Fireblocks, a well-known blockchain security platform has commenced support for EigenLayer’s EIGEN token. As per the company, it is now providing restaking services on EigenLayer, an Ethereum-based decentralized restaking protocol, as a part of its latest integration. On its X account, the company revealed this development to the community.
Fireblocks now supports $EIGEN and offers restaking on @eigenlayer. Maximize your ETH assets securely and efficiently. Dive into our blog for all the details → https://t.co/ygzqmVugGt pic.twitter.com/8UwkvKKoYz
— Fireblocks (@FireblocksHQ) May 8, 2024
Fireblocks Begins Restaking Services on EigenLayer by Supporting EIGEN
In a devoted blog post on its official web portal, Fireblocks provided insights into this endeavor. It noted that the integration permits those staking ETH tokens to generate extra rewards. In this respect, they reportedly do not need to commit more collateral via a procedure named “restaking.” It added that EigenLayer intends to release the initial EIGEN coin stakedrop round on the 10th of this month.
Fireblocks clients who have straightly staked with EigenLayer or via Liquid Restaking Tokens can get substantial benefits. As the platform notes, these consumers can leverage the latest offering for a better experience. EigenLayer offers a forum that permits blockchain developers to utilize the Ethereum network’s security to develop exclusive dApps, infrastructure, and protocols.
This allows the latest protocols to utilize Ethereum in the form of a trust layer. This would let them avoid the time, cost, and resources, needed to improve their network security. For this purpose, EigenLayer conducts “restaking,” permitting the redeployment of the staked ETH tokens for validation services. This is just like Ethereum utilizes staked ETH tokens to elevate the integrity and security of its ecosystem.
The Development Permits non-ETH Protocols to Leverage Staked ETH Coins for Validation
EigenLayer enables the non-ETH protocols to leverage staked ETH tokens for validation services. The impending stakedrop of EIGEN will vary from conventional airdrops by firstly providing non-transferrable coins. This signifies a preference for utility and security in comparison with liquidity. The consumers staking with Liquidity Restaking Tokens or straightly with EigenLayer are eligible to claim $EIGEN tokens during the drop.
EigenLayer-based restaking runs as a two-phase procedure. It starts with Ethereum-based staking. Fireblocks supports users to locally stake via integrations with Kiln and Figment. It also offers safe usage of the liquid staking decentralized applications like RocketPool and Lido. Additionally, consumers can delegate the staked ETH coins to the operators of EigenLayer via Fireblocks.
This contributes to the restaking procedure. Kiln and Figment (the staking partners of Fireblocks) have extended validation infrastructure for offering operator services on EigenLayer. In this way, they enable users to restake ETH coins for the operators.