In today's blockchain ecosystem, each service is typically secured by its own token. The difficulty of bootstrapping new tokens often leads to too little capital to secure their services sufficiently. With Eigenlayer, blockchain services can rely on Ethereum for security instead of their own token values.
To be specific, EigenLayer is a restaking mechanism, which contains slashing mechanism, rewarding mechanism, staker’s requirements, such as whether there is additional computing power specifically.
Eigenlayer is a good supplement for Ethereum, making ETH capture more values on projects on the infra-level, at the same time lowering the barrier of underlying innovation. Any technical improvement born in other L1 can be introduced back to Ethereum ecosystem. For example, you can run solana vm in the Ethereum ecosystem (the security value returns to the eth holder) based on EigenLayer. As Eigenlayer is positioned at the ultimate middleware of Ethereum, it is critical whether Ethereum is willing to promote it as a “legitimacy” plan.
For protocol, there are both advantages and disadvantages. On the one hand, they can reduce the capital cost to maintain high security (it used to require 5% APR cost under 10b TVL). They can even run in the form of a web2 technology company without worrying about the token economy. While on the other hand, it weakens the value of their native tokens (lose a part of token utility) and reduced the space for token hype. Because of the two sides, the cooperation between Eigenlayer and protocol is quite customized and has lots of DIY stuff (such as a mix of 70% native token and 30% half ETH to keep the balance).
In terms of business model, Eigenlayer is similar to Lido. Lido allows staked ETH to obtain additional benefits fromDefi the DeFi ecosystem, while Eigenlayer allows staked ETH to gain incentives from being the economic security layer of middleware and infra. The difference between them lies in the maturity of the downstream. The downstream of Lido, that is, Defi, is mature and stable, but the downstream of Eigenlayer, that is, middleware constructed above him is missing. The team needs to build their own middleware (EigenDA, EigenMEV, etc.) at first, then educate the third party to do it -- which might take time to adopt.
The best thing about this project is that it is nearly an ecosystem. In addition to its concept of restaking mechanism, they are also working on independent middleware, such as EigenDA (data availability layer), eigenMEV (mev bot), and Eigenbridge. EigenDA is relatively mature, making independent publicity and seeking cooperation with roll-up layer 2. It is also heard that they will cooperate with Bybit’s blockchain on the DA layer.
EigenLayer是建立在以太坊上的再质押协议和经济安全层的交易平台。Eigenlayer内部包含restaking pool和free market两个部分。
Restaking pool：
以下三种模式的ETH Staker可以⾃愿加⼊ EigenLayer：1）直接将质押在PoS链上的ETH通过EigenLayer进行再质押；2）将包含ETH的流动性质押代币（例如DEX里ETH/USDC LP token）通过Eigenlayer进行再质押；3）将包含stETH的LP代币通过EigenLayer进行再质押；
Eigenlayer对restake的ETH有slashing的机制。相当于restake ETH会把取款地址放到协议层的合约中，有一定的惩罚机制。
Free maket：自由市场交易机制
Eigenlayer提供一种双方根据自己风险/回报双向选择的自由市场交易机制；
中间件/基础设施服务商可以根据自己不同的安全性诉求，选择自己的staker配置；反过来，服务商愿意提供的收益、协议的安全性不同，staker可以选择一些protocol的子集去提供staking服务。
eigenlayer需要帮着写节点做一套节点运行的工具（即运行了ETH的节点，运行了dapp的节点 怎么保证运行ETH节点给运行Dapp节点保证安全性，怎么设计这套架构（运行节点的模式，slash，经济激励分配 等等））
以太坊上的Dapp可以通过部署智能合约的形式获得以太坊的安全性（节点运行）。但以太坊中基础设施/中间件服务商（基于新共识协议的侧链/alt-layer1，例如polygon pos chain；oracle等middleware；数据可用性协议；跨链桥等）没法完全部署在EVM上。这类需要外部输入的系统需要自己搭建节点验证网络和经济安全层。但仅1% 或 2% 的restaking ETH 就会超过大多数中间件协议的现有质押体量安全性。
Eigenlayer能够对生态有如下好处：
对质押者：质押用户除了PoS质押外，也可以把资金重复质押到中间件、预言机、DAPP等，从而提升资本效率，降低信任成本。（但增加了一份风险）
对协议：Eigenlayer为协议减少capital cost（eg：10b TVL，5%APR，>95%的成本给了staker，<5%给了实际的operator），同时带来更多的治理安全性；双币质押模型（ETH+协议原生代币）可以有效降低死亡螺旋风险；协议不再需要建立自己的验证平台和池子，这就可以把更多的精力放在开发协议核心功能和提升用户体验上；
对以太坊：1）不需要在以太坊生态内产生多个 capital staking pool，很多冗余的资产质押，让ETH holder capture更多value；2）包容更多生态底层创新，不因为TVL的差距阻碍比较势微创新；3）since it's built on consensus level, you can basically extent ethereum in any way you want，其他L1的任何重大技术改进都可以内化回以太坊生态系统，例如在以太坊生态里跑solana vm；
EigenDA：数据可用层。Ethereum data bandwidth too low: 83 kB/s，EigenDA enables really high data bandwidth: 15 MB/s；将以太坊模块化，数据可用性从layer 1转移到DA层，真正降低layer 2的手续费（现在手续费花在压缩的交易数据需要上传回 Ethereum 主网）。
EigenSettle：执行层。Ethereum finalization time too slow: 12 minutes；Fast settlement layer on top of Eigenlayer can help reach Finality time；将以太坊模块化，执行层与以太坊分离，确认时间缩短；
EigenMEV：MEV管理。MEV management methods are quite limited. Powerful MEV management methods are possible on eigenlayer.
EigenBridge：跨链桥。
Eigenlayer：2022年4月EigenLayer开始了内部测试网测试；双边网络的启动，Staker方面，Coinbase、Figment会最为初始的ETH staker；协议采纳方面，先自己做给予Eigenlayer的middleware EigenDA和EigenMEV；
EigenDA：2022年Q1，公开测试网，staker onboarding
EigenMEV：Development
第三方合作：POKT、Infura、Chainlink、Axela、Bybit（打听到）
比较遗憾的是从今年4月开始内部测试网以来，目前在上面的第三方开发者不多，说明整体的教育和推广还是受到了一定的阻碍，无论是观念上还是技术成熟度上。
**安全风险：**re-staking增加了质押资产所暴露的风险，如果eigenlayer上的协议出现安全上的漏洞，将导致re-staker的损失。
**削弱原生代币价值：**直接依靠EigenLayer提供staking validator有可能降低协议自身代币的价值，因为代币的一部分价值来自于质押收益。（当然单纯只有staking功能的代币经济模型本来就设计的不好，也说明协议没有实际收入）
**中心化风险：**在Lido上质押的ETH已经占据了以太坊信标链中ETH的32%。如果EigenLayer发展成为主要的再质押平台，也会引发类似大家对Lido一样的担忧。