EigenLayer, an Ethereum “recovery” service that has already amassed $12 billion in user deposits, announced today that it is officially launching on the blockchain’s mainnet.
Eigen Labs, the development company behind EigenLayer, announced the launch on Tuesday on EigenLayers X account.
EigenLayer’s pitch is that it lets new blockchain protocols borrow the security of Ethereum. The platform allows users to take ETH they have staked with Ethereum and ‘re-stake’ it with a much larger amount of ETH from other users.
That recycled ETH is used to secure other networks, called actively validated services (AVSs), which can be anything from blockchain bridges to exchanges or oracles.
The initial launch of EigenLayer, which will coincide with the launch of EigenDA, Eigen Labs’ internal data availability service, will have limited functionality for the time being.