EigenLayer, the largest restaking platform for Ethereum 
$3,650, has rolled out new restaking options for Bitcoin 
$96,689 and Ethereum holders. This development allows users to potentially earn higher returns via wrapped Bitcoin. Additionally, they can receive payments through the platform’s leading validator, P2P.org.
Increased Earning Opportunities
On November 4th, EigenLayer announced an update to offer higher returns for wrapped Bitcoin investments. As part of this initiative, P2P.org, one of the largest node operators on the platform, has started making payments to users. This new feature enables BTC and ETH holders to stake their assets again to generate additional income.
The ARPA Network, a protocol functioning on EigenLayer, has begun supporting uniBTC. This move allows Bitcoin holders to earn rewards while providing increased liquidity within the restaking ecosystem. Consequently, it encourages Bitcoin holders to participate in the EigenLayer ecosystem.
Security Infrastructure and New Use Cases
Utilizing EigenLayer’s security infrastructure, ARPA Network also provides secure random number generation. This feature has applications in various areas, from on-chain governance to gaming and lotteries.
After the launch of the EIGEN token, EigenLayer aims to increase collaborations with Web3 applications to enhance usage and revenue streams. For instance, RedStone, operating in data validation, has started offering data verification services integrated with EigenLayer.
The EIGEN token was developed to meet broader security demands than traditional proof-of-stake models. The platform has also investigated a recent incident involving the unauthorized sale of EIGEN tokens worth $5.5 million.
According to CoinMarketCap, EIGEN’s price has decreased by 16% over the last 30 days and is currently trading around $2.39. Weekly losses stand at 16%, with a 25% decline observed on a monthly scale.
Payment Distributions and Competition
EigenLayer’s largest validator, P2P.org, distributed $2.2 million in ETH rewards to restakers on November 4th. The platform manages over $540 million in collateral and competes with strong rivals like Figment, Blockdaemon, and Ankr.
P2P.org plays a pivotal role in EigenLayer’s expanding restaking ecosystem, significantly contributing to the validation and security of decentralized applications.
EigenLayer offers BTC and ETH holders greater earning opportunities through new restaking options and regular reward distributions. The platform continues to take steps toward expanding its use cases within the Web3 ecosystem.
