Seattle-based decentralized finance (DeFi) platform EigenLayer has deployed its restaking protocol on the Ethereum mainnet, in response to a press launch.
The protocol permits these staking ETH to restake on EigenLayer by depositing liquid staking tokens together with Lido stETH (stETH), Rocket Pool ETH (rETH) and Coinbase Wrapped Staked ETH (cbETH).
EigenLabs, the developer of EigenLayer, raised a complete of $64.5 million at a valuation of $500 million in a sequence of funding rounds, together with a $50 million Series A in March.
The protocol has set participation parameters for liquid restaking and native restaking, with liquid restaking accepting a most of three,200 of every liquid staking token and a most 32 token deposit per handle. Native restaking, in the meantime, can be paused as soon as 9,600 ETH has been added.
Restaking is an idea that enables staked ETH for use on different protocols in trade for protocol charges and rewards.