EigenLayer (EIGEN), Ethereum's largest restaking platform, is enhancing its offerings by introducing new restaking options for Bitcoin (BTC) and Ethereum (ETH) holders.
Ethereum’s largest restaking platform, EigenLayer, is now offering new restaking options for Bitcoin (BTC) and Ethereum (ETH) holders.
On Nov. 4, EigenLayer announced that it has enabled yield opportunities for wrapped Bitcoin and distributed payouts from P2P.org, a major node operator on the platform.
In a separate announcement, ARPA Network, a protocol that leverages EigenLayer’s infrastructure, announced that it will now allow users to earn rewards on uniBTC, a restaked Bitcoin wrapper, according to a blog post by the protocol.
By supporting uniBTC, ARPA aims to increase liquidity for Bitcoin holders, offering fresh incentive pathways for those engaged in the restaking ecosystem and expanding liquidity avenues, the protocol said.
This development aligns with ARPA’s core functions on EigenLayer, where it generates secure random numbers essential for applications such as on-chain governance, gaming, and lotteries.
ARPA was among the first protocols to leverage EigenLayer’s security model, providing foundational support for dApps needing reliable data randomness.
On the same day, P2P.org, a major validator on EigenLayer, distributed $2.2 million (AU$3.3 million) in ETH as a reward to restakers.
As EigenLayer’s largest operator, P2P.org manages over $540 million (AU$823 million) in collateral, which it uses to validate and secure a variety of decentralized applications. P2P.org plays a key role in the platform’s expanding restaking ecosystem, and it competes with other notable operators like Figment, Blockdaemon, and Ankr.
Following the anticipated unlock of the EIGEN token on Oct. 1, EigenLayer has prioritized partnerships with Web3 applications to grow its utility and revenue sources. For instance, RedStone, a prominent oracle provider, integrated a data-validation service with EigenLayer on Oct. 23, signaling increased interest in EigenLayer’s security solutions from diverse Web3 projects.
EigenLayer’s EIGEN token, with a fully diluted market cap of about $4 billion (AU$6.09 billion), is designed to support a broader range of security needs than traditional proof-of-stake (PoS) mechanisms. The protocol recently investigated a $5.5 million (AU$8.3 million) unauthorized sale of EIGEN tokens after a hacker gained access to an investor’s email chain.
However, the price of EIGEN has been on a downward trend in the last 30 days, as data from CoinMarketCap shows the token is down 16% on the weekly chart and 25% on the monthly scale. It’s currently trading at $2.39 (AU$3.68), a decrease of 1.31% from yesterday.
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