EigenCloud (prev. EigenLayer)(EIGEN)

Overview

EigenCloud (formerly EigenLayer) is a restaking protocol on Ethereum that lets already-staked ETH and liquid staking tokens be re-committed as collateral to help secure additional services. This reused security is supplied to external modules known as AVSs (Actively Validated Services), such as data availability layers, oracles, and bridges. The protocol launched on Ethereum mainnet in stages beginning in 2023 and was later repositioned under the broader EigenCloud brand, which extends the model toward verifiable off-chain computation.

EIGEN is the ecosystem's native token, distributed starting in 2024, and is designed for governance participation as well as staking and dispute resolution around what the project calls intersubjective work. Participants can delegate tokens or ETH to operators, and slashing rules can reduce staked amounts if commitments are violated. Because restaking exposes the same collateral to multiple services at once, it carries combined slashing, smart contract, and operator-related risks.