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danny iskandar
@daniskandar
Anyone here can explain to me wtf is Eigen layer? Why is it important? I am the oldest and dumbest person here, so bear with me. ELI5 🙏
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Sean Wince 🎩
@seanwince
My really basic understanding is that it allows staked ETH to also secure other blockchains besides just Ethereum, in the process rewarding stakers with additional yield. https://youtu.be/HcEGXoC57Rw?si=HAVAol1wECmHNfEu
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danny iskandar
@daniskandar
So basically L2 but using the security of ETH, no need validators/node? and if it’s for another blockchain, imagine a new L1 - that has their own token and scaling solution but using ETH (eigen layer) for security, again no need validators/nodes.
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SuburbanDad
@suburbandad
Think instead about ethereum validators opting-in to additional duties and reusing their staked eth as a bond to ensure good-faith participation and performing duties. Eigenlayer facilitates re-bonding stake by acting as a withdrawal address intermediary, encumbering the stake with additional set of slashing rules.
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danny iskandar
@daniskandar
the phrase 'security as a service' probably is easier to understand for me. EL, basically 'automate' the security layer for anyone who wants to build on top of EL - They kind of subcontract their security to ethereum, so they could just concentrate or focus on building and not to worry about security.
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danny iskandar
@daniskandar
analogy blockchain as a country, then it is like Argentina (the new president) adopting USD as their 'local' currency. Argentina is saying we would just use USD because we trust USD since it is back by security (man with gun). Argentina in this context is 'the app" that want to be build on Eigen Layer. fair analogy?
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SuburbanDad
@suburbandad
Good summary of the offering, without delving into specifics 👍
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