Kiln enables LST restaking on EigenLayer via Ledger Live
Quick Take
- Staking platform Kiln has unveiled restaking on EigenLayer via its Ledger Live platform.
- Kiln claimed it is the first time that Ledger Live’s more than 1.5 million users will be able to restake on EigenLayer via the wallet app.
Institutional crypto staking platform Kiln has unveiled liquid staking token (LST) restaking on EigenLayer via Kiln’s Ledger Live dApp.
In a statement shared with The Block, Kiln claimed it is the first time that the hardware wallet manufacturer’s more than 1.5 million users will be able to restake on EigenLayer directly within the Ledger Live interface.
“We’ve made the process straightforward, so it should take anyone less than a minute to get rewarded,” Kiln Co-Founder and CEO Laszlo Szabo said.
The integration also offers clear-signing via Kiln’s Ledger Nano plugin reviewed by Ledger’s security team, according to Kiln. Clear-signing refers to a method of signing blockchain messages or transactions in a way that the signed content is human-readable and verifiable.
“Our vision for Ledger Live is an open platform with the best third-party service providers in the ecosystem,” Ledger VP of Consumer Services Jean-Francois Rochet added. “With LST staking through Kiln, Ledger customers now have even more ways to engage with their digital value.”
Accumulating EigenLayer rewards
Users can also accumulate EigenLayer restaking points and AVS (actively validated service) rewards by depositing LSTs into EigenLayer.
EigenLayer is a platform that lets users deposit and “re-stake” ether from various liquid staking tokens, aiming to allocate those funds to secure third-party networks or actively validated services. The platform began accepting deposits in 2023 and has since accumulated over $18 billion in ether to secure various protocols, according to DeFiLlama data.
The AVSs that benefit from EigenLayer’s security can range from consensus protocols to oracle networks and data availability platforms. Kiln has been an operator on EigenLayer since the AVS mainnet launch on April 9 and is currently operating all mainnet AVSs, it said.
Claims for the first season of EigenLayer’s native tokens opened on May 10, enabling users to start delegating tokens to EigenDA AVS operators, though the tokens will remain non-transferable until the end of the third quarter.
In January, Kiln announced it had raised $17 million in a funding round led by 1kx, with participation from Crypto.com, IOSG and LBank, among others, to fund its global expansion plans.
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