EigenLayer Launches Test Version: Supports stETH and rETH Test Coins for Re-staking

EigenLayer is an Ethereum re-staking protocol that recently completed a $64.4 million funding round. The project has just released its first test version, supporting the re-staking of stETH and rETH test coins on the testnet, while also allowing new validators to re-stake ETH. This article will provide readers with a detailed guide on how to perform re-staking and withdrawal operations for stETH and rETH on the testnet.

Operation Steps

1. Get Goerli testnet ETH

First, users need to obtain some ETH test coins on the Goerli test network.

2. Convert Goerli ETH to stETH and rETH test coin

• Switch MetaMask to the Goerli test network, then use the send function to transfer Goerli ETH to the specified address to receive stETH test coin.
• On the Goerli testnet, obtain rETH test coins by staking Goerli ETH.
• Add the corresponding token contract address in MetaMask.

3. Re-staking and withdrawing on EigenLayer

• Connect MetaMask to the EigenLayer Goerli test site.
• Choose rETH or stETH, perform the deposit operation, enter the amount to stake and confirm the transaction.
• On the homepage of the testing application, users can view their re-staking points, which depend on the amount and duration of the stake.
• To withdraw funds, select rETH or stETH, perform the unstake operation, enter the withdrawal amount and confirm.
• Unstaking requires a waiting period of 7 days. After 7 days, click withdraw again and confirm the transaction.

4. Official Tutorial

Users can refer to the guide for obtaining testnet coins in the official EigenLayer documentation for more detailed information.

Project Background

The founder of the EigenLayer project has put forward an interesting point: in the blockchain ecosystem, the trust between different chains and various decentralized applications is fragmented, and each link needs to pay a high cost to maintain its own security. For example, the Ethereum Beacon Chain needs to provide a 3.9% annual yield to staking users in order to maintain the current staking scale.

The core concept of EigenLayer is to achieve the re-staking of funds. It allows users to stake their funds in the ETH proof-of-stake while simultaneously re-staking them into middleware, oracles, and other decentralized applications. This approach not only improves the efficiency of fund utilization but also ensures the security of the Ethereum network and various protocols.

Through this innovative re-staking mechanism, EigenLayer aims to address the trust fragmentation issue within the blockchain ecosystem, bringing greater security and efficiency to the entire Ethereum ecosystem. With the launch of the test version, we can expect this project to have a more positive impact on the Ethereum ecosystem in the future.