EigenLayer restaker ether.fi closes $500M cope with RedStone Oracles

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EigenLayer-based liquid restaking protocol ether.fi and RedStone Oracles, a supplier of information feeds for blockchains, have introduced the finalization of a $500 million restaking settlement.

Underneath the phrases of the deal, ether.fi will allocate $500 million to assist safe RedStone’s knowledge oracles, that are designed to facilitate data alternate between blockchains in addition to from exterior knowledge sources.

RedStone Oracles is considered one of a number of “actively validated companies” (AVSs) that make the most of EigenLayer, a just lately launched “restaking” protocol that permits rising networks to leverage Ethereum’s safety structure. EigenLayer deployed a restricted model of its service to Ethereum’s mainnet on April ninth, claiming to have attracted greater than $12 billion in person deposits, with a good portion coming from liquid restaking intermediaries like ether.fi.

In response to a joint assertion from the businesses, a subset of over 20,000 node operators from ether.fi will handle RedStone’s AVS and make use of ether.fi’s native liquid restaking token, eETH. The assertion claims that the restaked Ether will function a safeguard towards each liveness failures and crypto-economic assaults inside RedStone’s community of node suppliers.

Liquid restaking companies, comparable to ether.fi, channel person deposits into EigenLayer and supply extra rewards, together with tradeable “liquid restaking tokens” that characterize a person’s underlying funding. ether.fi claims to have $3.8 billion locked up with EigenLayer, which is able to finally contribute to the pooled safety system.

This isn’t the primary AVS deal introduced by ether.fi. In March, the corporate reportedly dedicated $600 million value of its stake to Omni, an AVS community designed to facilitate communication between layer 2 rollups.

EigenLayer claims to have gathered over $15 billion in deposits in complete. Nevertheless, the model at present stay on Ethereum’s mainnet remains to be lacking a number of core options. Thus far, the one AVS allowed to deploy onto the community has been EigenDA, an information availability service developed by Eigen Labs, the workforce behind EigenLayer.

AVS networks like Redstone Oracles can register with EigenLayer however is not going to be permitted to deploy onto the service till later this yr, primarily based on estimates offered by Eigen Labs.

Observe: This text was produced with the help of AI, particularly Claude 3 Opus for textual content and OpenAI’s GPT-4 for photographs. The editor has extensively revised the content material to stick to journalism requirements for objectivity and neutrality.

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