Bittime - EigenLayer, a decentralized restaking protocol based on Ethereum (ETH), has announced several important steps that pave the way for a new chapter in the crypto landscape.
EIGEN Token Launched
EigenLayer marks the launch of its native token, EIGEN, which will be managed by the newly formed Eigen Foundation. EIGEN will play an important role in the governance of the protocol and its consensus mechanism.
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EigenLayer Launches EIGEN with New Mechanism
EigenLayer has announced the launch of EIGEN, a new token with an innovative mechanism to address the problem of intersubjective error that previously could not be addressed simply by overhauling ETH.
This complementary mechanism expands the reordering of ETH, positioning it as a Universal Objective Work Token. On the other hand, EIGEN's universality makes it a Universal Intersubjective Work Token.
This universality allows EIGEN to fork and cut intersubjective errors made by EIGEN stakeholders in any AVS (Automated Verification System) in the protocol.
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Ensuring Cryptoeconomic Security of the EigenLayer System
EigenLayer implements an application-independent mechanism to maintain the system's cryptoeconomic security, ensuring broad adoption of EIGEN across its applications.
EIGEN staking and ETH restaking complement each other in the EigenLayer i.e. EIGEN handles security through objective staking, while ETH restaking ensures censorship resistance and viability through stake decentralization.
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Important Milestones in the Launch of the EIGEN Token
The launch of EIGEN marks an important milestone for the Ethereum protocol and ecosystem by introducing intersubjective staking.
However, due to its new design, this concept requires widespread adoption and discussion among ecosystem stakeholders.
At launch, the Eigen token will have a total supply of 1.67 billion tokens, with 45% allocated by the Foundation to the community. This allocation is divided into staking drops, community initiatives, and ecosystem development.
30% Tokens for Investors
Investors will reportedly pocket almost 30% of the tokens, while early contributors will get more than 25%. Both groups will be subject to a three-year vesting period for their allocations.
All tokens will be locked in the first year. Next, ownership will be opened in stages with a 4% per month scheme for the next two years.
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EIGEN Token Protocol Parameters Via Meta-Setup
Recognizing the need to finalize the remaining parameters, EIGEN Token entered the meta-setup phase.
This phase is designed as a collaborative forum that invites researchers, experts and the wider community to engage in public discussion.
EigenLayer, as the developer of the EIGEN Token, explains that the main goal of this meta-setup phase is to help determine essential parameters.
Setting these parameters is expected to optimize the protocol's performance and its interaction with the rest of the Ethereum ecosystem.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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