Originally published on: October 07, 2024
EigenLayer is gearing up to onboard consumer applications in the Web3 space following the recent unlock of its native token, EIGEN, as revealed by founder Sreeram Kannan in an exclusive interview with Cointelegraph.
The initial focus for EigenLayer will be on crypto-native sectors like decentralized finance (DeFi) and gaming before branching out to a wider Web3 audience. Kannan emphasized the importance of starting with high-throughput consumer apps to establish a strong foundation before expanding into broader markets.
With EigenLayer being Ethereum’s largest restaking protocol, securing over $11 billion in restaked collateral across various third-party protocols, Kannan highlighted the significance of engaging consumers as a critical aspect of their marketplace strategy.
The EIGEN unlock has generated significant buzz in the industry, prompting EigenLayer to scale protocol revenues from actively validated services (AVSs) to benefit EIGEN stakers. This move is a crucial step towards tapping into the full potential of the platform and fostering growth in the Web3 ecosystem.
EigenLayer’s AVS, EigenDA, is set to play a key role in attracting consumer apps to the platform, serving as a gateway to the broader AVS ecosystem. By offering specialized services like data availability, EigenLayer aims to stand out in the competitive Web3 market segment and drive adoption among users.
In addition to its innovative AVS offerings, EigenLayer is rolling out a programmatic incentives program to reward restakers with EIGEN emissions, incentivizing participation and fostering a vibrant multi-sided marketplace.
Looking ahead, Kannan envisions EIGEN staking becoming the predominant method for securing Web3 protocols and smart contracts, replacing traditional multisignature wallets. By moving towards a more decentralized model, EigenLayer aims to enhance trust and reliability in blockchain technology for users worldwide.
As EigenLayer continues to expand its presence in the Web3 space, the unlock of EIGEN marks a significant milestone in its journey towards unlocking consumer adoption and driving innovation in the crypto industry. Join EigenLayer on this exciting path towards a more decentralized and consumer-friendly Web3 ecosystem.
