The Ethereum restaking protocol is increasing its growth footprint with EigenCloud, designed to supply belief and verifiability to purposes each on-chain and off-chain.
EigenLayer has unveiled its new developer platform, EigenCloud, alongside a $70 million funding in EIGEN tokens from enterprise capital large A16z.
EigenCloud is touted as a developer platform that “extends the principle advantages of blockchain – belief and verifiability – to any utility, on or offchain.” The platform makes use of EigenLayer’s Autonomous Verifiable Companies, in addition to information availability and new developer primitives generally known as EigenVerify and EigenCompute.
Its objective is to empower Web2 purposes with the trustless nature of blockchain dApps, by changing verifiability into “a programmable cloud service, enabling builders to show what occurred, why it occurred, and that it occurred.” EigenCloud is concentrating on among the largest industries on this planet, which all might stand to learn from trustless info sourcing, comparable to giant language fashions (LLMs), medical data, and media.
EigenCloud will ship its alpha model this week, alongside a gated model of EigenVerify. EigenCompute is a part of the staff’s future roadmap.
“EigenCloud expands the programmability of crypto and makes nearly something verifiable onchain. It opens up the chance for builders to construct extremely formidable merchandise like disintermediated digital marketplaces, onchain insurance coverage, totally onchain video games, automated adjudication, highly effective prediction markets, and verifiable AI,” mentioned Sreeram Kannan, the CEO of Eigen Labs.
EIGEN Underperformance
A16z, a tech-focused funding agency with $42 billion in property underneath administration, has doubled down on its EigenLayer place by buying $70 million value of EIGEN from the Eigen Basis. A16z additionally led EigenLayer’s $100 million collection B in February 2024.
Regardless of the flurry of bulletins and vote of confidence from A16z, the EIGEN token continues to carry out poorly and dropped one other 8.3% at present.
EIGEN, which launched at a $740 million market capitalization and $7 billion totally diluted valuation, is down 51% from its launch worth and at present adjustments arms at a $361 million market capitalization.
However the worth motion, the protocol stays one of many largest in DeFi, with $11.3 billion in whole worth locked (TVL), solely trailing Aave and Lido.
