Originally published on: November 04, 2024
EigenLayer, the leading restaking platform on Ethereum, is enhancing its restaking options by introducing wrapped Bitcoin yield and payouts from P2P.org node operators. These exciting updates were revealed in separate announcements on November 4th.
ARPA Network, a protocol operating on EigenLayer, has announced that it will begin rewarding depositors of uniBTC, a wrapped BTC offering. This move aims to create new liquidity channels and reward opportunities for Bitcoin holders, as stated in a blog post by ARPA.
Simultaneously, P2P.org, EigenLayer’s primary professional validator, distributed $2.2 million in Ether to restakers on the same day, showcasing the platform’s commitment to rewarding its users.
Restaking involves using a token that has been staked with a validator as collateral to secure other protocols. EigenLayer, which safeguards over $10 billion of restaked collateral for various third-party protocols known as actively validated services (AVSs), has recently launched a rewards program in its native token, EIGEN, to drive restaking adoption.
Founder Sreeram Kannan highlighted the benefits of this program, stating, “Stakers will receive rewards based on the number of AVSs they support, while AVSs will pay fees to stakers and operators, creating additional value for all participants.”
ARPA and P2P.org are just two examples of the many operators integrating with EigenLayer to enhance their offerings and support the growing demand for restaking services. These developments underscore EigenLayer’s commitment to driving consumer adoption of Web3 applications.
With the EIGEN unlock on October 1st and the subsequent launch of innovative services like RedStone’s data-validation service, EigenLayer is poised for significant growth in the coming years. The platform’s fully diluted market capitalization of approximately $4 billion reflects the market’s confidence in its ability to secure protocols effectively.
As EigenLayer continues to evolve and expand its ecosystem, more opportunities for restakers and operators will emerge, solidifying its position as a leading player in the DeFi space. Stay tuned for further updates and explore the possibilities of restaking with EigenLayer today.
