- Google Cloud joins EigenLayer’s mainnet as a node operator.
- EigenLayer has enabled cross-platform Ethereum staking.
- Venture capital invests in EigenLayer, reflecting blockchain sector growth.
Google Cloud took a significant step forward in its blockchain development by joining EigenLayer’s mainnet as a node operator. Sam Padilla, Google Cloud’s Web3 product manager, announced this development, highlighting the company’s proactive stance in the Web3 domain.
On his X account, he stated,
I’m excited to share that the @googlecloud Eigen Layer mainnet operator is up and running! Congrats to the @eigenlayer team on a successful mainnet launch. I’m excited for what’s coming!
EigenLayer’s innovative framework allows for Ethereum staking across several platforms, enabling stakers to engage with the network. Having participated in EigenLayer’s testnet since November 2023, Google Cloud’s decision to operate as a mainnet node signals its intent to improve restaking protocols.
By transitioning from EigenLayer’s “Operator Working Group” position to an important network operator, Google Cloud has demonstrated a bold approach in the Web3 space since establishing its blockchain division in early 2022. The company launched the Blockchain Node Engine, initiated a Web3 startup program, and built partnerships with key protocols like Polygon and LayerZero.
Meanwhile, EigenLayer has implemented measures to maintain decentralization through its operator registry in response to growing concerns regarding centralization within cloud services. As such, Google Cloud’s involvement has been seen as a positive contribution, enhancing the protocol’s resilience and inclusivity.
Moreover, EigenLayer’s mainnet sort addresses data availability concerns through EigenDA. The mainnet launch had certain setbacks, such as the absence of slashing mechanisms. Nonetheless, the launch marks a significant advancement toward protocol maturity.
EigenLayer clarified this development, saying, “We are allowing the EigenLayer marketplace to develop and stabilize before introducing in-protocol payments and slashing to the mainnet later this year.”
In light of this development, EigenLayer’s total value locked (TVL) has surpassed $13.33 billion, making it the second-largest DeFi protocol. The DeFi space has also seen an uptick, boasting a TVL exceeding $3.82 billion. This growth aligns with the emergence of liquid restaking tokens (LRTs), spearheaded by EtherFi.
Similarly, venture capital is shifting focus to these growing blockchain trends. For instance, in February, Andreessen Horowitz, a private American venture capital firm, invested $100 million in EigenLayer. Additionally, Binance Labs’ backing of Renzo reflects the potential of the liquid restaking sector.
EigenLayer’s Renzo Protocol integrates Ethereum smart contracts to help ease the restaking process. With a TVL nearing $3 billion, it is the second-largest liquid restaking protocol.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
