Eigenlayer (EIGEN) currently has a price of €2.23 and is up 2.70% over the last 24 hours. The cryptocurrency is ranked 158 with a market cap of €416.8M. Over the last 24 hours, it saw €88.3M of trading volume. The token has a circulating supply of 186.6M tokens out of a total supply of 1.7B tokens.
EigenLayer is a protocol built on the Ethereum blockchain that introduces the concept of restaking. This mechanism allows Ethereum stakers to repurpose their staked ETH or Liquid Staking Tokens (LST) across multiple decentralized services within the EigenLayer ecosystem. By participating in EigenLayer smart contracts, stakers can extend the security guarantees of their staked assets to support additional applications on the network, potentially earning additional rewards for this service.
The primary objective of EigenLayer is to address the fragmentation of security in the decentralized ecosystem. In the current paradigm, each new service on Ethereum typically establishes its own independent trust network, resulting in a dispersed security landscape. EigenLayer's approach enables services, irrespective of their specific technical implementations, to access a shared pool of security provided by Ethereum's stakers. This model aims to reduce the capital requirements for individual stakers while potentially enhancing the overall security for services that utilize this pooled resource.
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