Fireblocks now offers support for $EIGEN, alongside access to restaking via EigenLayer, a leading protocol in the Ethereum ecosystem. This integration allows ETH stakers to generate additional rewards without committing further collateral through a process called “restaking.” EigenLayer is set to launch the first round of its EIGEN token stakedrop on May 10, 2024. Fireblocks customers who have staked directly with EigenLayer or through Liquid Restaking Tokens (LRTs), will be able to interact with this new offering.
What is restaking and how does EigenLayer enable it
EigenLayer is a protocol that enables blockchain developers to leverage the security of the Ethereum network to build new protocols, infrastructure, and dApps – this enables new protocols to use Ethereum as a trust layer to avoid the resources, cost, and time required to bootstrap their own network security.
EigenLayer enables this through “restaking,” which allows staked ETH to be redeployed to validation services beyond the Ethereum network. In the same way that Ethereum uses staked ETH to bolster the security and integrity of its network, EigenLayer allows any non-ETH protocol to use staked ETH for their own validation services.
The upcoming EIGEN stakedrop will differ from traditional airdrops by initially offering non-transferable tokens, emphasizing security and utility over liquidity. Users who staked directly with EigenLayer or through Liquid Restaking Tokens (LRTs) will be eligible to claim EIGEN during the drop.
Access to staking on EigenLayer and claiming EIGEN
Staking on EigenLayer through Fireblocks
Restaking on EigenLayer is a two-stage process that begins with staking on Ethereum. Fireblocks enables customers to natively stake through integrations, with validators like Figment and Kiln and also provides secure access to liquid staking dApps such as Lido and RocketPool. Subsequently, users can delegate their staked ETH to EigenLayer operators through Fireblocks, which facilitates the restaking process. These operators ensure validator infrastructure uptime and manage the associated risks.
Fireblocks’ staking partners, Figment and Kiln, have both expanded their validation infrastructure to become operators on EigenLayer, allowing customers to restake their ETH to these operators.
Claiming EIGEN through Fireblocks
EigenLayer stakers can check their eligibility for the EIGEN stakedrop on the EigenLayer Foundation’s official claim portal. Starting May 10, eligible users can connect their Fireblocks wallets to the portal to claim their EIGEN tokens securely.
Fireblocks provides multiple benefits for customers to easily and securely claim EIGEN:
Fireblocks customers can seamlessly integrate support for any ERC-20 token across more than 30 supported EVM blockchains. This feature enables secure custody of EIGEN tokens directly through our Console or API.
In response to attackers creating phishing claim portals, Fireblocks’ dApp protection feature automatically identifies and blocks suspicious smart contracts and phishing sites, preventing users from accidentally engaging with malicious portals and compromising their funds.
Our Policy Engine enhances security by enforcing strict governance rules before any transaction is approved. These granular policies are customizable, allowing users to set specific approval requirements for different transaction types and tokens, such as EIGEN, thereby reducing the risk of unauthorized fund transfers.
