Does the newly-formed Protocol Council have the potential to strengthen EigenLayer protocol security while supporting the community’s growth?
On Jan. 14, EigenLayer (EIGENThe Protocol Council was formed to evaluate EigenLayer Proposals and ensure the security of protocol. This news was announced via Twitter by the Eigen Foundation.
EIGEN, a protocol based on Ethereum.ETHRestaking is a new feature that allows ETH already locked to protect the network to be used to secure other applications.
If you already have ETH staked in order to protect the Ethereum Network, you could use this same ETH for other decentralized services such as sequencers, oracles, and data accessibility layers. decentralized applications.
Newly formed Protocol Council plays a key role in overseeing and managing the inclusion of all the features mentioned above, assuring that improvements have been thoroughly vetted to support the long-term goals, and encouraging broader ecosystem developments and community contributions.
EIGEN also launched the Eigen Council Telegram, which allows members of the community to take part in the governance process, cast votes on ideas and participate in voting. EIGEN tokens will be awarded to active voters, enhancing the engagement of the voting process.
EigenLayer Also supports restaking The feature of using any ERC-20 token was launched in August 2024 when the mainnet began supporting permissionless tokens. This allowed stakers access to various ERC-20, including AVS Tokens. stablecoinsBitcoin is a cryptocurrency.BTCTo secure more networks, and to earn rewards.
EigenDA, an EigenLayer service that provides low-cost access to data for rollups and rollbacks, also supports custom quorums protected by ERC-20 restaked tokens. This offers additional flexibility in meeting rollup security requirements.
EIGEN is valued at $2.98 with a 24 hour trading volume exceeding $137.35 Million as of the 14th of January. At the time this article was written, there were over 210.8 millions EIGEN tokens available. The token’s current market capitalization is approximately $630,000,000.
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Source: crypto.news
