EigenLayer, a protocol built on Ethereum, announced the formation of a Protocol Council on January 14, 2025, to enhance protocol security and evaluate improvements through EigenLayer Improvement Proposals (EIPs). This development was shared by the Eigen Foundation via Twitter.
EigenLayer is designed to allow staked ETH, typically locked to secure the Ethereum network, to also provide security for decentralized applications. By restaking ETH, users can bolster services like sequencers, oracles, and data availability layers, broadening the scope of decentralized application security.
The newly formed Protocol Council will play a key role in guiding the development and implementation of these features, ensuring that proposed improvements align with the protocol’s long-term goals while promoting ecosystem growth. This initiative aims to encourage community-driven contributions and provide a framework for comprehensive governance.
In addition, EigenLayer has launched the Eigen Council Telegram group, inviting the community to actively engage in governance decisions. Participants can vote on proposals, submit ideas, and earn EIGEN tokens as rewards for their involvement.
In August 2024, EigenLayer expanded its functionality to support restaking with any ERC-20 token, allowing users to use tokens like stablecoins, AVS tokens, and Bitcoin-denominated assets to secure additional networks and earn rewards.
EigenLayer’s EigenDA service, which offers low-cost data availability for rollups, now supports custom quorums secured by restaked ERC-20 tokens, providing greater flexibility for network-specific security needs.
As of January 14, 2025, the EIGEN token is trading at approximately $2.98, with a market capitalization of $630 million and a 24-hour trading volume exceeding $137 million. Over 210.8 million EIGEN tokens are currently in circulation.
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