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    EigenLayer Expands Offerings to Include Bitcoin Yield and Launches New Rewards Program

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    EigenLayer, the largest restaking platform on Ethereum, is expanding its offerings to include Bitcoin yield and payouts from node operator P2P.org. ARPA Network, built on EigenLayer, will reward those who deposit uniBTC, a type of restaked BTC wrapper. Additionally, P2P.org has given away $2.2 million in Ether to restakers. EigenLayer secures over $10 billion of restaked collateral and has initiated a rewards program using its native token, EIGEN. The platform plans to onboard consumer Web3 apps following the unveiling of its EIGEN token in October. RedStone, a large oracle provider, subsequently launched a data-validation service on EigenLayer.

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    EigenLayer, the biggest restaking platform on Ethereum, is expanding its options. This includes adding wrapped Bitcoin (BTC) yield as well as payouts from the node operator P2P.org. Both of these updates were announced on November 4th.

    ARPA Network, which is built on EigenLayer, is also joining the action. They’re going to start giving rewards to people who deposit uniBTC. This is another type of restaked BTC wrapper. ARPA says that this will open up fresh ways for BTC holders to earn rewards.

    At the same time, P2P.org (identified as EigenLayer’s largest professional validator, or “operator”) has given away $2.2 million in Ether (ETH) to restakers. This happened on the same day, November 4th.

    Here’s a bit of context: Restaking is essentially putting up a token as collateral in exchange for rewards, and then using this token to secure other protocols too.

    EigenLayer works with lots of third-party protocols (referred to as actively validated services, or AVSs). They secure more than $10 billion of restaked collateral, making the protocol one of the big players in the game. To speed up the adoption of restaking, EigenLayer has started a rewards program using its native token, EIGEN.

    According to the founder of EigenLayer, Sreeram Kannan, the rewards will be calculated based on the number of AVSs served by stakers. The more value AVSs bring in, the more gets allocated.

    ARPA uses EigenLayer for safe random number generation in applications for gaming, lotteries, onchain governance, and more. They were one of the first AVSs to start paying restakers.

    P2P.org has around $540 million worth of restaked collateral under its belt. This makes them responsible for a significant portion of the restaked collateral in the market.

    Looking forward, EigenLayer is focusing on getting consumer Web3 apps on board following the unlock of their EIGEN token on October 1st. Following this, RedStone, one of the largest oracle providers, launched a data-validation service on EigenLayer. The unlock of EIGEN has been one of 2024’s most-awaited events. Currently, the token’s fully diluted market capitalization stands at around $4 billion. EIGEN is designed to secure protocols against a wider variety of faults compared to existing proof-of-stake tokens like ETH.

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