Originally published on: November 15, 2024
The decentralization of blockchain infrastructure is gaining momentum, with Consensys Ethereum validator node provider, Infura, making strides in its Decentralized Infrastructure Network (DIN). The latest development sees Infura launching as an Actively Validated Service (AVS) on the Ethereum restaking platform, EigenLayer.
At the recent Devcon2024 event in Bangkok on Nov. 14, head of product for Infura DIN, Tom Hay, highlighted the progress made, emphasizing the advancement towards creating a Web3 permissionless marketplace for infrastructure services. DIN acts as a decentralized Web3 API marketplace, enabling developers to connect to Ethereum and other prominent blockchains such as Blast, Mantle, Starknet, ZKsync, BNB Smart Chain, and Scroll.
By transitioning DIN into an AVS through EigenLayer, developers can benefit from reduced development costs, enhanced accessibility and reliability of Web3 services, a collaborative environment among providers, and simplified launch processes for new services across Web3 gateways. EigenLayer’s founder, Sreeram Kannan, underscored the importance of building DIN as an AVS within their ecosystem, emphasizing the scalability, reliability, and cost-efficiency it brings to decentralized infrastructure provisioning.
EigenLayer’s restaking protocol adds another layer of functionality to the overall deployment by providing additional rewards for staked Ether (ETH). This integration not only enhances the accessibility, reliability, and efficiency of decentralized infrastructure for Web3 development but also leverages Ethereum’s economic security.
Moreover, EigenLayer restaking serves as an onboarding mechanism, offering staking and slashing protection without requiring projects to prematurely launch tokens. This innovative approach aims to create a robust and sustainable decentralized infrastructure landscape for Web3 development.
The growth of EigenLayer in 2024 has been remarkable, with the total value locked on the restaking protocol skyrocketing by 900% to $13.4 billion since the start of the year. While there have been fluctuations in TVL, particularly peaking at $20 billion in early June, recent upticks coincide with the increase in ETH prices over the past week.
As the decentralized infrastructure ecosystem evolves, initiatives like EigenLayer AVS on Infura demonstrate the industry’s commitment to fostering innovation, collaboration, and efficiency in Web3 development. Stay informed with our Crypto Biz newsletter for valuable insights on key business trends in blockchain and crypto. Subscribe now to navigate the market and uncover financial opportunities every Thursday.
