EigenLayer Testnet Launch: A Significant Step Forward for the Staking Protocol

EigenLayer, as a re-staking protocol in the Ethereum ecosystem, recently completed $64.4 million in funding. The protocol has now launched its first Testnet version, supporting the re-staking of stETH and rETH test tokens, as well as the re-staking of ETH on the Testnet. This marks an important step forward for EigenLayer.

How to Participate in EigenLayer Testnet

1. Obtain Goerli Testnet ETH

First, you need to obtain some ETH test coins on the Goerli Testnet.

2. Convert Goerli ETH to stETH and rETH test tokens

• Sending Goerli ETH to the designated address can earn you stETH test tokens.
• You can obtain rETH test tokens by staking Goerli ETH on the Testnet.
• Add the corresponding token contract address in the wallet

3. Re-staking and withdrawal on EigenLayer

• Connect the wallet to the EigenLayer Testnet website
• Select the token type to stake again (rETH or stETH) and confirm the amount.
• After completing the re-stake, you can view your re-stake points on the homepage.
• You need to perform an unstaking operation before extraction, and you can complete the extraction after waiting for 7 days.

The Vision of EigenLayer

EigenLayer aims to address the trust fragmentation issue present in the blockchain ecosystem. Currently, different blockchain networks and decentralized applications need to maintain their own high security costs. For example, the Ethereum Beacon Chain needs to provide a 3.9% annual yield to staking users in order to maintain the current staking scale.

EigenLayer allows users to re-stake funds through its re-staking mechanism while participating in Ethereum PoS staking, enabling them to stake funds repeatedly into middleware, oracles, and other decentralized applications. This method not only improves the efficiency of fund utilization but also ensures the security of the Ethereum network and various protocols.

With the launch of the Testnet, EigenLayer is gradually bringing this vision to life. The development of this protocol will provide the Ethereum ecosystem with more efficient capital utilization and stronger security guarantees.