EigenLayer Launches On Ethereum Mainnet

Wednesday, June 14, 2023

EigenLayer Launches On Ethereum Mainnet

Quick Take

  • EigenLayer goes live on Ethereum mainnet.
  • Maverick Protocol introduces its MAV token.
  • P2P.org releases a staking app on Safe.
  • Hashflow suffers an approve-related exploit.

EigenLayer Launches On Ethereum Mainnet

EigenLayer deployed the first phase of its restaking protocol on Ethereum mainnet. Validators with 0x00 withdrawal credentials can now restake in EigenLayer by pointing their withdrawal address to their EigenLayer smart contract, coined as an EigenPod. The launch also supports restaking with stETH, rETH, and cbETH LSTs.

EigenLayer also implemented a 7-day withdrawal delay and features three governance multi-sigs for managing its upgradable contracts. This week’s launch marks the first of three stages. The next two stages will support operators and actively validated services (AVS). Once all stages are live, restakers will be able to delegate their staked ether.

Gauntlet Recommends Freezing CRV Collateral

Gauntlet Network, a financial modeling platform serving Aave, advised freezing CRV as collateral and setting the CRV LTV to 0 on Aave v2 due to concerns over a wallet linked to Curve CEO Michael Egorov. The wallet has an Aave v2 position of $67.7 million in borrowed stablecoins backed by 288.7 million CRV, currently valued at $169 million. The position represents 34% of CRV's circulating supply.

The biggest risk posed by the position is the potential for bad debt, which is incurred when liquidations don’t execute fast enough to cover liabilities. Gauntlet hopes that the action will incentivize debt repayment or the addition of other forms of collateral. CRV borrowing is also disabled on Aave as part of a measure against price manipulation attacks attempted late last year.

Maverick Protocol Introduces MAV Token

Liquidity management platform Maverick Protocol introduced its MAV utility token. The token will be primarily used for staking, voting, and boosting. MAV also features vote-escrowed tokenomics, which awards users with veMAV for staking. The vote-escrowed contract provides more veMAV to long-term staking deposits.

MAV will have a total supply of 2 billion with an initial circulating supply of 250 million MAV at launch. The Maverick Protocol features a Dynamic Distribution AMM to enable higher capital efficiency. It also features boosted positions that allow liquidity incentives to be directed to individual positions instead of across an entire pool.

P2P Releases Staking App On Safe

P2P.org, a node infrastructure provider, launched a direct ETH staking app on Safe. The app allows users to stake ether in increments of 32 for spinning up full validators. P2P.org is not a liquid staking protocol, however, it manages node operations for stakers. Once deposited, stakers earn both consensus and execution rewards.

The app displays the validator status, block rewards, and APR rate. Users also specify their withdrawal address for rewards and validator exit withdrawals. P2P.org also provides slashing protection as is offering zero fees until August 1st. Safe is the largest smart contract wallet provider with over $39 billion in secured assets.

Hashflow, a multi-chain DEX and bridge platform, suffered an approve-related exploit affecting over $400k worth of assets across multiple chains. The exploiter was later identified as a white hat, which is allowing affected users to reclaim their assets with an option to leave a 10% tip. Hashflow published instructions on how to recover funds. Anyone who used Hashflow prior to May 3, 2022, is urged to revoke allowances from the protocol’s deprecated bridge contracts.

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