When Ethereum’s hottest startup of final yr, EigenLayer, launched a yr in the past to large expectations — many group members have been fast to criticize that it was missing a vital function.
An announcement from the undertaking on Wednesday stated that the function — slashing — is lastly set to reach on April 17. The introduction of slashing will mark the primary “function full” model of the protocol.
EigenLayer pioneered the idea of restaking, a approach for Ethereum customers to safe extra protocols past the bottom layer by recommitting their staked Ether. Slashing was alleged to be a core a part of this method, offering apps a method to punish unhealthy actors by seizing a portion of their capital.
The implementation of slashing will enable Actively Validated Companies (AVSs) — apps constructed atop EigenLayer’s restaking system — to set customized situations penalizing operators who fail to fulfill pre-established situations and rewarding those that do.
“This can be a main step ahead within the EigenLayer protocol as a result of it permits for a free market the place Operators can earn rewards for his or her work and AVSs can launch verifiable providers,” EigenLayer stated in a weblog put up.
EigenLayer attracted greater than $15 billion to the platform inside a yr and generated large hype for the EIGEN token, which launched in October.
EigenLayer’s ecosystem has been increasing, with “100+” AVSs in growth, in keeping with its web site. Notable providers embody EigenDA, a knowledge availability service operated by Eigen Labs, and ARPA Community, which makes a speciality of trustless randomization.
Whereas EigenLayer pioneered restaking, the shortage of slashing left room for rivals to achieve market share. Symbiotic, which permits for the restaking of any asset, has been utilized by EigenLayer early adopters together with Hyperlane, an interoperability framework, and Ethena, a preferred artificial greenback protocol.
Learn extra: EigenLayer, Crypto’s Largest Challenge Launch This Yr, Is Nonetheless Lacking Essential Performance