The EIGEN token is the native utility token of the EigenLayer protocol, which provides restaking solutions on the Ethereum blockchain. EigenLayer allows Ethereum holders to reuse their staked ETH or Liquid Staking Tokens (LSTs) across multiple decentralized services within the EigenLayer ecosystem. By opting into EigenLayer smart contracts, stakers can extend the security of their staked assets to support various applications and, in return, earn extra rewards.
EigenLayer aims to solve the fragmentation risks that come with decentralized security. Traditionally, each new service on Ethereum had to build its own trust network, which fragmented security. With EigenLayer, services can tap into Ethereum’s collective staking power, improving security and reducing the capital requirements for individual stakers.
You can easily buy EIGEN tokens, which are available for trading on Bitazza. Create an account on Bitazza, deposit funds, and search for the EIGEN/USDT token pair to start trading. You can access nearly 90 cryptocurrencies on the platform. (as of October 2024)
EigenLayer’s restaking mechanism aims to revolutionize blockchain security. By pooling the use of staked assets, EigenLayer allows committed users to secure multiple applications and increase their earnings. This approach strengthens security for new decentralized applications while creating rewarding opportunities for staking.
References:
https://www.eigenlayer.xyz/