Eigen Labs recently announced the introduction of Permissionless Token Support on the EigenLayer platform. This new feature will enable the addition of ERC-20 tokens as restakable assets without the need for permissions.
Introducing the New Feature
In an August 14 announcement, EigenLayer developers explained that the feature is currently on the testnet in a permissioned testing phase. EigenDA will be the first Actively Validated Service (AVS) to test the feature before it goes live on the mainnet. The feature will deploy on the mainnet in the coming week as a protocol-layer update. User interface support for restakers is expected to be introduced later in Q3 of this year.
Expanding Capabilities and Security
According to the EigenLayer team, Permissionless Token Support will broaden the scope of assets AVSs can utilize for crypto-economic security. The feature will unlock the crypto-economic security potential of multiple assets, including AVS-native tokens, BTC-denominated coins, and stablecoins. The announcement highlighted that using native tokens for security will provide them with new utility. AVS protocols can reward users and operators with these tokens and further customize their security profiles. AVSs can create new Strategies using factory contracts for any ERC-20 token. These Strategies determine which tokens restakers and operators can utilize.
Collaboration with Fhenix
On April 2, EigenLayer and Fhenix collaborated to enhance the security and privacy of Ethereum. The companies plan to fund the development of fully homomorphic encryption (FHE) coprocessors to improve on-chain computational efficiency. These processors can handle more encrypted data without decryption. Fhenix believes that developers can create vast applications in various industries without the risk of exposing sensitive data. EigenLayer aims to leverage its crypto-economic security structure to enhance Ethereum's security.
The launch of Permissionless Token Support on EigenLayer will open up new possibilities for utilizing ERC-20 tokens as restakable assets, significantly expanding the protocol's functionality and crypto-economic security.
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