EigenLayer AVS ARPA Native Recovery Awards to launch soon
ARPA Network, a Web3 protocol built on redesigning the protocol EigenLayer, aims to start awarding value providers in its home country ARPA, as early as September, ARPA Business Development Leader Jason Zhao told Cointelegraph in an interview.
“If everything goes well, we'll push on. [ARPA rewards] By the end of September, if not definitely in October,” Zhao said.
In addition to native token awards, ARPA is “testing an incentive program. […] It will further reward EIGEN for our stakeholders and operators,” ARPA CEO Felix Xu told Cointelegraph in a statement.
This marks the first example of EigenLayer's third-party Active Verified Services (AVS) paying repeaters to protect and authenticate the network. EigenLayer's in-house AVS, EigenDA, already pays followers in wrapped ETH (wETH).
In the year It's an important milestone for EigenLayer and other blockchain protocols, which have secured nearly $14 billion from 2023 from researchers looking to boost production on the stake-backed Ether (ETH).
Reestablishing Total Value Locked (TVL) protocols. Source: Defillama
Related: EigenLayer issues ‘major update' to restart contracts
Rescheduling involves taking an already staked token – escrow with a validator in exchange for a reward – and using other protocols to secure it at the same time.
“The only way [restaking] Repository networks only make sense in the long term if they find customers and those customers directly or indirectly pay for the services these other repositories provide, Mike Silagaze, CEO of liquid repositories protocol Ether.fi, said in August.
EigenLayer, which launched in 2023, will oversee a repurchase by TVL for around $11 billion, according to Defillama. Other recapture protocols include Symbiotic and Karak.
About 20 tokens can now be reposited on EigenLayer. Source: EigenLayer
EigenLayer initially only accepted ETH and Liquid Staking Derivatives (LSD) – such as Lido Stacked Ether (stETH) – as collateral to hold again. EigenLayer added its own EIGEN token after the May airdrop. In August, EigenDA announced plans to add native tokenization to additional product options.
Since then, EigenLayer has started accepting tokens like Threshold Bitcoin (tBTC) and ARPA, among others. Zhao said that ARPA plans to start accepting re-booked collateral from ARPA, BNB and Level USD (lvlUSD) stablecoin.
In the year Launched in 2018, ARPA uses multiparty computation (MPC) to generate random numbers securely without relying on centralized intermediaries. At least half a dozen projects use ARPA's flagship product, Randcast, from gaming to lotteries to on-chain management and more.
ARPA is backed by more than 1.2 million redistributed ETH. Source: EigenLayer
In the year In 2019, ARPA launched the ARPA token, which secures the network in a similar way to how ETH secures the Ethereum blockchain. According to CoinMarketCap, the total market capitalization of the ARPA token is approximately $55 million.
The integration with EigenLayer has greatly expanded the ARPA stacking pool. As of September 10, the network has secured approximately $2.9 billion worth of ETH secured by 26 validators, according to the EigenLayer website.
“Eigenlayer operators can be another way for us to onboard new nodes and increase their economic security to protect the ARPA network,” Zhao said.
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