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EigenLayer enters the next phase, these projects you must know before the arrival of the AVS wave

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EigenLayer enters the next phase, these projects you must know before the arrival of the AVS wave

This article is reproduced from Daily Coin Research, written by Alvin

Eigenlayer enters the next growth stage - the upcoming explosion of AVS

$EIGEN is online, but there is a feeling of a bubble being burst by a rat warehouse. However, when I see something new, I can't help but study it. Apart from Eigenlayer's official introduction of the new concept - inter subjective forking, I believe few people have studied the recent online AVS teams and what possibilities they may have in the future.

Many people doubt the future development of Ethereum, but the author believes that we are just starting the next stage from the "eigenlayer mainnet launch". After all, the majority in the market analyze the prospects based on price. We have also experienced this logic during Solana's downturn in the past. Of course, ETH's price is currently dismal, breaking the 3000 defense line, indicating that it is worth doing more research at this time. Let's get started

Table of Contents

A brief review of the growth data in the re-staking track

Eigenlayer's re-staking ecosystem has reached close to a TVL of 16 billion USD.

Comparing to December, the current liquid restaking track, according to DeFillama, has reached 10 billion USD. Ethefi and Renzo TVL listed on Binance have reached 3 billion USD. Puffer Finance and Kelpdao are following closely behind, with volumes of 1.27 billion and 760 million USD respectively.

This growth over the past four months is nearly tenfold. The Eigenlayer ecosystem, classified as a restaking protocol, has reached 15.76 billion, close to 160 billion USD. Why is there so much ETH staked in it?

Explaining AVS (Actively Validated Services)

AVS includes intermediary layers on the Ethereum network (such as oracles, cross-chain bridges, side chains, etc.), and non-EVM applications that need to bear the cost (ETH) to operate nodes. Assets that are re-staked on EigenLayer can:

  • Reduce project operating costs

  • Maintain higher security

As a result, with everything connected to the chain, projects willing to attach themselves to the Ethereum ecosystem are emerging, further boosting the demand for ETH.

Currently, there are 9 AVS developed through Eigenlayer that are online. Observing the growth data over seven days shows double-digit increases. The largest of them, EigenDA, has already surpassed a hundred node operators. The ETH staked in EigenDA, for example, is already at 4 billion USD, exceeding Sei Network's 3.3 billion USD, Polygon's 2.6 billion USD, and others.

Let's further explore these nine AVS, including EigenDA, Eoracle, Witness Chain, Brevis, Omni Network, Altlayer, Xterio Games, Automata Network, etc.

Eigen DA (Staked Amount: 2.7 Million ETH):

Its data availability layer, like bitdao's layer 2 - Mantle, is based on EigenDA's development. It allows authorized nodes to provide data availability services to the Mantle network, enhancing overall network performance. These nodes need to stake $MNT to operate and maintain the network, achieving a modular blockchain.

Eoracle Network (Staked Amount: 1.87 Million ETH):

Specializing in RWA sector oracles, the Renzo team has delegated nearly 270,000 ETH to luganodes, providing services to Eigen_DA and Eoracle_network. Holders of $ezETH can earn both Renzo points and eoracle points. Besides re-staking protocols, you can now also earn points through AVS services.

However, the big opportunities in the market are often hidden. If this bull market continues, choosing a few AVS services to continue to monitor will surely provide good opportunities.

Renzo Twitter link: https://x.com/RenzoProtocol/status/1781475291778658513…

Witness Chain (Staked Amount: 1.82 Million ETH):

The Witness Chain aims to transform unverified physical attributes in the DePIN network into measurable, verifiable digital proofs. These proofs can be further verified by different applications or the DePIN chain itself to build new products and services. The benefits include:

  • Establishing new services / creating a basket of products

  • Increasing resource utilization

  • Innovation and service improvement

One can understand that Witness Chain aims to strengthen the positioning precision, security, and network roaming capabilities of various Depin service providers. A quick search reveals that Witness Chain has been developed for three years, led by Kaleidoscope Blockchain, founded by Ranvir Rana, who has good relationships with Eigen founder Sreeram Kannan and Polygon founder Sandeep Nailwal, all hailing from India.

Lagrange (Staked Amount: 1.59 Million ETH):