Sirwin
Sirwin

Eigenlayer... finally...

By bengy | Idle Musings | 22 Dec 2023


Eigenlayer... finally... .png

 

I definitely remember a time when I was a bit more of a crypto degen... just jumping in and out of protocols and trying everything out. It seems like a more naive time, with scams either being the really obvious "send me 1 ETH and I will send you back 2 ETH" types... or the slow rug ICOs and that sort of thing. It really was a different place...

These days, the entire place seems rife with potential poisoned transactions that are waiting for the unwary to sign away their digital assets. And they have gotten quite sophisticated... in fact, I fell for one earlier in the year when I accidentally signed a "permit" function whilst I was tired. Thankfully, the losses weren't large... but it stung. But more importantly, the sting of getting fooled has made me quite risk averse... well, even more than usual!

So, I have been quite reluctant to go out and try new things... and Eigenlayer was something that I hadn't gotten around to either until this week.

So, Eigenlayer was a pretty hyped up protocol earlier this year.. with the concept of restaking liquid staked ETH (such as Lido Eth or Rocketpool Eth) to get compounded yield when that financial staking was used to secure other non-beacon chain projects.

I've had my Liquid Staked Eth just sitting around... just accruing the usual Beacon Chain Yield... not much, but better than zero. I've just gotten off my arse and staked three little pools of liquid staked Eth... joining the Rocketpool, Lido, and Swell Eigenlayer pools. After usuing the Layer 2s and Solana, I had forgotten how much the Ethereum main-net fees sting... at around 33 gwei, it isn't high in terms of ETH... but in terms of fiat worth, it is a bit of a kick in the pants! Ouch ouch ouch... but you have to spend money to explore the ecosystem!

So, done... and hopefully, I won't need to interact with the main-net for quite a long long time... Not fun!

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bengy
bengy

I am a Musician (Violinist/Violist) specialising in Early Music living in The Netherlands. I have a background in Mathematics and Physics due to an earlier tertiary level study... and so, I'm still quite interested in Science and Technology related stuff!


Idle Musings
Idle Musings

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