EigenLayer (EIGEN), the largest restaking platform on Ethereum, has launched new high-yield restaking options for Bitcoin (BTC) and Ethereum (ETH) holders. With this development, users now have the chance to earn higher returns on wrapped Bitcoin and receive payments through the platform’s top validator, P2P.org.
Increased Yield Opportunities
On November 4, EigenLayer announced an update offering enhanced yield for wrapped Bitcoin stakers. Through one of the platform’s major node operators, P2P.org, users can now receive payments. This update enables BTC and ETH holders to restake their assets and earn additional income.
Meanwhile, ARPA Network—a protocol operating on EigenLayer—has started supporting uniBTC. This move allows Bitcoin holders to earn rewards while adding liquidity to the restaking ecosystem, encouraging more BTC holders to join EigenLayer.
Security Infrastructure and New Use Cases
ARPA Network utilizes EigenLayer’s robust security infrastructure and provides secure random number generation for applications ranging from on-chain governance to games and lotteries.
Following the launch of the EIGEN token, EigenLayer aims to increase collaboration with Web3 applications, expanding its utility and revenue sources. For example, RedStone, a data verification service, has integrated with EigenLayer to offer secure data validation.
The EIGEN token is designed to meet broader security demands beyond traditional proof-of-stake models. Recently, EigenLayer addressed a $5.5 million unauthorized sale of EIGEN tokens and conducted a thorough investigation into the matter. According to CoinMarketCap, EIGEN has seen a 16% price drop over the past 30 days, currently trading around $2.39, with weekly and monthly declines of 16% and 25%, respectively.
Payment Distributions and Competition
EigenLayer’s primary validator, P2P.org, distributed $2.2 million in ETH rewards to restakers on November 4. Managing over $540 million in collateral, EigenLayer competes with prominent players like Figment, Blockdaemon, and Ankr.
P2P.org plays a vital role in EigenLayer’s growing restaking ecosystem, contributing significantly to the validation and security of decentralized applications.
EigenLayer’s new restaking options and consistent reward distributions present BTC and ETH holders with increased earning opportunities. Furthermore, the platform continues to broaden its utility within the Web3 ecosystem, aiming for sustained growth.
Stay tuned to Dey There for the latest updates on EigenLayer’s advancements and restaking opportunities.
EigenLayer, restaking, Bitcoin, Ethereum, Web3
