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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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SuburbanDad
@suburbandad
Good summary of the offering, without delving into specifics 👍
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