Is the newly formed Protocol Council key to strengthening the security of the EigenLayer Protocol and supporting community-led growth?
On January 14, EigenLayer (king) Announced the formation of a Protocol Council to ensure the security of the protocol and evaluate EigenLayer improvement proposals. The news was shared via a tweet from king institution.
EIGEN is a protocol built on Ethereum (Ethereum) which offers a re-staking feature, a feature that allows ETH (network-locked ETH) to secure many other applications as well.
In simpler terms, if you have staking ETH to help protect the Ethereum network, you can use that same staking ETH to provide security for decentralized services like serializers (which help arrange transactions), and oracles (which provide real-world data to the blockchain). and data availability layers (which ensure data can be accessed and verified), opening up new possibilities across them Decentralized applications.
The newly formed Protocol Council will be instrumental in guiding and overseeing the introduction of the above features, ensuring all improvements are well vetted and support the Protocol’s long-term goals, promoting broader ecosystem development and enabling community-led contributions.
In addition to forming the Council, EIGEN has launched the Eigen Council Telegram group, giving the community the opportunity to actively participate in governance, vote on proposals, and submit ideas. Active voters will receive EIGEN tokens as rewards, making the process even more attractive.
Self layer Also supports Restock With any ERC-20 token, a feature introduced in August 2024 with the launch of permissionless token support on its mainnet, allowing stakeholders to use various ERC-20 tokens, including AVS tokens, stablecoins(Bitcoin)Bitcoin) denominated assets, to secure additional networks and earn rewards.
Furthermore, EigenDA, a service on EigenLayer that provides low-cost data for pools, supports custom quorums collateralized by repackaged ERC-20 tokens, providing additional flexibility for pool-specific security needs.
With a 24-hour trading volume of over $137.35 million, the EIGEN token is trading at around $2.98 as of January 14. There are over 210.8 million EIGEN tokens in circulation, and the coin’s market cap is $630 million, at the time of writing. .