Coin overview
EIGEN
Ended--
Last price (USDT)
171.76K
24h total (USDT)
739.77K
Total vol (USDT)
2024-04-30 09:00:00 ~ 2024-10-01 03:30:00
Trading time (UTC+0)
2024-10-01 09:00:00
Delivery time (UTC+0)
Total supply1.74B
Resources
Introduction
EigenLayer is a protocol built on Ethereum that introduces re-staking, allowing users who have staked $ETH to join the EigenLayer smart contract to re-stake their $ETH and extend cryptoeconomic security to other applications on the network. As a platform, EigenLayer, on one hand, raises assets from LSD asset holders, and on the other hand, uses the raised LSD assets as collateral to provide middleware, side chains, and rollups with AVS (Active Verification Service) needs. The convenient and low-cost AVS service itself provides demand matching services between LSD providers and AVS demanders, while a specialized pledge service provider is responsible for specific pledge security services. EIGEN total supply: 1.67 billion tokens
Anonymous Whale Stakes 10,999 ETH, Sparking Institutional Interest and Potential Price Stability
An anonymous whale recently staked 10,999 ETH, earning a profit of $13.53 million, showcasing the rising institutional interest in Ethereum staking. Anonymous whale stakes 10,999 ETH, earning $13.53 million profit. ETH price rises significantly due to increased staking inflows. Growing institutional interest in Ethereum staking is evident. Discover how an anonymous whale’s staking of 10,999 ETH has led to a $13.53 million profit, reflecting the growing institutional interest in Ethereum. What Happened with the Anonymous Whale’s ETH Staking? An anonymous whale staked 10,999 ETH, valued at approximately $46.69 million, through platforms like EigenLayer and ETH2.0, resulting in a profit of $13.53 million within just two months. Why is This Significant for Ethereum? The substantial profit underscores the growing institutional adoption of Ethereum’s proof-of-stake model, enhancing capital efficiency and influencing ETH’s market price and total value locked in DeFi. The whale’s staking activity has contributed to a noticeable increase in ETH staking inflows, part of a broader trend driven by institutional and whale investors focused on network stability. Ethereum’s price surged to $4,170 due to this heightened demand. Industry analysts suggest that the rise in Ethereum’s price and staking popularity reflects a bullish sentiment in the market. Mitchell Johnson, a crypto analyst, noted, “With ETH’s price surge to $4,170, we are witnessing a significant bullish trend influenced by staking flows and institutional investments.” How Does Staking Impact Ethereum’s Market? Staking reduces the liquid supply of ETH, which can enhance price stability. Other cryptocurrencies and DeFi protocols related to staking are also seeing increased interest. EigenLayer and ETH2.0 are poised to benefit from sustained investments at the whale level. Expert analysis indicates that ongoing whale activities may contribute to reduced ETH availability in markets, promoting price stability. No official comments have been made by key industry figures regarding this specific whale activity, keeping the market’s focus on broader developments. Frequently Asked Questions What is Ethereum staking? Ethereum staking involves locking up ETH to support the network’s operations, earning rewards in return. This process enhances network security and stability. How does staking affect ETH prices? Staking reduces the available supply of ETH in the market, which can lead to increased prices as demand rises, especially during bullish market conditions. Key Takeaways Whale Activity: An anonymous whale staked 10,999 ETH, earning significant profits. Market Impact: The staking activity has positively influenced ETH’s price and market sentiment. Institutional Interest: Growing institutional engagement in Ethereum staking is evident. Conclusion The recent staking of 10,999 ETH by an anonymous whale illustrates the increasing institutional interest in Ethereum’s proof-of-stake model. This activity not only generated a profit of $13.53 million but also contributed to a bullish trend in ETH’s market price. As staking continues to gain traction, it is likely to play a crucial role in Ethereum’s future stability and growth. In Case You Missed It: Arthur Hayes' ETH Trade Reversal Sparks Market Sentiment and Potential Optimism
Altcoins Rally Across the Board, Ethereum Ecosystem Tokens Lead the Surge
BlockBeats News, August 9—According to market data from a certain exchange, as Ethereum's rally continues to gain momentum, altcoins are seeing broad-based gains, with tokens in the Ethereum ecosystem leading the market. Among them: COW is currently trading at $0.4853, up 30.75% in the past 24 hours; ENA is currently trading at $0.739, up 20.1% in the past 24 hours; RESOLV is currently trading at $0.1969, up 16.66% in the past 24 hours; TURBO is currently trading at $0.0051, up 15.7% in the past 24 hours; EIGEN is currently trading at $1.44, up 14.29% in the past 24 hours; SHELL is currently trading at $0.1815, up 14.2% in the past 24 hours; SSV is currently trading at $10.19, up 12.85% in the past 24 hours; COMP is currently trading at $53.94, up 11.72% in the past 24 hours; ETHFI is currently trading at $1.237, up 11.71% in the past 24 hours.
Caldera has announced a partnership with EigenCloud to integrate EigenDA V2 to enhance Rollup data throughput.
The Rollup infrastructure solution provider Constellation Labs (operating under the name Caldera) has announced a strategic partnership with EigenCloud to integrate EigenDA V2 into its Rollup engine, increasing the data throughput of blockchain Rollups to 100 MB/s and achieving a significant breakthrough in scalability and performance. This partnership aims to address one of the core challenges facing current Rollups: efficient Data Availability (DA). In the traditional mode, Rollups need to directly publish transaction data to the Ethereum Layer 1 (L1) for verification and to maintain chain state, but this approach is costly and scalability is limited. By using a separate DA layer instead of solely relying on Ethereum L1, Rollups can reduce costs while significantly improving performance, supporting diverse use cases, and achieving scalable expansion without compromising security and decentralization. Caldera CEO Matthew Katz stated: "We are thrilled to integrate EigenDA V2 into Caldera's Rollup engine, providing unparalleled scalability for the collaborative project. As more institutions such as payment companies, fintech firms, and banks go on-chain, the importance of breakthrough scalability is self-evident." EigenDA: Future-Oriented Blockchain Infrastructure EigenDA is a next-generation Data Availability solution that leverages Danksharding design concepts while eliminating the need for a separate consensus mechanism, utilizing Ethereum network's decentralized trust and providing robust economic security through millions of dollars in re-staked ETH. Its core advantages include: Bandwidth Assurance and Fixed Costs: EigenDA is the only DA solution that offers bandwidth reservation, ensuring Rollups have guaranteed bandwidth at a fixed cost to meet the stability demands of enterprise-grade and high-throughput scenarios. Proven Performance: EigenDA's performance has been validated in real-world environments. The Eigen team has successfully published real-time chain states of all L1 and L2 blockchains to EigenDA. One-Click Integration Through the Caldera Platform The integration of EigenDA V2 will be offered as a one-click option on the Caldera dashboard for any new Rollup deployment. This streamlined process eliminates the technical complexity associated with integrating advanced Data Availability solutions traditionally, allowing developers of any infrastructure experience level to access cutting-edge performance. Existing Caldera chains can also choose to switch to EigenDA V2. This flexibility ensures that all Caldera users can benefit from this collaboration, whether they are launching new projects or optimizing existing deployments. About Caldera Caldera is a leading Rollup infrastructure provider based in San Francisco, dedicated to helping developers and institutions rapidly deploy and manage high-performance Rollups, driving blockchain scalability and adoption through innovative infrastructure solutions.
ChainOpera AI and EigenLayer Announce Official Partnership to Build a Trusted On-Chain AI Agent Network, with Daily Transactions Surpassing 600,000
BlockBeats News, August 1—According to official sources, AI Agent platform ChainOpera AI has entered into a partnership with restaking protocol EigenLayer to jointly advance the infrastructure for "Runtime-Verifiable AI Agents." The two parties will implement on-chain auditing mechanisms to enable end-to-end verification of AI Agent reasoning and execution, driving the evolution of AI services from "black box" operations to "trusted collaboration." Currently, ChainOpera has built a community-driven AI Agent social network that supports personalized virtual companions collaborating on tasks such as trading, prediction, and productivity. The platform now sees over 600,000 daily interactions and has accumulated more than 300,000 paying users. Users can interact with multiple Agents and participate in the Prompt-to-earn incentive mechanism via chat.chainopera.ai; developers can build and publish Agents on agent.chainopera.ai, earning points and token revenue shares based on quality and usage. It is reported that the CEOs of both ChainOpera and EigenLayer hail from Professor David Tse's lab at Stanford/Berkeley and have previously conducted joint research at Berkeley. This renewed collaboration is seen as a significant synergy between two major infrastructure players in the field of trustworthy on-chain AI, and is highly anticipated.
Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves
By the end of July 2025, major corporate investors acquired about 1% of the total Ethereum supply. Institutional demand is accelerating, outpacing Bitcoin accumulation rates. Corporate Ethereum treasuries increased by 876,000 ETH in July, bringing their holdings to approximately 0.9% of the total Ethereum supply. This data comes from Bernstein, cited by The Block. Analysts at Standard Chartered, whose report was obtained by CoinDesk, confirm that institutional investors now collectively acquired about 1% of all ETH issuance. Analysts note that corporate interest in Ethereum largely mirrors the strategy seen in corporate Bitcoin reserves, but with a crucial difference — the ability to earn operational yield through staking . With the current annual staking rate around 3%, holders can generate quasi-passive income, which is not possible for BTC holders. Among the leading corporate Ethereum investors are SharpLink Gaming, BitMine Immersion, Bit Digital, and BTCS. Funding was raised both from public markets and private investors. Standard Chartered analysts predict that ETH holdings on corporate balance sheets could grow to 10% of total supply as institutional adoption continues. However, Bernstein emphasizes that Ethereum treasury models carry new risks. Unlike Bitcoin reserves, where assets remain fully liquid, staking participation restricts fund withdrawals due to exit queues and risks related to potential smart contract vulnerabilities. Liquidity remains high but aggressive strategies, such as restaking via EigenLayer or similar protocols, substantially increase risk. Furthermore, strategic growth drivers for ETH include the expansion of stablecoin issuance and tokenization of real-world assets, with most projects in these areas being developed on the Ethereum ecosystem. More than 50% of dollar-pegged stablecoins currently circulate on Ethereum. With the introduction of regulated stablecoins and growth in the RWA market, Ethereum’s position as a foundational financial blockchain infrastructure is set to strengthen. Against this backdrop, Glassnode data shows Ethereum’s open interest dominance reaching nearly 40%, the highest level since April 2023. Additional growth drivers for ETH demand are spot Ethereum ETFs, which attracted $6.7 billion in the first half of the year and now manage $20.7 billion in assets under management. The Ethereum team recently initiated a radical optimization of the blockchain’s base layer architecture. Significant technical upgrades are underway , aimed at elevating protocol security to institutional standards and complying with regulatory requirements. This roadmap is expected to cement Ethereum as the foundational blockchain infrastructure for online projects and the global economy.
Eigen Labs CEO says ‘critical milestone’ slashes scalability trade-off
Eigenlayer took a step toward scaling decentralized infrastructure by rolling out a multichain verification feature that allows decentralized services to run on layer-2 networks while retaining Ethereum-grade security. On Thursday, Eigenlayer introduced a protocol feature that lets Actively Validated Services (AVS) run on layer 2s, in addition to the Ethereum network. Eigen Labs launched the new feature on the Sepolia Testnet on the Base network. Eigen Labs founder and CEO Sreeram Kannan told Cointelegraph the update marked a “critical milestone” in the company’s roadmap. He said that while the feature is launching on Base Sepolia, they plan to roll it out to additional blockchains soon. “Base stood out as our first partner because of its vibrant builder ecosystem and alignment with our mission to accelerate the app layer,” he said, adding that they are working to support additional chains and plan to bring the feature to mainnet environments in the third quarter of 2025. Eigen Labs CEO explains multichain vision for decentralized services Kannan told Cointelegraph that the feature allows EigenCloud to fulfill its mission of scaling verifiable infrastructure everywhere. He said this requires AVS to meet developers across many chains, not just the Ethereum mainnet. “Until now, AVS had to choose between leveraging Ethereum’s security or scaling to faster, cheaper environments,” Kannan said. “With Multi-Chain Verification, they don’t have to make a choice.” The system ensures that AVSs deployed on other blockchains inherit EigenLayer’s pooled security. Validator data, such as stake weights, operator configurations and slashing penalties, is automatically synced across all supported chains. Slashing refers to penalizing validators who act maliciously or misbehave, while stake weights refer to how much crypto a validator has staked. Blockchain networks push infrastructure upgrades Eigenlayer’s new upgrade comes as networks move to enhance technical capabilities. On Thursday, hybrid blockchain Build on Bitcoin rolled out a technical upgrade that brought it closer to getting a fully decentralized mark on the L2Beat platform. The network implemented zero-knowledge (ZK) fraud proofs within an optimistic rollup framework. Meanwhile, the Ethereum Foundation set a timeline for implementing zkEVM in the mainnet within one year. On July 10, the foundation laid a path toward replacing traditional block execution with ZK-proofs.
Bernstein flags unique risks facing Ethereum treasuries
Equity research and brokerage firm Bernstein revealed that Ethereum treasuries are generating more on the digital asset than their Bitcoin-focused counterparts. According to the report, the treasuries are generating staking rewards in addition to holding the virtual asset as a reserve asset. On Monday, the analyst wrote in a note that Ethereum treasuries are facing challenges such as liquidity constraints and smart contract risks that differ from Bitcoin treasury models. The company argued that Ethereum’s proof-of-stake mechanism allows the firms to stake assets for yield, but Bitcoin’s proof-of-work structure allows entities to hold BTC without staking. Ethereum Treasuries emerge as next evolution of Strategy’s playbook Bernstein noted that Ethereum treasuries are also attempting to address limitations on how they deploy capital. According to the report, the treasuries’ staking contracts are liquid, but often wait for days in the queue to unstake. The analyst argued that ETH treasuries need to balance Ethereum liquidity and yield optimization as they stake the digital asset for yield. The brokerage firm added that yield optimization techniques such as the Eigenlayer staking model and DeFi-based yield generation require smart contract security risk management. “The ETH treasury model has the benefit of actual cash flow yield driving operating earnings, however liquidity risk and security would be important considerations.” -Bernstein. The report also noted that companies, including SharpLing Gaming (SBET), Bit Digital (BTBT), and BitMine Immersion (BMNR), are focusing on building Ethereum treasuries. According to Bernstein, the trio had accumulated around 876,000 ETH in July, which accounts for 0.9% of the total supply. See also BlackRock’s ETHA becomes third-fastest ETF to $10B BMNR revealed last week that it surpassed $2 billion in its ETH holdings. The firm also announced that it’s aiming to hold and stake around 5% of the total Ethereum supply. Bernstein believes that the growth of the digital dollar and tokenized assets will drive higher user growth in the Ethereum ecosystem. The firm argued that ETH’s transaction volume on layer-2 chains, operated by platforms like Coinbase and Robinhood, will help Ethereum accrue value from the growth of the asset’s financial economy. At the time of publication, the digital currency is currently exchanging hands for around $3,809, a 56.42% rise in the last 30 days. BitMEX founder Arthur Hayes has predicted that ETH will surpass its previous record high of $4,800 this year and reach $10,000 by the end of 2025. BitMine Immersion Chair Tom Lee also predicted that the digital asset could hit $60,000, almost 18 times its current value. The equity research firm also argued that Ethereum treasuries have mirrored Strategy’s model, which shifted its focus from software development to purchasing Bitcoin in 2020. The firm now holds around $72 billion in BTC, but Bernstein believes ETH treasuries could have a more involved risk management strategy compared to Strategy’s model. See also Ethereum exit queue reaches all-time high in record validator withdrawal DAOs face centralization risks The brokerage company cautioned that Ethereum treasuries also face centralization risks, particularly in governance token distribution and control. The firm argued that treasury platforms such as Karpatkey, Llama, and Avantgarde are controlled by core contributors, which raises concerns over accountability due to the large sums of public capital they manage. According to the firm, DAO’s internal legal framework makes it hard to identify the responsible party for asset mismanagement. The equity research company believes that, as much as treasury protocols offer undisputed composability, there’s a void in scaling in a decentralized and compliant manner. Bernstein acknowledged that ETH treasuries are unregulated asset managers, warning that a lack of a clear legal framework would expose them to enforcement action or internal governance breakdowns. The brokerage firm still believes the treasuries will grow as DAOs adapt to financing parameters. The company also hopes that the category will mature as the regulatory environment begins to incorporate clearer standards for decentralized entities. Bernstein forecasts a $1 billion ETH treasure could garner around $30-$50 million in annual returns from staking and yield strategies. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
Institutional Ethereum Staking Gains Traction Amid Yield Opportunities and Liquidity Risk Considerations
Institutional Ethereum staking is a method where companies lock ETH to earn yield and support network security, but Bernstein warns of liquidity risks like withdrawal delays and smart contract vulnerabilities. Ethereum staking offers institutions passive income and network participation benefits. Liquidity risks include unstaking delays, re-staking complexities, and DeFi smart contract exposures. Bernstein highlights the need for risk management and regulatory awareness amid growing ETH institutional holdings. Institutional Ethereum staking offers yield and network benefits but requires careful liquidity risk management. Discover key strategies to safeguard your ETH assets. Why Are Institutions Increasingly Investing in Ethereum Staking? Ethereum staking attracts institutions due to its yield generation and network governance roles. By locking ETH in the Proof-of-Stake system, companies earn rewards while supporting Ethereum’s security. In July alone, firms acquired 876,000 ETH, representing nearly 0.9% of total supply, signaling strong institutional conviction in Ethereum’s long-term potential. What Makes Ethereum Staking a Strategic Move for Institutional Investors? Ethereum’s transition to Proof-of-Stake enables validators to earn steady yields by staking ETH. This approach offers a predictable income stream amid low interest rates. Additionally, institutions gain influence in network governance and contribute to decentralization, aligning with their long-term investment strategies in DeFi and Web3 ecosystems. What Are the Key Liquidity Risks in Institutional Ethereum Staking? Bernstein’s analysis highlights critical liquidity challenges companies face when staking ETH. Withdrawal queues can delay access to funds for days, complicating capital management. Re-staking protocols like EigenLayer increase exposure to multiple smart contract risks and potential slashing penalties. Additionally, integrating staked ETH into DeFi platforms introduces vulnerabilities from bugs or exploits, while debt management amid volatile ETH prices risks forced liquidations. How Do Withdrawal Delays Impact Institutional Staking Strategies? Unstaking ETH is not immediate; it can take several days or longer during network congestion. This delay restricts quick capital access, which is crucial for operational flexibility and responding to market changes. Institutions must plan for these timing constraints to avoid liquidity shortfalls. How Can Companies Mitigate Ethereum Staking Risks Effectively? Risk mitigation requires strategic diversification and thorough due diligence. Institutions should maintain a balance between staked and liquid ETH, understand withdrawal protocols, and carefully evaluate re-staking and DeFi platforms through audits and reputation checks. Stress testing portfolios and employing institutional-grade custodians enhance security and liquidity management. Staying updated on regulatory changes is also essential to ensure compliance and operational continuity. What Best Practices Ensure Safer Ethereum Staking for Institutions? Implementing diversified ETH allocations, conducting comprehensive protocol reviews, and using custodial solutions with clear liquidity terms are key. Regular stress tests help anticipate market shocks, while regulatory monitoring safeguards against compliance risks. These steps collectively reduce exposure to staking-related liquidity and operational hazards. Risk Factor Impact Mitigation Strategy Withdrawal Delays Funds locked for days Maintain liquid ETH reserves Re-Staking Risks Smart contract vulnerabilities Due diligence and audits DeFi Integration Exposure to exploits Use vetted protocols only What Is Bernstein’s Outlook on Ethereum’s Future Price and Network Growth? Bernstein forecasts a positive long-term trajectory for ETH price driven by expanding network usage. As Ethereum’s scalability solutions like sharding and layer-2 rollouts mature, demand for ETH as a foundational asset is expected to rise. This growth supports institutional staking strategies, provided liquidity risks are managed prudently. How Will Ethereum’s Scalability Affect Institutional Investment? Improved scalability reduces network congestion and transaction costs, enhancing Ethereum’s usability for DeFi and NFTs. This progress attracts more users and developers, increasing ETH demand and potentially boosting staking rewards, which benefits institutional holders. Frequently Asked Questions What is Ethereum staking and why are companies doing it? Ethereum staking involves locking ETH to secure the network and validate transactions under Proof-of-Stake. Companies stake ETH to earn passive income, support decentralization, and invest in Ethereum’s long-term growth. What are the main liquidity risks associated with Ethereum staking? Liquidity risks include delays in unstaking ETH, risks from re-staking platforms like EigenLayer, smart contract vulnerabilities in DeFi, and market volatility affecting collateralized debt positions. How long does it take to unstake ETH? Unstaking ETH typically takes several days, but delays can extend during high network activity or large withdrawal volumes, impacting immediate liquidity. What is re-staking and how does it increase risk? Re-staking allows staked ETH to secure additional decentralized services, increasing yield but also layering smart contract and slashing risks from multiple protocols. What measures can companies take to mitigate Ethereum staking risks? Companies should diversify ETH holdings, understand withdrawal processes, conduct due diligence on protocols, stress test portfolios, use institutional custodians, and monitor regulatory changes. What is Bernstein’s outlook on Ethereum’s future price? Bernstein expects ETH prices to rise as network usage grows and scalability solutions mature, supporting long-term institutional investment. Key Takeaways Institutional Ethereum staking offers yield and network participation benefits. Liquidity risks such as withdrawal delays and smart contract exposures require careful management. Strategic diversification, due diligence, and regulatory awareness are essential for risk mitigation. Conclusion Institutional Ethereum staking represents a pivotal advancement in crypto adoption, combining yield opportunities with network governance roles. Bernstein’s liquidity risk warnings emphasize the need for thorough risk assessment and strategic planning. By balancing opportunity with prudence, companies can harness Ethereum’s potential while safeguarding their assets in this dynamic financial landscape. In Case You Missed It: Bitcoin May See Positive Impact Following U.S.-EU Trade Deal Amid Market Stabilization
180 Life Sciences bets $425m on Ethereum treasury in bid to become ETHZilla
Palo Alto’s 180 Life Sciences is making a radical pivot, ditching biotech for crypto. With a $425 million private placement backed by Ethereum’s elite, the soon-to-be ETHZilla aims to build the largest corporate ETH treasury, blending DeFi yield strategies with Wall Street appeal. Summary 180 Life Sciences is pivoting from biotech to Ethereum, raising $425M to rebrand as ETHZilla and build a major corporate ETH treasury. The firm’s strategy emphasizes active DeFi participation, with Electric Capital managing staking, liquidity, and lending operations. ETHZilla’s pivot reflects a broader trend, as Standard Chartered forecasts corporate ETH treasuries could grow to hold 10% of total ETH supply. According to a press release dated July 29, Nasdaq-listed biopharma firm 180 Life Sciences has entered into agreements for a $425 million private placement, with plans to convert nearly all its treasury reserves into Ethereum ( ETH ) and rebrand as ETHZilla. The funding round, led by a consortium of crypto heavyweights including Electric Capital, Polychain, and founders of Lido, Eigenlayer, and Compound, is expected to close by August 1. If successful, the move would position ETHZilla among the largest corporate holders of Ethereum, marking a sharp departure from its origins in anti-inflammatory drug research. From biotech to blockchain: The ETHZilla playbook The pivot appears to be a calculated bet on Ethereum’s dual role as both a store of value and a yield engine. Unlike Bitcoin treasury plays, where accumulation is the endgame, ETHZilla’s strategy hinges on active participation in Ethereum’s financial ecosystem. Per the statement, Electric Capital, the firm tapped to manage its assets, will deploy a multi-pronged approach: staking for base rewards, liquidity provisioning in DeFi markets, and private lending agreements designed to outperform passive holdings. “We believe that this planned strategy reflects a strong, long-term investment approach that can be supported by a highly capable team and a transformative transaction,” said Blair Jordan, CEO of 180 Life Sciences. “We plan to execute a differentiated investment approach that will be designed to provide a straightforward opportunity for investors to participate in the growth of Ethereum through the public markets.” The roster of backers reads like a who’s who of Ethereum’s builder class: Polychain Capital, Lido co-founder Konstantin Lomashuk, Eigenlayer’s Sreeram Kannan, and Compound’s Robert Leshner are among the 60-plus institutional and crypto-native investors in the $425 million PIPE. Their involvement signals a tacit endorsement of ETHZilla’s thesis that corporate ETH holdings should actively engage with the protocols reshaping finance. The corporate ETH arms race heats up ETHZilla’s move aligns with a broader trend that has quietly accelerated over the past two months. Standard Chartered’s latest report reveals corporate ETH treasuries now hold 1% of circulating supply , roughly 1.26 million Ether tokens accumulated since June. According to the bank, this buying spree parallels ETH ETFs’ record inflows, highlighting how new players are pivoting aggressively to the world’s second-largest crypto asset by market cap. Analyst Geoffrey Kendrick predicts these holdings could increase tenfold, eventually reaching 10% of supply. Firms like BitMine, which is aiming for 5% of ETH’s supply, and Consensys-backed SharpLink Gaming are already deep in the game. For ETHZilla, the pivot remains a high-stakes experiment, where the risks are as pronounced as the rewards. Besides accumulation supremacy battles, managing on-chain yield requires navigating smart contract vulnerabilities, liquidity crunches, and regulatory gray zones, challenges even DeFi natives struggle with. Yet if successful, the model could redefine how public companies interact with crypto: not as passive holders, but as active ecosystem participants.
Ethereum validator exit queue reaches highest point ever
The Ethereum validator exit queue reached 744,000 validators as of Saturday, July 26, its highest ever point in history. For context, the exit queue averaged roughly under 1,000 validators per day just two weeks ago. The exit queue spiking was likely caused by a mechanical liquidity shock on Aave’s borrow rates. Over a week ago, roughly 167,000 ETH (worth over $630 million) was withdrawn from the Aave lending pool, driving Aave’s wETH borrow APR from ~3 % to double‑digits. The higher borrowing costs flipped a popular stETH/LRT loop‑leverage trading strategy from positive to negative carry, forcing vaults and whales to repay loans and look for raw ETH. To get ETH, deleveragers redeemed stETH/wstETH and newer LRTs via the validator‑withdrawal path, causing the exit queue to spike. As a result, stETH slipped around 0.3%-0.6 % below par, causing arbitrageurs to buy the discount and join the exit queue to pocket the spread, compounding congestion. More validators queuing led to longer waits, leading to bigger opportunity costs that led to even more stETH selling, causing a reflexive loop. This phenomenon is expected to be temporary with the exit queue to subside as Aave rates normalize, which would cause the stETH discount to close and arbitrage redemptions to clear. Another reason for the spike in validator exits is EigenLayer's reopening of its deposit caps, prompting operators to exit native validators or Lido, with much of this ETH expected to re-enter via restaked validators. This was evident by EigenLayer experiencing net inflows worth ~$940 million on Monday, July 21. This is an excerpt from The Block's Data & Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.
EigenLayer Introduces Multi-Chain Verification with Base as Its First Partner
EigenLayer launches multi-chain verification, enabling AVS to extend Ethereum-grade security across Layer-2 networks like Base. Developers can deploy AVS on Base with minimal adjustments, benefiting from low fees and faster execution with verifiable security. EigenLayer has released its Multi-Chain Verification feature , allowing its services to extend beyond Ethereum Layer-1. The first partner for this launch is Base, Coinbase’s Layer-2 network, which has been added to the list. EigenLayer Expands AVS Reach Without Compromising Ethereum Security While EigenLayer’s security services are typically only available on Ethereum, now AVS (Actively Validated Services) can be operated on other chains like Base, without sacrificing security. So, for example, if you need a data validation service or oracle that remains connected to Ethereum but want lower fees and faster transactions, the path is now wide open. 📣 EigenCloud is going Multi-Chain. 📣 Today, we’re launching Multi-Chain Verification with our first integration on @base , bringing verifiable security to one of the fastest-growing ecosystems in crypto. ☁️🟦 This update enables AVSs to verify across L2s while preserving… pic.twitter.com/JYuSna7mDj — EigenCloud (@eigenlayer) July 24, 2025 Base itself is known for its agility, so it’s no surprise it’s the first choice. Although it’s only initially on the Sepolia testnet, the mainnet launch is planned for the third quarter of this year. The goal? To simplify and cost-effectively activate cross-chain AVS, eliminating the need to repeatedly bridge assets to Ethereum. Simply set a few parameters, and the system is up and running. On the other hand, it’s not just about the network. CNF reports that EigenLayer is also developing an AI verification system with Sentient . This system aims to automate DAO decision-making in a way that remains transparent and trustworthy to the community. Furthermore, the AI can even read network conditions and act without human intervention—still with the security support of EigenLayer’s staking and slashing system, of course. This AI project is built on EigenCloud, a new module introduced in mid-June . This is where EigenLayer’s new strength lies. By combining a computational layer, data availability, and a dispute resolution mechanism, EigenCloud can provide off-chain services that remain verifiable. This means not only on-chain validation services but also off-chain AI applications or services can join this ecosystem—as long as they can be proven secure through restaking. What’s even more interesting is that this project is directly backed by a16z , one of the most active investors in the crypto space. This boost further enhances the developer experience. They can build cross-chain verified services, using Ethereum as a security anchor, without worrying about cost efficiency or network complexity. Base Is Just the Beginning The launch on Base is just the beginning. Going forward, Multi-Chain Verification is planned for more chains. This means AVS can be deployed anywhere, but still rely on a single source of security: Ethereum. So, instead of building a new network with its own validators, simply connect to EigenLayer and take advantage of restaking ETH or EIGEN tokens. In other words, Ethereum remains the backbone, but operations can be done on other chains that are faster and cheaper. This flexibility opens the door wide for DeFi applications, games, and even AI projects to operate more efficiently, without losing trust. Meanwhile, as of the writing time, EIGEN is changing hands at about $1.35, up 4.55% over the last 24 hours and 20.59% over the last 30 days.
RISC Zero Launches Boundless Incentivized Testnet to Build a Universal Zero-Knowledge Protocol
Foresight News reports that RISC Zero has announced the launch of its zero-knowledge computing marketplace, Boundless, on the Base chain’s mainnet testnet (incentivized testnet). Boundless is dedicated to decentralizing general-purpose zero-knowledge computation, with early adopters including the Ethereum Foundation, Wormhole, EigenLayer, and others. Boundless also introduces the Proof of Verifiable Work (PoVW) mechanism, which is designed to reward miners participating in zero-knowledge computation. This mechanism encourages developers and compute providers to collaborate across chains, supporting the computational needs of various on-chain applications by generating and verifying ZK proofs. Boundless CEO Shiv Shankar stated that the protocol avoids redundant computation tasks, enables cross-chain interoperability, and enhances both security and scalability. The launch of the mainnet testnet means that protocols on any chain can now access Boundless’s ZK computation, aggregation, data availability, and settlement features.
Inception Protocol to Cease Operations Amid Market Challenges
Key Takeaways: Inception Protocol ends operations, citing unsustainable liquidity. Fund withdrawals encouraged before September 1, 2025. Closure reflects broader challenges in the DeFi restaking sector. Inception Protocol to Cease Operations Amid Market Challenges Lede: Inception Protocol, built on the EigenLayer, announced it will cease operations by July 2025, urging users to withdraw assets by September 1. Nut Graph: Inception Protocol’s shutdown highlights challenges faced by decentralized finance networks, affecting market liquidity and restaking assets. Operational Challenges The Inception Protocol was designed to promote liquidity efficiency using EigenLayer , focusing on liquid staked ETH derivatives. Despite these efforts, it struggled with finding a product market fit , leading to its decision to wind down. “We aimed to create a decentralized, permissionless, and curator-led protocol that was aligned with the Ethereum ethos. But despite the progress, Inception did not find product market fit…lack of liquid rewards in shared security made the path forward unsustainable for the protocol.” — Inception Protocol Team, Official Team Statement Operating on EigenLayer and affected by the DeFi ecosystem, Inception Protocol urged users to withdraw their funds, ensuring safety via a full snapshot of user positions. This decision comes amid a wider downturn impacting the crypto industry. Impact on Restaking The shutdown affects restaking-related assets like stETH, rETH, and cbETH, pushing liquidity back to users. Investors and users may face potential market volatility, raising concerns about the broader implications of DeFi restaking. With industry echoes resonating through crypto markets, financial backers are reevaluating investments. Technical innovation remains acknowledged but does not counterbalance the challenge of sustainable growth, raising potential interest in regulatory perspectives and future technological adaptations. Broader Industry Implications The closure of Inception Protocol signals the liquidity and adoption challenges faced by similar entities, pressing for a strategic overhaul within the DeFi restaking sphere.
InceptionLRT shuts up shop after $3.5M raise in January
InceptionLRT, a protocol that is meant to push the boundaries of decentralized infrastructure, has announced it is shutting down operations, just six months after raising $3.5 million in seed funding. InceptionLRT’s news came via a post on X (formerly Twitter), where the team said it had made the “difficult decision” to sunset the project after falling short of product–market fit. Despite the closure, InceptionLRT stated that all user funds are safe. Withdrawals remain open through the project’s dashboard, and a full snapshot of user positions has been taken to ensure that any unmaterialized rewards are accounted for. “We recommend retrieving any deposited funds at your earliest convenience,” the team said, urging users to act before September 1 . A polished protocol, but no staying power From the start, InceptionLRT aimed high, offering a decentralized, permissionless way for users to restake assets and access reward-bearing tokens across DeFi. The protocol launched more than 15 liquid restaking tokens (LRTs), integrated with over 60 DeFi platforms, and passed eight independent security audits. The infrastructure was ready; however, the users didn’t come. Inception did not fail for a lack of support, as its January 2025 seed round raised about $3.5 million, with backing from a who’s who of crypto investors. According to data on CypherHunter , participants included BlackDragon, Chorus Ventures, DEXTForce Ventures, GAINS Associates, DSRV Labs, The Rollup Ventures, DuckDAO, and CSP DAO, alongside high-profile angels such as Rachid Ajaja, Josh Hannah, Tal Cohen, and others. See also Euro rally accelerates as Trump’s policies tilt currency dynamics But funding only gets you so far. Without enough liquidity incentives, the team couldn’t make restaking appealing beyond a small niche of power users. The restaking space is still finding its feet InceptionLRT’s shutdown comes during a transitional period for the restaking ecosystem. Leading protocols like EigenLayer , Symbiotic, and Ether.fi are still in the thick of building out markets where staked assets can be reused for additional layers of security. In theory, restaking increases capital efficiency and network resilience. In practice, it’s not that straightforward. Inception’s experience, strong tech, real integrations, yet limited traction, highlights just how tricky it can be to balance innovation with usability and incentives. The team isn’t pulling the plug abruptly. Instead, they’ve left the protocol running so users can withdraw their funds safely. For now, InceptionLRT will be remembered as one of the most promising restaking projects that couldn’t quite stick the landing. It adds to the growing list of teams who aimed to build the financial infrastructure of the future—and learned, in real time, how hard that still is to do. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
Inception, a restaking protocol built on EigenLayer, announces cessation of operations
ChainCatcher reports that the restaking protocol Inception, built on EigenLayer, has announced it will cease operations. According to the announcement, Inception has not found a suitable product-market fit over the past two years. In addition, the lack of liquidity incentives in shared security has made it difficult for the protocol to move forward. As previously reported by ChainCatcher, the decentralized liquidity restaking protocol Inception announced the completion of a $3.5 million seed round, with participation from London Real Ventures, Gallet Capital, Metazero Capital, Kinetic Kollective, Zephyrus Capital, DSRV, Dewhales, Connectico Capital, Unreal Capital, Absoluta Digital, and others. The new funding was intended to support the development of a modular risk management framework, enabling users to select reward-generating assets to maximize points rewards and the utility of liquid staking tokens (LSTs).
Eigen Labs cuts 25% of its team to prioritize focus on EigenCloud
Eigen Labs reduces staff by 25% and focuses on EigenCloud Layoffs accompany strategic shift to cloud-based services EigenCloud Unites Data, Verification, and Computation with Ethereum Eigen Labs, the developer behind the Ethereum EigenLayer protocol, has confirmed a restructuring that has resulted in the layoff of 29 employees—approximately 25% of its workforce. The decision, according to the company, is part of a plan to reallocate efforts and focus development on the EigenCloud cloud services platform. The announcement was made by Sreeram Kannan, CEO of Eigen Labs, in a post on X. "This morning, I shared plans for a company restructuring, streamlining our operations and focusing our efforts on building and expanding EigenCloud. Sadly, this means saying goodbye to brilliant colleagues who contributed to the project with passion, integrity, and vision," he stated. Today is one of the hardest days we've had at Eigen Labs. This morning, I shared plans for a restructuring of the company, streamlining our operations, and concentrating our efforts on building and scaling EigenCloud. Unfortunately, this means saying goodbye to brilliant… — Sreeram Kannan (@sreeramkannan) July 8, 2025 The move comes weeks after a16z crypto invested an additional $70 million in EIGEN tokens to support the launch of EigenCloud. The platform is designed to provide trusted infrastructure for Web2 applications with verifiability guaranteed by Ethereum blockchain mechanisms. EigenCloud combines several components: EigenDA, focused on data storage and availability; EigenVerify, which handles dispute resolution; and EigenCompute, responsible for executing transactions. The combination of these services creates a programmable and secure environment, especially geared towards developers seeking integration with the Ethereum ecosystem. According to Kannan, the redesign is aimed at ensuring that teams are aligned with a clear strategic purpose. “As difficult as these changes are, they sharpen our focus as a company and ensure that our teams are structured to sustainably pursue a single, ambitious goal: building the world’s first verifiable cloud platform,” he said. With this, Eigen Labs aims to consolidate its position in an increasingly competitive sector, betting on the potential of Ethereum and the growing demand for decentralized solutions that offer scalability and transparency in the use of data and cloud computing. Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss. Tags: Eigen Labs
Myriad Protocol May Expand Prediction Markets Across Chains with Linea Integration and EigenCloud Features
Myriad Protocol launches a multichain prediction market platform powered by EigenCloud, aiming to revolutionize decentralized forecasting across digital ecosystems. With the integration of Linea, an Ethereum Layer 2 solution by Consensys, Myriad enhances on-chain experiences by enabling seamless prediction market adoption on multiple chains. According to COINOTAG, “Myriad’s progressive decentralization and trustless revenue sharing mechanisms position it as a foundational infrastructure for future digital engagement.” Myriad Protocol introduces a multichain prediction market powered by EigenCloud and Linea, enhancing decentralized engagement with trustless revenue sharing and censorship-resistant oracles. Myriad Protocol’s Multichain Expansion with EigenCloud and Linea Integration The Myriad Protocol has officially transitioned from its beta phase to a fully-fledged multichain prediction market platform, leveraging the robust capabilities of EigenCloud. This upgrade marks a significant milestone, enabling trustless revenue sharing through AVS claim validation and the deployment of censorship-resistant oracles. The integration with Linea, an Ethereum Layer 2 network developed by Consensys, further amplifies Myriad’s reach by providing scalable, low-cost on-chain interactions. Linea’s vision to “empower the world to live on-chain” aligns seamlessly with Myriad’s goal to embed prediction markets ubiquitously across digital platforms. Technical Innovations Driving Myriad’s Decentralized Prediction Markets At the core of Myriad’s architecture lies EigenCloud, a decentralized infrastructure designed to facilitate synthetic tokens representing stablecoin TVL positions. These tokens can be restaked into EigenLayer, generating additional yield for users. This approach not only enhances liquidity but also incentivizes participation through innovative yield mechanisms. The protocol’s commitment to a unified liquidity hub across all EVM-compatible chains promises seamless interoperability, reducing friction for developers and users alike. Upcoming technical disclosures will detail these implementations, highlighting Myriad’s dedication to transparency and community-driven governance. Building a Decentralized Ecosystem for Prediction Markets Myriad’s strategy extends beyond technology; it encompasses ecosystem growth through strategic partnerships and media collaborations. By integrating with platforms like COINOTAG and Rug Radio, Myriad demonstrates practical use cases where prediction markets enhance content engagement and revenue generation. The protocol’s design philosophy emphasizes accessibility, ensuring that prediction markets are embedded where users already engage, thus driving adoption organically. As governance transitions progressively to the community, Myriad aims to establish a transparent and reliable oracle system that guarantees the integrity of market outcomes. Future Outlook: Expanding Reach and Adoption While Linea represents a pivotal launch point, Myriad Protocol’s roadmap includes onboarding additional chains and collaborating with diverse application developers and media entities. This expansion will solidify prediction markets as a fundamental internet feature, supported by the native Myriad Token. Although the token is not yet live for trading, its eventual deployment will underpin the protocol’s economic incentives and governance framework, fostering a sustainable and vibrant ecosystem. Conclusion The Myriad Protocol’s evolution from beta to a multichain platform powered by EigenCloud and Linea marks a transformative step in decentralized prediction markets. By combining technical innovation with strategic ecosystem development, Myriad is poised to make prediction markets accessible, transparent, and integral to digital engagement. Stakeholders and developers are encouraged to follow upcoming announcements and explore integration opportunities as the protocol advances toward full decentralization and broader adoption. In Case You Missed It: BONK Price May Find Support Near $0.000020 Amid Profit Booking, Bulls Eye $0.000026 Resistance
Eigen Labs Layoffs: A Bold Strategic Shift Towards Decentralized Cloud Innovation
The cryptocurrency world is no stranger to rapid evolution and strategic pivots. Recently, news broke that sent ripples through the community: Eigen Labs layoffs. The developer behind the highly anticipated EigenLayer protocol announced a significant reduction in its workforce, letting go of 29 employees, which constitutes 25% of its total staff. While layoffs often signal financial distress, Eigen Labs clarified that this decision was not driven by economic hardship but rather a deliberate strategic realignment. What does this mean for the future of restaking, decentralized cloud, and the broader crypto industry trends? Understanding the Eigen Labs Layoffs: A Strategic Reorientation When a prominent player like Eigen Labs makes such a move, it’s crucial to look beyond the immediate headlines. The company, a major force in the Ethereum ecosystem, stated that these personnel changes are designed to sharpen their focus on EigenCloud, their ambitious decentralized cloud platform. This reorientation suggests a clear shift in priorities, aiming to concentrate resources on a specific, high-potential area within their development pipeline. Key details surrounding the layoffs: Number of Employees Affected: 29 individuals. Percentage of Workforce: Approximately 25%. Stated Reason: Not financial difficulties, but a strategic pivot towards EigenCloud. Source: Reported by Blockworks. This strategic move highlights a common theme in the tech and crypto sectors: the need for agility and focused execution. Companies often streamline operations to dedicate more bandwidth to core projects they believe will drive future growth and innovation. What is the EigenLayer Protocol, and Why is it Important? Before diving into EigenCloud, it’s essential to understand the foundation Eigen Labs has built: the EigenLayer protocol. EigenLayer is a groundbreaking restaking primitive on Ethereum, designed to extend Ethereum’s security to other decentralized applications (dApps) and middleware services. It allows staked ETH to be ‘restaked’ to secure additional networks, effectively creating a shared security layer. This mechanism offers several compelling benefits: Enhanced Security: By leveraging Ethereum’s massive staked capital, EigenLayer can provide robust security guarantees to new protocols without requiring them to bootstrap their own validator sets. Capital Efficiency: Stakers can earn additional yield by restaking their ETH, making their capital more productive. Innovation Hub: It enables a new wave of ‘Actively Validated Services’ (AVSs) – decentralized applications that rely on EigenLayer for their security, fostering rapid innovation in the blockchain space. The EigenLayer protocol has garnered immense attention and capital, becoming one of the most significant innovations in the Ethereum ecosystem. Its success underscores Eigen Labs’ capability to develop complex, impactful blockchain infrastructure. Diving into EigenCloud: The Future of Decentralized Cloud Computing? With the Eigen Labs layoffs, the spotlight now firmly shines on EigenCloud. But what exactly is EigenCloud, and why is Eigen Labs committing so many resources to it? While specific details are still emerging, the vision for EigenCloud is to build a robust, decentralized cloud computing platform. Imagine a cloud service that isn’t reliant on a single corporate entity like Amazon Web Services (AWS) or Google Cloud, but rather operates on a distributed network, leveraging blockchain principles for security, transparency, and censorship resistance. The concept of decentralized cloud is not new, but Eigen Labs’ approach, potentially integrating with the EigenLayer restaking mechanism, could be revolutionary. Key aspects of a decentralized cloud platform often include: Distributed Infrastructure: Resources (compute, storage, bandwidth) are provided by a network of participants rather than centralized data centers. Enhanced Privacy and Security: Data is encrypted and distributed, reducing single points of failure and attack vectors. Censorship Resistance: No single entity can shut down or control access to the services. Cost Efficiency: Potentially lower costs due to peer-to-peer resource sharing and reduced overhead. If EigenCloud successfully leverages the power of restaked ETH and the decentralized validator set, it could offer a compelling alternative for developers and enterprises seeking more resilient, transparent, and secure cloud infrastructure. This strategic pivot signals Eigen Labs’ belief that decentralized cloud computing is the next frontier for blockchain technology. What Does This Mean for Crypto Industry Trends? The strategic shift at Eigen Labs is more than just an internal company matter; it reflects broader crypto industry trends. We are seeing a maturation of the blockchain space, moving beyond just speculative assets to building real-world utility and infrastructure. The focus on decentralized cloud computing suggests a growing demand for scalable, secure, and censorship-resistant alternatives to traditional cloud services. This move could catalyze several trends: Infrastructure Focus: A renewed emphasis on foundational infrastructure that supports a wider range of dApps and services. Real-World Applications: Blockchain technology moving into practical, enterprise-level solutions beyond just DeFi and NFTs. Competition with Web2 Giants: Decentralized solutions directly challenging the dominance of traditional tech giants in cloud computing. Talent Reallocation: A potential shift in talent and investment towards projects focused on decentralized compute and storage. The decision to streamline operations and focus on EigenCloud also highlights the intense competition and high stakes in the blockchain development space. Companies must make tough choices to allocate resources where they believe they can make the most significant impact. Challenges and Opportunities for EigenCloud While the vision for EigenCloud is exciting, the path to a fully functional and widely adopted decentralized cloud platform is fraught with challenges. However, it also presents immense opportunities. Potential Challenges: Scalability: Ensuring the platform can handle large volumes of data and computational tasks efficiently. Performance: Matching or exceeding the speed and reliability of centralized cloud providers. User Adoption: Convincing developers and businesses to switch from established, familiar cloud services. Security Risks: Mitigating new attack vectors inherent in decentralized systems. Regulatory Landscape: Navigating evolving regulations around decentralized services. Resource Provisioning: Incentivizing enough participants to provide consistent and high-quality compute and storage resources. Immense Opportunities: Enhanced Resilience: A truly decentralized cloud would be far more resistant to outages and censorship. Cost Reduction: Potentially lower operational costs for users due to a more efficient resource market. Innovation Playground: A new paradigm for building dApps that require robust, decentralized backend infrastructure. Data Sovereignty: Greater control for users over their data, reducing reliance on centralized entities. New Revenue Streams: For those participating in providing resources to the EigenCloud network. The success of EigenCloud will depend on Eigen Labs’ ability to overcome these technical and adoption hurdles, turning the vision of a decentralized cloud into a practical reality. What Actionable Insights Can We Glean from Eigen Labs’ Strategic Pivot? The Eigen Labs layoffs and subsequent strategic shift offer valuable lessons for everyone involved in the crypto space, from investors to developers and enthusiasts: Focus is Key: Even well-funded projects need to prioritize. Spreading resources too thin can hinder progress. Adaptability is Crucial: The crypto industry is dynamic. Companies must be willing to pivot and reallocate resources based on market needs and technological advancements. Utility-Driven Development: The move towards decentralized cloud highlights a growing emphasis on building tangible, utility-driven infrastructure rather than just speculative assets. Long-Term Vision: While restaking is significant, Eigen Labs is looking beyond immediate gains to build foundational technology for the future internet. Market Maturation: Such strategic decisions indicate a maturing market where efficiency and clear product roadmaps are increasingly valued. For investors, this could mean looking for projects with clear roadmaps and a strong focus on a specific problem or utility. For developers, it suggests that building robust, scalable infrastructure will be increasingly important. A Compelling Future: Decentralized Cloud and Beyond The decision by Eigen Labs to undertake these layoffs and reorient its focus towards EigenCloud is a bold statement. It signifies a belief in the transformative potential of decentralized cloud computing and a commitment to being at the forefront of this emerging sector. While the EigenLayer protocol remains a critical component of their ecosystem, the enhanced focus on EigenCloud suggests a strategic doubling down on what they perceive as the next major leap for blockchain technology. This move, while challenging for those affected by the layoffs, could ultimately pave the way for significant advancements in how we interact with and build on decentralized networks, shaping the future of crypto industry trends for years to come. To learn more about the latest crypto industry trends, explore our article on key developments shaping decentralized cloud infrastructure and its potential impact on the broader blockchain ecosystem.
Eigen Labs announces approximately 25% layoffs, shifts business focus to EigenCloud
According to ChainCatcher, as reported by Blockworks, Eigen Labs has announced layoffs of approximately 25% (29 employees) and will shift its business focus to EigenCloud. EigenCloud, launched last month, is a developer platform focused on both off-chain and on-chain verification. a16z has announced a $70 million investment in the company, bringing its total funding to $220 million, including $50 million from its Series A round in 2023.
Eigen Labs lays off 25% of workforce to focus on EigenCloud: report
Eigen Labs, the core development team behind Ethereum restaking project EigenLayer, has laid off roughly 25% of its workforce to shift focus to EigenCloud. Blockworks reported Tuesday that Eigen Labs laid off 29 employees or about a quarter of the workforce. The project has confirmed the news with The Block. "This morning, I shared plans for a restructuring of the company, streamlining our operations, and concentrating our efforts on building and scaling EigenCloud," Eigen Labs CEO Sreeram Kannan said Tuesday in a post on X. "Unfortunately, this means saying goodbye to brilliant colleagues who’ve contributed to the project with passion, integrity, and vision." Eigen Labs' layoff comes after a16z crypto purchased an additional $70 million worth of EIGEN tokens to help support the launch of EigenCloud last month. EigenCloud, which launched last month, integrates key services — including EigenDA for data, EigenVerify for dispute resolution, and EigenCompute for execution — into a unified, programmable platform. Essentially, the platform aims to allow developers to create trustless Web2 applications with blockchain-level verifiability, according to the team. "As difficult as these changes are, they sharpen our focus as a company and ensure our teams are structured to sustainably pursue a single, ambitious goal: to build the world’s first verifiable cloud platform," said Kannan.
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