EigenLayer - Restaking Eth Eigen Layer

EigenLayer is one of the first platforms to come up with the concept of "restaking." But, alongside that, it has caused investors to think a lot about this platform, its work mechanism, and the linked benefits. If you also have some queries in your mind regarding EigenLayer, the EigenLayer Airdrop program, the restaking process, and the process to unstake your staked assets, then this article has got you covered. But, before diving deep into these concepts, let's take a quick look at the brief introduction to EigenLayer.

With the introduction of EigenLayer in the crypto market space, interested users can stake their ETH on different platforms which in turn increases the utility of a token and helps you earn more rewards. The platform is also counted as a leading player in the Decentralized Finance mechanism where it increases the security of protocols and leads to increased yields.

And you'll be amazed to know that EigenLayer is ranked fifth in the DeFi world soon after TVLs increased over 2,000% in a very short span. Currently, EigenLayer is bagging a huge appreciation for its "Restaking" feature that allows ETH stakers to provide security to other protocols and earn them additional rewards without having to unstake them from their previous platforms. 

On EigenLayer, you have the option to stake native tokens or restake Liquid Staking Tokens such as StakeWise Staked Ether, Swell Staked Ether, Stader Staked Ether, Rocket Pool Ether, Liquid Staked Ether, Mantle Staked, and more. You can check out other supported tokens on the EigenLayer App via https://app.eigenlayer.xyz/.

If you want to gain a deep understanding of the EigenLayer ecosystem, please note that it comes included with major components which are written and explained below:

• AVS Services- These services make use of the restaked ETH to enhance their security without involving much cost on the same.  

• Restakers- The ecosystem also consists of restakers who eventually provide pooled security through Ethereum and they play a major role in the EigenLayer protocol. 

• Operators- Well, the operators eventually provide validation which is pretty important for the AVS. 

Rollups- They are responsible for controlling the services that are offered by the AVS and the data availability on the EigenLayer ecosystem.  

Though the EigenLayer token has not been launched yet, there are high chance that they are going to introduce their token sooner or later. To keep the users involved on their platform, they have come up with a "Points System" in which they reward users who "Restake" ETH and LSTs via EigenLayer and the platforms affiliated with it. Simply put, we can say that all those who take part in the EigenLayer testnet and mainnet activities and those who keep collecting points will become eligible for Airdrop.

As said above, EigenLayer is renowned for "Restaking" its native token ETH and other Liquid Staking Tokens. Hence, let us now learn the steps to restake a token on EigenLayer:

1. Since there is no EigenLayer extension or app, go to https://www.eigenlayer.xyz/ directly

2. Now, choose one of the listed assets to restake

3. You can receive the preferred LST from a liquid staking platform such as Lido

4. Following this, connect your self-custody wallet on the platform by selecting the "Connect Wallet" option

5. Now, enter the amount you wish to restake and confirm the transaction

Instead of creating EigenLayer log in credentials, the platform allows you to create your withdrawal credentials at the end of the wallet connecting process. Here is how you can unstake your assets from EigenLayer:

1. Go to https://app.eigenlayer.xyz/ 

2. Choose the token you'd like to unstake

3. Following this, choose the "Unstake" tab present next to "Deposit"

4. Further, enter the unstaking amount and hit "Unstake"

5. Now, enter the withdrawal credentials to complete the process

If we put it short, it would not be wrong to say that EigenLayer helps in the improvement of cryptoeconomic security of the Ethereum ecosystem by coming up with a completely new concept of "Restaking." By restaking, it offers vital security features to a wide range of applications and addresses the problem of security at the base level.