Originally published on: November 04, 2024
EigenLayer, the leading platform for restaking on Ethereum, is enhancing its offerings with new options including wrapped Bitcoin yield and rewards from P2P.org node operators. In exciting announcements on Nov. 4, EigenLayer revealed these new opportunities for users.
ARPA Network, a protocol operating on EigenLayer, will now be providing rewards to users depositing uniBTC, a wrapped BTC token, as announced in a blog post by the protocol. This move opens up new liquidity avenues and earning potential for BTC holders, according to ARPA.
At the same time, P2P.org, EigenLayer’s prominent professional validator, distributed a whopping $2.2 million in Ether to restakers on Nov. 4. P2P.org stands as one of the largest validators within the EigenLayer ecosystem, handling over $540 million in restaked collateral.
Restaking involves leveraging tokens that have already been staked to earn rewards and secure multiple protocols concurrently. EigenLayer is at the forefront of this practice, safeguarding over $10 billion of restaked collateral across various third-party protocols.
Moreover, EigenLayer recently initiated a rewards program in EIGEN, its native token, to drive the adoption of restaking. This program aims to incentivize stakers based on the number of protocols they support, fostering a mutually beneficial relationship between stakers and operators.
With EigenLayer’s continued efforts to onboard consumer Web3 applications post-EIGEN unlock on Oct. 1, the platform is positioning itself for further growth and expansion. The recent launch of a data-validation service on EigenLayer by RedStone indicates the platform’s commitment to advancing blockchain technology.
As EigenLayer eyes consumer adoption and protocol expansion, the future looks promising for the platform and its users. Stay tuned for more updates on EigenLayer’s innovative developments and opportunities in the world of restaking.
