With the recent announcement of the $EIGEN token and its transferability, the Ethereum restaking ecosystem is growing. This post dives into the latest developments surrounding the $EIGEN token, its staking mechanism, and what it means for current and potential stakeholders. We will explore the key features, answer some frequently asked questions, and highlight Figment’s involvement.
Key Points:
- EigenLayer announced the release of the $EIGEN token earlier this summer
- $EIGEN token transferability went live on 9/30
- Holders will be able to stake the $EIGEN token for rewards with Figment in AVSs that support $EIGEN token staking, starting with EigenDA
Here are key questions and answers to help you understand the $EIGEN token’s role in the EigenLayer ecosystem:
Frequently Asked Questions:
- What is the $EIGEN token?
- $EIGEN is the intersubjective work token behind EigenLayer. It is restakeable on many AVSs
- How does $EIGEN staking work?
- $EIGEN holders choose the operator of their choice and deposit their $EIGEN
- Does $EIGEN staking work across AVSs?
- No, only AVSs that opted to allow for $EIGEN staking will accept it
- Which AVSs can I stake my $EIGEN with?
- When $EIGEN transferability goes live on 9/30, EigenDA will support it, ARPA seems to be supporting it as well
- Other AVSs may support $EIGEN staking
- What are the risks/rewards associated with $EIGEN staking?
- Slashing is not yet live on EigenLayer, which minimizes some forms of risk; $EIGEN stakers will need to be mindful that slashing could go live in the near term and act accordingly
- Using tokens virtually anywhere in Web3 involves some amount of risk. $EIGEN holders should be aware of any contracts they are interacting with, or depositing tokens into, understand the risks, and review any relevant audits
- $EIGEN stakers should understand which AVSs accept and pay rewards on staked $EIGEN; it’s useful to review claims on-chain to verify AVSs are in fact paying out rewards
- $EIGEN stakers should understand quorums and the stipulated payout ratios; some AVSs may payout in a ratio of 50/50 between restaked ETH and $EIGEN, for AVSs where restaked ETH represents a majority of stake, payouts will proportionally favor staked $EIGEN
Figment Involvement
Figment has been heavily involved in the EigenLayer rollout since early testnet. We currently support EigenDA and multiple other AVSs, including all of the ones below. If you are interested in Eigen staking on additional AVSs, let us know. If you have $EIGEN ready to stake today, delegate to Figment’s public operator here.
Figment Supported AVSs
Additional AVSs
The below AVSs are live on mainnet. If you are interested in restaking any of these, please let us know.
As EigenLayer continues to grow and attract more developers and protocols, we expect it to catalyze new opportunities for innovation. Figment’s continued support and integration signify a promising future for Ethereum stakers and restakers alike.
As $EIGEN token transferability goes live, a new chapter in EigenLayer staking begins. With opportunities for rewards across various AVSs and Figment’s robust support, VC investors are able to start staking $EIGEN to our Figment operator today. For personalized guidance on optimizing your $EIGEN stake, reach out to our team.
Additional Figment resources on EigenLayer:
