Eigen Labs Unveils Blockchain-based Multi-Chain Verification

Eigen Labs, a well-known decentralized re-staking protocol, has launched a new feature called multi-chain verification. This initiative enables services built on EigenLayer to operate beyond Ethereum’s Layer 1networks. They can now run on Layer 2 networks and other compatible blockchains. This marks a significant change in how these services can grow and serve more users, while keeping the same level of security. EigenLayer Now Lets Services Run on Many Blockchains Before now, Actively Validated Services (AVSs) on EigenLayer could only work on Ethereum’s main network. This limited their speed and reach, and made them expensive to run. With multi-chain verification, AVSs can now launch on various blockchains, including faster and more affordable Ethereum Layer 2 networks. EigenLayer is a platform that provides shared security for blockchain services. It lets users re-stake their ETH, including liquid staking tokens. These tokens are used to help secure third-party services, such as AVSs, and maintain the platform’s strength. This setup enables multiple services to leverage Ethereum’s robust security without having to build their systems from scratch. As of now, EigenLayer reportedly holds nearly $18 billion worth of ETH and liquid staked tokens EigenLayer Unlocks Fast, Secure Multi-Chain Support With this update, developers can now adjust a few settings in their smart contracts and start using other networks within hours. This helps reduce costs and gives users better performance. This update also enables AVSs to run on faster and more cost-effective blockchains, thereby reducing their operating costs. It also boosts performance and scalability, enabling them to serve more users across different regions. Although AVSs now operate across multiple chains, they continue to uphold the security guarantees of Ethereum. Eigen Labs has confirmed that safety and trust levels remain the same, regardless of which chain is used. As announced, multi-chain verification is now live on the Base Sepolia testnet, while the mainnet release is expected in the coming months. For now, developers can begin testing the feature. Additionally, Eigen Labs plans to introduce support for more chains in the coming months. A Growing Ecosystem EigenLayer has become a vital component of the Ethereum ecosystem. Despite suffering a major breach in 2024 , the protocol holds almost $18 billion worth of ETH and liquid staking tokens. This large amount of staked value helps keep the system secure for all the AVSs that use it. Last month, Eigen Labs launched EigenCloud, a new tool designed to simplify the development of services within its ecosystem. These services help developers build apps that are faster and more reliable. Furthermore, Eigen Labs continues to gain support from large investors. In June, venture capital firm a16z crypto bought $70 million worth of EIGEN tokens. This adds to its earlier investment during Eigen Labs’ $100 million Series B funding round. This shows that major investors have strong confidence in the future of EigenLayer and its blockchain technology . The post Eigen Labs Unveils Blockchain-based Multi-Chain Verification appeared first on TheCoinrise.com .