Demex Daily #129: EigenLayer and EigenDA Debut on Ethereum with $12B in Deposits
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Stacks, a leading Bitcoin Layer 2 solution, will integrate with Portal DeFi to support non-custodial cross-chain atomic swaps, allowing direct exchanges between Bitcoin and Stacks’ forthcoming sBTC token. This partnership enables seamless transactions without the need for bridges or custodians, leveraging Portal’s Swap SDK for secure, decentralized swaps. The move aims to enhance interoperability and reduce counterparty risks in crypto transactions. Stacks’ sBTC, distinguished from centralized wrapped tokens by its decentralized and open architecture, will enhance the Bitcoin DeFi ecosystem alongside the Nakamoto upgrade. This development is part of a broader trend towards leveraging Bitcoin’s Layer 2 networks for improved throughput and functionality, as seen in the growing total value locked in platforms like Merlin Chain and the Lightning Network, as well as Stacks’ own expanding ecosystem.
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EigenLayer, a service enabling users to re-stake their Ethereum (ETH) for enhanced security and interest, along with EigenDA, a data storage service, have both commenced operations on the Ethereum mainnet. Before its official release, EigenLayer managed to secure $12 billion in user funds, thanks to its revolutionary approach to pooled security that promises to extend Ethereum's security features to additional crypto protocols. EigenDA is designed to aid other blockchain networks in managing transaction data, positioning itself as a competitor in a rapidly growing sector. The initial phase of the launch will see a limited range of features, excluding in-protocol payments and a penalty system known as "slashing." Developed by Eigen Labs, which has attracted significant funding including a $100 million investment from Andreessen Horowitz (a16z), the project has gained traction by introducing a points system potentially linked to a future token distribution. The popularity of EigenLayer has also led to the emergence of "liquid restaking" platforms, offering incentives for users to deposit their funds.