{"id":10929,"date":"2024-02-22T17:01:25","date_gmt":"2024-02-22T15:01:25","guid":{"rendered":"https:\/\/forklog.com\/en\/eigenlayer-chief-dismisses-plans-for-token-launch\/"},"modified":"2024-02-22T17:01:25","modified_gmt":"2024-02-22T15:01:25","slug":"eigenlayer-chief-dismisses-plans-for-token-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/eigenlayer-chief-dismisses-plans-for-token-launch\/","title":{"rendered":"EigenLayer Chief Dismisses Plans for Token Launch"},"content":{"rendered":"<p>EigenLayer&#8217;s co-founder, Sriram Kannan, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-22\/andreessen-invests-100-million-in-crypto-startup-eigenlayer\">Bloomberg<\/a> that the team currently has no specific plans to launch a native coin.<\/p>\n<p>At present, EigenLayer employs a points system for those interacting with the protocol. These earned points are likely to be converted into a future native coin.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThere are many ways to monetize. It could be a more traditional business model or a token,\u201d added the project&#8217;s general partner, Ali Yahya.<\/p>\n<\/blockquote>\n<p>EigenLayer representatives shared details of securing $100 million in funding from sole backer Andreessen Horowitz.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Accelerating Ethereum Together: <a href=\"https:\/\/twitter.com\/eigenlayer?ref_src=twsrc%5Etfw\">@eigenlayer<\/a> \u267e <a href=\"https:\/\/twitter.com\/a16zcrypto?ref_src=twsrc%5Etfw\">@a16zcrypto<\/a><\/p>\n<p>We are excited to announce that Eigen Labs, the core development team contributing to EigenLayer and <a href=\"https:\/\/twitter.com\/eigen_da?ref_src=twsrc%5Etfw\">@eigen_da<\/a>, has raised $100 million from a16z crypto.<a href=\"https:\/\/t.co\/M2JQ8HZZ0h\">https:\/\/t.co\/M2JQ8HZZ0h<\/a><\/p>\n<p>\u2014 EigenLayer (@eigenlayer) <a href=\"https:\/\/twitter.com\/eigenlayer\/status\/1760666731859833048?ref_src=twsrc%5Etfw\">February 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Kannan, restaking allows new projects built on Ethereum to leverage the blockchain&#8217;s security system for their own networks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWhen you stake on Ethereum, you promise to manage network nodes correctly. With restaking, you take the same ETH and make additional promises to validate other networks correctly as well,\u201d he explained.<\/p>\n<\/blockquote>\n<p>The co-founder believes EigenLayer will enable the creation of \u201call kinds of new applications,\u201d with users investing to earn rewards from new services.<\/p>\n<p>Essentially, the project offers a platform for those interested in restaking rather than the traditional staking process, which attracts regulatory attention, Kannan noted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf [SEC Chairman] Gary Gensler understood what we are building, he would really like it,\u201d concluded the head of EigenLayer.<\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/eigenlayer\">DeFi Llama<\/a>, the protocol has reached fourth place in terms of locked funds, with a figure of $7.9 billion.<\/p>\n<p>However, the liquid restaking service is not yet available on the site.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/218kB-XmIMJl1693cZFSsq8l1s4cXVlQGC-x5gRWWhPhneGiKfD8iyz4k7BndaO_Pj3ROFM4T1Q-o-hP0CLoIwL4NjNFiejKjcr0gw1X_5yxu1qziAtqZY3kQxXC3GTgN2ekzEn0xA7aeKuDXERtJms\" alt=\"EigenLayer Chief Dismisses Plans for Token Launch\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/app.eigenlayer.xyz\/\">EigenLayer<\/a>.<\/figcaption><\/figure>\n<p>Earlier, EigenLayer developers <a href=\"https:\/\/u1f987.com\/en\/news\/eigenlayer-to-introduce-shared-security-mechanism-for-applications\">announced<\/a> plans to implement a \u201cshared security\u201d system for decentralized applications, supported by a common network pool.<\/p>\n<p>Back in March 2023, the protocol raised $50 million in a Series A funding round, valuing it at $750 million.<\/p>\n<p>A month later, the team launched a test network based on the Ethereum testnet Goerli.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EigenLayer&#8217;s co-founder, Sriram Kannan, told Bloomberg that the team currently has no specific plans to launch a native coin. At present, EigenLayer employs a points system for those interacting with the protocol. These earned points are likely to be converted into a future native coin. \u201cThere are many ways to monetize. It could be a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1262,1263,596],"class_list":["post-10929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-eigenlayer","tag-restaking","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10929"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10928"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}