EigenLayer to Offer Integration of Any ERC-20 Token Without Prior Permission

EigenLayer, announces a major update enabling the integration of ERC-20 tokens as assets eligible for permissionless retaking, expanding options to strengthen the security of decentralized networks.
The move comes as competitors, such as Symbiotic, prepare to enter the retaking market, increasing competitiveness for the $12 billion in assets on EigenLayer.
The rollout of this feature will begin with a testnet testing phase, with a mainnet launch planned for next week, followed by UI support for restakers in Q3.

Eigen Labsthe team behind the Ethereum EigenLayer restaking protocolannounces a major update to its protocol. In a recent post on X, the company revealed its plans to introduce support for permissionless tokens, allowing the integration of any ERC-20 token as an asset eligible for retaking.

Coming Soon: Permissionless Token Support
What
Eigen Labs is proud to introduce Permissionless Token Support, an upcoming update, to the EigenLayer protocol. This feature will enable any ERC-20 token to be added as a restakable asset, significantly broadening the scope of… pic.twitter.com/zvN30f9Ipc
— EigenLayer (@eigenlayer) August 14, 2024

The protocol OwnLayer offers users the ability to reallocate their staking assets on Ethereum validators, whether through native staking or via liquid staking tokens. These funds can then be directed to third-party protocols, strengthening their economic security.

Expansion of the scope of restaking

This strategic development aims to broaden the spectrum of assets that can strengthen the security of decentralized networks. By allowing the ERC-20 token retakingEigenLayer opens the way to exploiting the cryptoeconomic potential of a multitude of tokens, previously inaccessible in this context.

This update is announced as a major competitor could enter the retaking market. Symbiotica retaking protocol in development, could grab market share from the $12 billion in assets on EigenLayer, as the founding team of titan Lido works to deliver a permissionless version of the leader.

Deployment schedule

Before launching this feature on the mainnet, Eigen Labs plans a phase of in-depth testing on the testnet. This evaluation period will ensure the robustness and reliability of the system. The deployment to mainnet is scheduled for next weekwhile UI support for restakers will be introduced later in Q3.

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