Kraken Enables Ethereum Restaking Via EigenLayer
In Brief
Kraken launches Ethereum restaking through EigenLayer, allowing users to secure dApps using staked ETH while generating extra rewards.
Cryptocurrency exchange Kraken announced the launch of Ethereum restaking through the restaking protocol EigenLayer. This new option enables users to secure decentralized applications (dApps) utilizing their staked ETH while generating extra staking rewards.
Users can now choose to be involved in EigenLayer restaking via Kraken. Their staked ETH will continue to support the security of the Ethereum while also being used to secure other dApps on the network, referred to as Actively Validated Services (AVSs). By contributing to the security of these AVSs, users are eligible for further rewards in addition to their regular Ethereum staking earnings.
Kraken streamlines the ETH restaking process, providing an easier way for users to access this technology. Users can restake the ETH they already have staked on the platform. Additionally, Kraken’s subsidiary, Staked, acts as the validator for ETH restaked with Kraken. Staked, a key EigenLayer operator, offers its services to institutional clients.
During the process, rewards are issued in AVS tokens, which represent the dApps secured by users’ ETH. These tokens may encompass those from sidechains, data availability layers, oracles, bridges, as well as other dApps. For example, participants may receive tokens such as EIGEN or others, depending on AVS distribution. It’s important to note that EigenLayer requires at least seven days for escrow, in addition to the unbonding, to unstake assets from Ethereum, meaning it could take longer to access ETH in comparison to usual Ethereum staking.
In order to start leveraging the advantages of EigenLayer restaking with Kraken, users must have a verified Kraken Pro account and ETH available in either their spot or staked balance.
Kraken: Leading Crypto Exchange Expanding Its Trading Services And Operations
Kraken facilitates cryptocurrency trading against fiat currencies while offering services for cryptocurrency derivatives and futures trading. According to data from CoinMarketCap, Kraken ranks as the seventh-largest cryptocurrency exchange globally, with an average daily trading volume of approximately $1 billion.
Recently, Kraken finalized the acquisition of Coin Meester B.V., one of the oldest registered cryptocurrency brokers in the Netherlands as part of its strategy to expand the presence in the country and advance its operations as a registered Virtual Asset Service Provider (VASP) in both France and Poland.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
