When Ethereum’s hottest startup of final yr, EigenLayer, launched a yr in the past to huge expectations — many group members have been fast to criticize that it was missing a essential function.
An announcement from the undertaking on Wednesday stated that the function — slashing — is lastly set to reach on April 17. The introduction of slashing will mark the primary “feature complete” model of the protocol.
EigenLayer pioneered the idea of restaking, a means for Ethereum customers to safe further protocols past the bottom layer by recommitting their staked Ether. Slashing was speculated to be a core a part of this technique, offering apps a technique to punish unhealthy actors by seizing a portion of their capital.
The implementation of slashing will enable Actively Validated Companies (AVSs) — apps constructed atop EigenLayer’s restaking system — to set customized situations penalizing operators who fail to fulfill pre-established situations and rewarding those that do.
“This is a major step forward in the EigenLayer protocol because it allows for a free marketplace where Operators can earn rewards for their work and AVSs can launch verifiable services,” EigenLayer stated in a weblog put up.
EigenLayer attracted greater than $15 billion to the platform inside a yr and generated huge hype for the EIGEN token, which launched in October.
EigenLayer’s ecosystem has been increasing, with “100+” AVSs in growth, in keeping with its web site. Notable companies embody EigenDA, a knowledge availability service operated by Eigen Labs, and ARPA Community, which focuses on trustless randomization.
Whereas EigenLayer pioneered restaking, the shortage of slashing left room for opponents to achieve market share. Symbiotic, which permits for the restaking of any asset, has been utilized by EigenLayer early adopters together with Hyperlane, an interoperability framework, and Ethena, a well-liked artificial greenback protocol.
Learn extra: EigenLayer, Crypto’s Greatest Venture Launch This 12 months, Is Nonetheless Missing Crucial Performance
