Fireblocks, a well-known blockchain security platform, has started supporting EigenLayer’s EIGEN token. According to the company, it is now offering withdrawal services on EigenLayer, an Ethereum-based decentralized withdrawal protocol, as part of its latest integration. The company announced this development to the community on its X account.
Fireblocks now supports $EIGEN and offers re-recording on @eigenlayer. Maximize your ETH assets safely and efficiently. Dive into our blog for all the details → https://t.co/ygzqmVugGt pic.twitter.com/8UwkvKKoYz
— Fireblocks (@FireblocksHQ) May 8, 2024
Fireblocks will begin re-recording services on EigenLayer through support from EIGEN
In a special blog post on the official web portal, Fireblocks provided insight into this endeavor. It noted that the integration will allow those who stake ETH tokens to generate additional rewards. In this regard, they reportedly do not need to provide more collateral through a procedure called “residual taking.” It added that EigenLayer plans to release the first EIGEN coin betting round on the 10e of this month.
Fireblock customers who staked directly with EigenLayer or through Liquid Restaking Tokens can reap significant benefits. As the platform notes, these consumers can leverage the latest offerings for a better experience. EigenLayer provides a forum that allows blockchain developers to leverage the security of the Ethereum network to develop exclusive dApps, infrastructure, and protocols.
This allows the latest protocols to use Ethereum in the form of a trust layer. This would allow them to avoid the time, costs and resources required to improve their network security. For this purpose, EigenLayer performs a ‘residual taking’, which enables the redeploying of the staked ETH tokens for validation services. This is just as Ethereum uses stakes of ETH tokens to improve the integrity and security of its ecosystem.
The development allows non-ETH protocols to use staked ETH coins for validation
EigenLayer allows the non-ETH protocols to use staked ETH tokens for validation services. EIGEN’s upcoming stakedrop will vary from conventional airdrops by primarily offering non-transferable coins. This indicates a preference for utility and security compared to liquidity. The consumers who stake with Liquidity Restaking Tokens or directly with EigenLayer are eligible to claim $EIGEN tokens during the drop.
EigenLayer-based re-acquisition is performed as a two-stage procedure. It starts with Ethereum-based staking. Fireblocks supports users to stake locally via integrations with Kiln and Figment. It also offers secure use of the decentralized liquid staking applications such as RocketPool and Lido. Furthermore, consumers can delegate the staked ETH coins to EigenLayer operators via Fireblocks.
This contributes to the readmission procedure. Kiln and Figment (Fireblocks’ staking partners) have expanded the validation infrastructure for offering operator services on EigenLayer. In this way, they allow users to redeem ETH coins again for the operators.
