiency and customization in the EigenLayer ecosystem.
Rewards v2 EigenLayer Update Features, What's Up?
Operator-Led Rewards
One of the key features of this update is the ability for actively validated services (AVS) to reward operators based on their performance.
This allows AVS to apply custom logic in reward distribution, thereby creating incentives that are more dynamic and tailored to their specific needs.
EigenLayer Variable Operator Cost
With this update, operators now have the freedom to set their own fee rates for each AVS.
This provides greater economic flexibility and can attract more diverse participation from different operators, increasing the attractiveness of the ecosystem EigenLayer.
EigenLayer Claim Rewards in Batch
Another interesting feature is the ability to claim multiple rewards in one transaction.
This not only reduces gas costs, but also simplifies the process for users and operators, making the experience more efficient and user-friendly.
EigenLayer Testnet and Mainnet Launch Schedule
- Testnet Launch: This update will roll out on the Holesky testnet on December 12.
- Mainnet Launch: This update is scheduled to launch on mainnet in January.
Read too Latest EigenLayer Price to IDR
EigenLayer Implementation and Monitoring
Implementation of this improvement proposal (EigenLayer Improvement Proposal - ELIP) will begin on the Holesky testnet.
After thorough testing and integration by AVS, this update will be rolled out on mainnet.
After launch, usage of Rewards v2 will be monitored by indexing reward events on the blockchain.
This will help in determining the success of this ELIP and tracking improvements that occur in the protocol.
Background on EigenLayer: The Biggest Retaking Protocol?
EigenLayer launched in 2023 and has secured dozens of AVS with nearly $19 billion in staked collateral, according to DefiLlama.
Source: DefiLlama
Restaking is a process where staked tokens are used to secure another protocol simultaneously.
Currently, around 20 AVS are active on the EigenLayer mainnet, with many more in the development stage.
Conclusion
The Rewards v2 update in EigenLayer aims to increase flexibility, efficiency, and customization in the rewards ecosystem.
With new features designed to meet the specific needs of users and operators, EigenLayer further strengthens its position as the leading restaking protocol on Ethereum.
This update is expected to attract more users and operators, as well as increase the overall value of the EigenLayer ecosystem.
FAQs
What is EigenLayer?
EigenLayer is a restaking protocol built on the Ethereum blockchain.
This protocol allows users to use staked tokens to secure other protocols simultaneously, creating a more flexible and efficient ecosystem.
How Does EigenLayer Make Money?
EigenLayer makes money through fees paid by actively validated services (AVS) to operators.
In addition, EigenLayer also earns income from rewards allocated to users who restake.
Who is the CEO of EigenLayer?
The CEO of EigenLayer is Sreeram Kannan, who is also the co-founder of this protocol.
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Reference
Alex O’Donnell, EigenLayer to upgrade restaking rewards, Accessed December 9, 2024
Author: IN
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