EigenLayer is an Ethereum blockchain protocol that allows users to stake ETH to support applications within the Ethereum ecosystem. EigenLayer creates a dynamic marketplace for decentralized trust. Developers can benefit from the security provided by the collective pool of stakers, while stakers can support the development of their projects.
The EigenLayer protocol seeks to enhance the network’s Proof of Stake (PoS) consensus by utilizing Ethereum restaking. Restaking involves using the same staked ETH to contribute to the security of other projects, facilitated by smart contracts developed by EigenLayer. This approach not only strengthens the security of the Ethereum ecosystem but also increases the potential earnings for those who stake their tokens.
The EIGEN token plays a critical role within the EigenLayer protocol, designed to secure AVSs through a unique staking mechanism. The token is used to facilitate a fork-aware staking model, where malicious actors can be slashed through social consensus rather than just cryptographic enforcement.
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