P2P.org, an Ethereum blockchain validator and provider of noncustodial staking tools, is working to improve staking incentives through a new API interface. According to an announcement on May 27, the company has implemented an automated, end-to-end Restaking API that allows users to restake Ether (ETH) using decentralized staking protocols such as EigenLayer.
What is P2P and EigenLayer?
Ethereum is a peer-to-peer (P2P) network with thousands of nodes that connect using established protocols. The “networking layer” is a collection of protocols that allow nodes to locate one another and exchange information. This involves gossiping and exchanging requests and answers among nodes. Each node must follow precise criteria to guarantee that data is transmitted accurately.
EigenLayer Leads Charge of Restaking Protocols with a TVL of $8.35 BillionEigenLayer is an Ethereum-based system introducing restaking, a novel basic in crypto-economic security. This basic allows for the reuse of ETH on the consensus layer. Users that stake ETH natively or with a liquid staking token (LST) may use EigenLayer smart contracts to restake their ETH or LST and expand crypto-economic security to other apps on the network, earning further benefits.
What is Restaking?
EigenLayer’s restaking solution seeks to improve network security and generate passive money for consumers. It entails taking staked Ethereum and repurposing it to form a pool of restaked assets for use in other decentralized apps. Users can participate in EigenLayer’s restaking smart contract by staking ETH or a liquid staking token (LST). This enables customers to use their monies in other ways, such as restaking them via EigenLayer’s LST restaking method, without having to unstake their original assets.
The New API Integration
P2P.org has been deeply involved with Eigenlayer since its inception, beginning with participation in governance as one of 13 community multisig members, continuing with co-hosting conferences, and quickly adopting new technologies to become the largest native restaking provider. At present, 20% of P2P.org staking dApp clients have staked their ETH, locking in more than $100 million TVL in Eigen Layer.
In addition, the collaboration with Renzo resulted in the successful integration of P2P.org as the second node operator on Renzo’s Mainnet, resulting in 50,000ETH staked together in less than a month.
