ARPA Network to Begin Issuing Rewards to Restakers in Its Native Token ARPA as Soon as September

ARPA Network, a Web3 protocol built on restaking protocol EigenLayer, aims to start issuing rewards to restakers in its native token, ARPA, as soon as September

Restaking protocol EigenLayer is preparing to pay restakers for the first time in its native token, EIGEN.

One of EigenLayer’s third-party actively validated services (AVS) will begin paying restakers to secure and validate its network.

Restaking involves taking a token that has already been staked and using it to stake other protocols simultaneously.

EigenLayer, which launched in 2023, dominates restaking with approximately $11 billion in total value locked (TVL), according to DefiLlama.

Other retaking protocols include Symbiotic and Karak.

Almost 20 tokens can now be restaked on EigenLayer.

EigenLayer originally only accepted ETH and its liquid staking derivatives (LSD) — such as Lido Staked Ether (stETH) — as collateral for restaking.

EigenLayer added its own EIGEN token after its May airdrop.

In August, EigenDA announced plans to add native token restaking for additional yield options.

Since then, EigenLayer has begun accepting tokens such as Threshold Bitcoin (tBTC) and ARPA, among others.

ARPA plans to start accepting restaked collateral from ARPA, BNB and Level USD (lvlUSD), a stablecoin.

Launched in 2018, ARPA uses multi-party computation (MPC) to securely generate random numbers without relying on centralized intermediaries.

At least half a dozen projects use ARPA’s main product, Randcast, for applications ranging from gaming to lotteries to on-chain governance and more.

ARPA is secured by more than 1.2 million restaked ETH.

In 2019, ARPA launched its native ARPA token, which is designed to secure its network in a similar fashion to how ETH secures the Ethereum blockchain.

The ARPA token’s total market capitalization is approximately $55 million, according to CoinMarketCap.

Integrating with EigenLayer has greatly expanded ARPA’s staking pool.

As of Sept. 10, the network is also secured by 26 validators representing nearly $2.9 billion in staked ETH collateral, according to EigenLayer’s website.

“The operators on Eigenlayer can actually be another avenue for us to onboard new nodes and also add their economic security to safeguard the ARPA network,” Zhao said.