EigenLayer team launches testnet after raising $50 million

EigenLayer restaking protocol developers have launched a test network. In the first phase, the solution is based on the Ethereum Goerli testnet.

We are excited to announce the release of the testnet for the first stage of the EigenLayer protocol, which supports liquid and native restaking.

Please read the full details here: https://t.co/1eoriZOcwo

1/8 pic.twitter.com/xLs3CC2EOK

— EigenLayer (@eigenlayer) April 6, 2023

At the end of March, the project raised $50 million in a Series A round at a valuation of $750 million.

EigenLayer aims to become a decentralized market for Ethereum node operators and validators, who will be able to earn income from additional services. The protocol enables restaking of assets they received in exchange for locked ETH on other platforms. 

The tokens can be used to validate and secure third-party networks, such as sidechains or blockchains not based on EVM.

The launch of EigenLayer’s mainnet is not expected before Q3, after the three-phase test period. It includes:

1. Initially attracting users to liquid and native restaking with tokens from Lido (stETH) and RocketPool (rETH).
2. Onboarding node operators and enabling delegation from restakers.
3. Introducing active-network verification services into the protocol.

After testing and user feedback, the team will decide which assets the mainnet will support at launch.

The project also plans to attract ETH into native restaking, which will be withdrawable from the Beacon Chain after Ethereum’s Shapella update activation. According to Ultrasound.Money, 17.9 million ETH are currently staked, or nearly 15% of issuance.

As reported, the Shapella (Shanghai-Capella) hard fork on 12 April.