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EigenLayer Launches ERC-20 Token Support on Mainnet

Aug 27, 2024
  1. ERC-20 Token Support
  2. Overview of EigenLayer
  3. Support for Custom Quorums

The Eigen Labs team announced the launch of permissionless token support on the mainnet, allowing any ERC-20 token to be used as a restakable asset on EigenLayer.

ERC-20 Token Support

On August 26, the Eigen Labs team announced on X that the permissionless token support is now live on the mainnet, enabling any ERC-20 token to be used on EigenLayer. Restaking allows participants in the proof-of-stake ecosystem to reuse staked assets to secure additional PoS networks and earn rewards in the process. "Any ERC-20 asset can now be utilized for cryptoeconomic security. Categories of new ERC-20 assets include native AVS tokens, stablecoins, and BTC-denominated tokens."

Overview of EigenLayer

EigenLayer provides for Ethereum restaking and supports both Ether and its native token EIGEN. According to DeFiLlama data, the total value locked on the protocol currently exceeds $12.76 billion. EigenLayer’s restaking market competitor, Symbiotic, has a TVL of $1.73 billion.

Support for Custom Quorums

In addition to permissionless token support, EigenDA, an actively validated service on EigenLayer that offers low-cost data availability for rollups, has also introduced EigenDA Custom Quorums. This feature allows teams to restake their ERC-20 tokens to secure custom quorums for their rollups, enhancing security for rollup users and providing token yield for token holders. Rollups will initially collaborate with the EigenDA team as they look to add tokens to their custom quorums, with the process later becoming permissionless. EigenLayer also expects stakers to leverage the new feature to stake any ERC-20 tokens that EigenDA decides to use.

The launch of ERC-20 token support on EigenLayer mainnet offers new opportunities for users and participants in the ecosystem, expanding functionality and enhancing security.

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