EigenLayer Native ETH Restaking Guide for Ledger Enterprise Users

June 18, 2024

EigenLayer enables Ethereum stakers to simultaneously secure numerous services by restaking their staked ETH and creating pooled security. One can think of EigenLayer as a secure marketplace that connects restakers, operators, and builders, providing various benefits that can empower Ethereum holders. These advantages include improved scalability, heightened data security measures, and the potential for greater rewards, all while actively contributing to the decentralization of the Ethereum network.

This guide is for ETH holders that custody their ETH with Ledger Enterprise.

ETH Native Restaking

If you are already staking ETH and wish to restake through EigenLayer, you will first have to exit your existing validators. The reason for being required to do so is that, since the Shapella upgrade, all Figment validators have been provisioned with 0x01 withdrawal addresses. It is technically not possible to repoint existing 0x01 withdrawal credentials to an EigenPod address, which is a prerequisite for ETH restaking through EigenLayer. It’s worth noting that less than 3% of the active validators have the ability to repoint their withdrawal credentials to an EigenPod address, given that these validators still happen to have 0x00 addresses (which permit repointing).

To exit your active validators, you can click the Unstake button in your Figment account. Please refer to the Figment dashboard network values to get the most up-to-date withdrawal period which your validators will need to go through for the eventual withdrawal.

Before starting the staking process, make sure smart contract interaction is set to ON for the ETH account you will be staking from in your Ledger Enterprise account (see image below).

Follow the below instructions to natively restake ETH custodied with Ledger Enterprise today (you can click through the demo to view the entire process from start to end). You will notice the Withdrawal Address will be set to the deployed EigenPod address. The Fee Recipient address must be your Ledger Enterprise ETH account address managed and controlled by you. Execution layer rewards will accrue at the Fee Recipient address and do not need to be claimedthese are instead automatically swept. Consensus Layer rewards will accrue at the EigenPod address itself.

 

 

Once you restake successfully, you will receive a notification email from Figment signaling the process of activating your validators has just started. Please refer to the validators’ lifecycle guide to understand the steps these validators go through during activation. Once the validators become active, you will receive another notification from Figment prompting you to complete the delegation step to Figment’s EigenLayer operator via a single click as shown below.

 

 

Once you have completed the delegation step shown above – congratulations, you have successfully restaked ETH through Figment using Ledger Enterprise. 

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 500 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. On Ethereum, Figment is the largest non-custodial staking provider of staked ETH. Institutional staking services from Figment include seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads to Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem. To learn more about Figment, please visit figment.io.

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein. 

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