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Ethereum Users Rejoice: New Feature Allows You to Lose Even More Money on Layer 2!

Crypto NewsDeFiEthereum 3 Doug Martinez August 27, 2024

A cartoon Ethereum logo is surrounded by a halo of coins with dollar signs falling from them, while below it an illustration depicts a layer 2 network being pulled down into a vortex labeled 'TVL' (Total Value Locked) as more and more tokens are added to the restaking pool.

The never-ending saga of crypto jargon that no one understands continues with the latest development from EigenLayer: native token restaking for layer-2 scaling networks. Because what’s a few billion dollars in TVL without some fancy new feature, right? It seems like every week there’s another protocol popping up to solve the same problem – how do we make money by storing and accessing data on Ethereum’s layer 2 chains? And don’t even get me started on ‘data availability layers’… sounds like something a bored grad student came up with after one too many Red Bulls. Restaking, quorums, blobs – it all just sounds like gibberish to the uninitiated (i.e., anyone who’s not an EigenLayer developer). But hey, if you’re into that sort of thing, go ahead and stake your tokens away! Just don’t say I didn’t warn you when they get lost in a sea of Ethereum transactions. Stay tuned for more!.

Source: cointelegraph

EigenLayer’s EigenDA to support layer-2 native token restaking
https://cointelegraph.com/news/eigenlayer-eigenda-support-layer-2-native-token-restaking
EigenDA, EigenLayer’s data availability protocol, now supports native token restaking for layer-2 scaling networks, in addition to Ether (ETH) and EigenLayer’s native EIGEN token, according to an Aug. 26 post by EigenDA on the X platform.  “Teams can now restake their ERC-20 token to secure a custom quorum for their rollup, unlocking stronger security for rollup users and token yield for token holders,” according to the post.  EigenDA is a […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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