Kraken Empowers Ethereum Restaking Through EigenLayer
In Brief
Kraken has introduced Ethereum restaking using the EigenLayer framework, enabling users to secure decentralized applications with their staked ETH while earning additional rewards.
Cryptocurrency exchange Kraken announced the initiation of Ethereum restaking via the restaking protocol EigenLayer . This innovative feature allows users to protect decentralized apps by leveraging their staked ETH while also earning extra rewards.
Now, users can engage in EigenLayer restaking through Kraken, where their staked ETH continues to fortify the Ethereum network and helps secure various decentralized applications (dApps) known as Actively Validated Services Aggregate Security Validators (AVSs). By supporting these AVSs, users become eligible for additional rewards on top of their standard Ethereum staking profits.
Kraken simplifies the ETH restaking journey, making it accessible for users to tap into this technology. Users can take advantage of the ETH they already have staked on the platform. Moreover, Kraken's affiliate, Staked, serves as the validator for ETH restaked through Kraken. Staked is a prominent player in EigenLayer, catering to institutional clients with its services.
During this process, users receive rewards in the form of AVS tokens, corresponding to the dApps their ETH secures. These tokens can include those from sidechains, data availability layers, oracles, bridges, and other dApps. Participants might, for instance, earn tokens like EIGEN, among others, contingent on the distribution of AVS. It’s imperative to understand that EigenLayer mandates a minimum seven-day period for escrow and an unbonding phase, which may prolong access to ETH compared to typical Ethereum staking.
To begin utilizing the benefits of EigenLayer restaking with Kraken, users need to have a verified Kraken Pro account and some ETH available in their spot or staked balance.
Kraken: A Premier Crypto Exchange Expanding Its Trading Offerings and Operations
Kraken facilitates trading of cryptocurrencies in exchange for fiat currencies and provides services covering cryptocurrency derivatives and futures trading. Currently, CoinMarketCap ranks Kraken as the seventh-largest cryptocurrency exchange worldwide, boasting an average daily trading volume close to $1 billion.
Recently, Kraken concluded its acquisition of Coin Meester B.V., one of the longest-standing registered cryptocurrency brokers in the Netherlands, as part of its strategy to enhance its footprint in that country and further establish itself as a registered Virtual Asset Service Provider (VASP) in France and Poland.
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