Insights From This Month’s EigenLayer Operator Working Group - Figment
Insights From This Month’s EigenLayer Operator Working Group
Benjamin Thalman
Staff Protocol Analyst & ETH PM
Published February 15, 2024
We’re excited to share the latest developments and key takeaways from this month’s Operator Working Group call, an integral component of our collaborative efforts on EigenLayer.
Figment takes part in these monthly calls as part of the initial operator working group testing EigenLayer and EigenDA, the first Actively Validated Service (AVS) that will be launched on EigenLayer.
As we navigate the evolving landscape of restaking, these updates underscore our commitment to innovation, security, and compliance. Highlights from this month’s call include:
- AVS presentations from builders that are creating AVSs (or protocols) on EigenLayer
- Aethos is a project focusing on decentralized compliance, creating protocols that can build transaction rules that users must adhere to, giving protocols the ability to choose the level of compliance they wish.
- Testnet likely to begin next week (~February 14th), mainnet target is Q3 of this year.
- No slashing penalties until Q4 of this year.
- Polyhedra is a zero knowledge (ZK) interoperability protocol, with the primary protocol being a zk bridge and offering zk proof that transaction is in relevant chain’s blockheader.
- Key aspect is ability to service Bitcoin (in addition to smart contract networks).
- Node operators fill the role of providing POS-like system when Bitcoin is receiver network.
- Brevis is a customizable computation based on states, transactions, events, and more that can create zk proofs (also see Celer).
- Focus on EVM chains.
- Example use case – Uniswap volume-based discounts for pool developers.
- Aethos is a project focusing on decentralized compliance, creating protocols that can build transaction rules that users must adhere to, giving protocols the ability to choose the level of compliance they wish.
- EigenDA Upgrade
- For those testing EigenDA, there was an upgrade with breaking changes (see here), i.e., a mandatory upgrade; this is likely the last major upgrade before Mainnet (~early Q2).
- Blob size increased from 512 kb to 2 MB.
- Proofs Library
- For those integrating EigenLayer in their setup, the proofs library was released (see here).
- Q&A Discussion
- EigenLayer team reiterated the 200 operator cap on EigenDA, i.e., only the top 200 operators would be active on EigenDA, there is no intention to change this and Mainnet launch (likely early Q2) will have the same cap.
- Mainnet timing aiming to be around end of Q1 or early Q2.
With LST Caps Lifted, EigenLayer Adds Over 1.6M ETH
On February 5th EigenLayer raised the caps on LSTs and saw sizeable inflows:
As a reminder, native ETH restaking (the non-LST path to restaking) does not have any cap.
( Source)
EigenLayer now represents over 8% of staked Ether, before EigenLayer restaking rewards are live.
In closing, this month’s Operator Working Group call has illuminated the path forward for EigenLayer and its associated projects, marking progress in decentralized compliance, interoperability, and scalable solutions.
As we move closer to mainnet launches and the limitations are lifted, there is a large potential for growth and innovation in the restaking ecosystem. We appreciate your continued partnership and engagement as we shape the future of staking together.
Stay tuned for more updates, and as always, feel free to reach out with any questions or feedback.
The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein.