EigenLayer (EIGEN), a protocol on the Ethereum (ETH) blockchain, has announced the formation of the Protocol Council, a body responsible for reviewing and approving protocol changes. This council will play a crucial role in strengthening EigenLayer's protocol security and facilitating community-driven growth.
The council will oversee the introduction of restaking features, which allow already staked ETH to secure various other applications. This capability will enhance the utilization of staked ETH, increasing capital efficiency and boosting the security of decentralized applications.
Moreover, the council will evaluate EigenLayer Improvement Proposals (ELIPs), ensuring that all changes advance the protocol and support broader ecosystem growth. This decentralized governance mechanism empowers the community to contribute to the protocol's evolution.
EigenLayer also announced the launch of the Eigen Council Telegram group, where the community can participate in governance, vote on proposals, and submit ideas. Active voters will receive EIGEN tokens as rewards.
In addition to the council formation, EigenLayer highlights its support for restaking with any ERC-20 token, a feature introduced in August 2024. This capability enables stakers to use various ERC-20 tokens, including AVS tokens, stablecoins, and Bitcoin (BTC)-denominated assets, to secure additional networks and earn rewards.
Furthermore, EigenDA, a service on EigenLayer, provides low-cost data availability for rollups and supports custom quorums secured by restaked ERC-20 tokens, offering additional flexibility for rollup-specific security needs.
