Eigenlayer plans to “thrash” RESTAKER on April 17th, resulting in Ethereum resuming “iterations to complete the first function” of the protocol.
Implementing thrashing marks the final step towards establishing the protocol as a “new generation of verifiable apps and services infrastructure built on a verifiable cloud,” the X platform post states.
In 2024, Eigenlayer began distributing rewards, including the release of traditional Eigen tokens, encouraging the rest. However, so far, slashing has been limited to Eigenlayer’s testnet.
When Slashing comes live, node operators and RESTAKERs can voluntarily “opt in” and gradually migrate to users, Eigenlayer said in a blog post.
Slashing starts right away on Eigenlayer’s mainnet. Source: Eigenlayer
Related: Unlock after adoption of indigenous eye consumers after adoption, founders say
Gradual rollout
Launched in 2023, Eigenlayer protects third-party protocols called Actively Verified Services (AVSS) against a pool of “RESTAKED” cryptocurrency used as collateral.
Refilling involves taking tokens that have already been bets – posted as collateral with the validator in exchange for rewards, and using it to simultaneously protect other protocols.
Thrashing is the primary way to ensure certification protocols, including “resum” protocols such as Ethereum and Eigenlayer, and involves penalizing the network’s node operator for reduced performance and fraud.
“If an operator does not meet the set conditions, AVS may be punished for them. However, if an operator performs a service successfully, AVSS can reward the operator’s performance and incentivize certain activities,” Eigenlayer said in a blog post on April 3rd.
This will “enable a free market where operators can earn rewards for their jobs and allow AVSS to launch verifiable services,” the Post said.
The total value of Eigenlayer is locked (TVL). Source: Defilama
Growing ecosystems
Over 30 AVS have already been live on Eigenlayer’s mainnet, with dozens more being developed.
These include Eigenda, run by EigenLabs, an Eigenlayer developer, and the ARPA Network, a protocol dedicated to unreliable randomization.
In October, Eigenlayer unlocked Eigen, a native token. According to Eigenlayer, it is designed as a more flexible option to protect consensus-based protocols than other proof stake tokens such as Ether.
Eigenlayer has encrypted and native apps on board in segments such as Decentralized Finance (DEFI) and games before expanding beyond Web3.
“We’re starting with an inside-out approach, focusing on high-throughput consumer apps like Defi and gaming, but once we’ve grown a little and we have a critical mass, we’ll go outside and start targeting the broader consumer market,” Kannan said.
Magazine: XRP victory leaves “bad actors” at Ripple without a precedent set of cryptography
