Almost a year until the day after the Ethereum protocol has launched its “replenishment” network to an unprecedented industrial fanfare, the network finally adds a main functionality which was, so far, absent: “Slashing”.
Eigen Labs hopes that the strike – The Eigenlayer system to keep the “resakers” honest by revoking the guarantees if they act maliciously – will finally achieve the height of the original of the one year protocol.
“We are happy to say now that the whole promise has been held,” said Eigenlayer’s founder Sreeram Kannan.
Eigenlayer has become one of the most buzzing protocols in the history of Ethereum when he introduced investors from the concept of replenishment, an evolution of “work proof” on Ethereum.
Ethereum’s “Proof -of-Stake” system allows users to “put into play” the guarantees of ether (ETH) with the chain to help execute it and secure it in exchange for interest. Eigenlayer allows users to play and concerningJoin again with other protocols for even more interest.
Despite the launch of its main network last year, Slashing, a main element of Eigenlayer’s shared security technology, was missed until Thursday. This led to criticism that the ambitious terrain of Eigenlayer did not correspond to his technical reality.
Today, Eigenlayer has more than $ 7 billion in restraint assets, making it one of the largest decentralized financing applications (DEFI). It also supports an ecosystem of 39 actively validated services (AVSS) which use its safety model.
The new Slashing system will take place on Thursday, but the AVS teams will have to oppose, which means that this can take some time before the reduction is live in all applications. Eigen Labs announced on April 17 as the launch date of Slashing at the beginning of the month.
Redesign for safety
Eigenlayer users reake Ether (ETH) and other tokens via third -party “operators” – infrastructure providers who delegate their deposits in target between the Eigenlayer through different AVSS.
The operators who delegate a participation in a avs help to execute it in exchange for awards: the more they enjoise, the higher the awards.
In theory, the Slashing guarantees that these operators are working properly AVSS. If operators “are proven to be malicious according to a chain Ethereum contract, they can lose their stake or part of their stake,” said Kannan.
When the slasshing will be posted on Thursday, AvSS will have the possibility of defining reduction conditions and starting to penalize the bad players.
“In addition to Ethereum and Cosmos, most of the proof of participation systems, including Solana, take place live without cutting,” said Kannan. “Even if it is the basic responsibility mechanism, it is not as if each participation system already has that – this is not true. This is what we build.”
As for the reasons why Eigenlayer has received as much flame compared to other incomplete proof systems: “We have talked a lot about the strike, so we are held to this bar,” Kannan said.
Deletion of the lever effect
Eigenlayer’s strike system was redesigned last year to fight against fears that the protocol introduced a dangerous lever form to Ethereum ecosystem.
“I think we have completely healed this problem with this overhaul,” said Kannan.
The whole idea behind Eigenlayer is to allow new protocols to immediately draw from a large safety swimming pool – the total restraint basin.
In the proof of assistance systems, the quantity of active ingredients marked with a protocol corresponds roughly to its security. In general, attacking a protocol like Ethereum requires to control half or more of the dotted assets, which can meet billions of dollars.
Eigenlayer’s pooling model has raised fears that a badly constructed cut -off system could expose all the protocol to new risks, where only one bad actor on an AVS could harm each operator.
The version of Eigenlayer online online Thursday, which was tested on the developer networks of Ethereum since December, has been designed so that operators can limit their exposure to a given AVS, which means that bad players on one will not necessarily have an impact on another.
“You have a unique attribution of participation in a private AVS,” said Kannan. “As an adhesive, I know that I, like 10 million stakes” Slashable “which is not double counting – so there is no lever effect.”
In addition, the system has been configured so that “even if my BC have a small quantity of Slashable participation, it is always protected in a certain sense, by the large quantity of capital,” said Kannan, because there are still systems in place to ensure that the cost of attacking a system increases with the total value of the active ingredient.
